Near Protocol (NEAR) is a smart contract platform that uses parallel processing to expand network bandwidth. This technology, known as hash, is similar to what Eth2 aims to achieve, and the consensus mechanism with evidence of the effort that makes it possible to split coins.

NEAR increased by 107% last month, and raised questions about whether the project is making great strides in what has become a very competitive smart contract industry.

Compared to competitors, NEAR is a relatively new venture, as the main network was first launched in April 2020. In contrast to Ethereum, NEAR’s compliance mechanism works to stabilize fees, and according to the website, the protocol aims to accelerate the development of decentralized applications. .

Interestingly, ICO Near happened four months after the launch of the mainnet. The probable reason for this is that the team raised $ 35 million through special financing rounds held in July 2019 and May 2020. Among the investors we find Andreessen Horowitz’s a16z Crypto Investments, Pantera Capital, Electric Capital and Xpring Ripple.

Near Protocols’ network activity has risen in the last three months, and information on the Near Blog shows that some interesting applications are already installed.

The first is Berry Club, a commercial app / game that lets players pixelate and earn tokens. Another app called Paras also allows users to interact with the NFT digital art card marketplace.

DeFi integration accelerated
On November 24, 2020, the 1-inch Mooniswap project unveiled its plan to build Automated Marketplace (AAM) features on NEAR. The decentralized exchange complex is designed to transfer liquidity and prices from all important DEXs on one platform.

“Based on NEAR, we will be able to try retail and prepare Ethereum 2.0,” said Serge Koons, CEO and co-founder of 1inch.

On January 19, will also launch a new aggregator offering NEAR tokens worth $ 250,000 at 50% below market value. Customers must share CRO tokens and meet the trading volume requirements listed on the exchange.

One problem is that there are open questions about how the social fund is managed. A large number of NEAR tokens are operated by a handful of people who are not required to follow clear guidelines and rules.

Data from TheTie, an alternative social analysis platform, shows that the recent rise in prices has been accompanied by an increase in social media. However, transfers and transactions on the nearby protocol memory began only three months ago.

Compared to competitors, it appears that the NEAR protocol is in its early stages of development. The effective implementation of the Mooniswap integration is likely to be an important milestone for the project, and if successful, the NEAR symbol is likely to see further growth.

Source: CoinTelegraph