Crypto is more than just coins and tokens. It’s software as well, and more and more projects need to be covering that angle. In this video I talk about one project that has that covered, Near Protocol. I’ll discuss what the project is doing that puts it leagues ahead of other top altcoins and what its future could lead to.
0:00 Intro
0:48 Background
3:11 Sharding
4:22 Aurora
4:57 Tokenomics
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As crypto continues to evolve we need to Continue to evolve the way we look at Crypto Bitcoin for instance yes it is a Coin but it's so much more than that It's open source computer software and Looking at crypto as software is Definitely an angle that people need to Consider in this video I'm going to tell You about a project that's got the Software angle completely covered near Protocol it's already in the top 35 Crypto projects and it's got a long way To maybe break inside the top 10. as We've seen over the last few years top 10 changes quite a bit but near protocol Has got a lot of Heavy Hitters on its Team and it's got a very unique approach When it comes to being one of the top Projects in crypto I don't know you Might could say they're nearly there Let's get it Foreign Crypto my name is Ben today we're gonna Be taking a look at near protocol it Launched its main net back in October of 2020 and ever since it's definitely been A project to watch vitalik buterin Himself even said near protocol is one Of the biggest competitors to ethereum More on that in a little bit according To their Twitter they're a climate Neutral high-speed low transaction fee Layer 1 blockchain according to their Website your protocol consumes as much
Energy in a year as Bitcoin does in Three minutes this is a dpos project or A delegated proof of stake blockchain It's building infrastructure for a new Internet with higher security and Privacy it's built from the ground up to Be able to perform Be scalable and secure it's built for Developers by developers I didn't have Any part in it but one of their goals is To make it easier for the masses to Build on web3 instead of coding in Solidity which is a very tough Blockchain language to be able to learn And only about 25 000 people know how to Program in near can be programmed in JavaScript or rust much more common Computer languages this attracts more Devs to the project as well as more sdks Or software development kits another Reason for devs is they receive 30 Percent of the gas fees the other 70 Percent is burned creating a Deflationary mechanism now according to Awesomeneer.com definitely not a biased Website there are 916 projects building In the near ecosystem not only is the Ecosystem booming their team is Top Notch the team includes Ilya polishkin The co-founder of former engineering Manager at Google Alex skidenov a Co-founder former software Dev at Microsoft Marie K flement CEO formally Worked for Louis vuittonhotels.com and
Help usdc scale from zero to two million Users in less than two years and several People on the team are international Collegiate programming contest winners They claim to have built the only real World charting system at scale another Great Factor at near is they're very Well funded as we know bear markets Absolutely decimate many coins but near Has enough funding to stand the test of Time but where they even got off the Ground they raised 50 million dollars With no product thanks to VC firm y Combinator now according to the Defiant.io VC is back near to the tune Of 566 million dollars so far including Andrews and Horowitz TCG coinbase Ventures Tire Global accomplice Pantera Capital Electric Capital block change Dragonfly capital blockchain.com and Others they even have an ft partnership With Dead Mouse I used to think it was Dead Mal 5. so it separates near from The crowd one thing they're doing that Even ethereum isn't doing right now is Sharding so simply put is when the total Load of the network is broken into Sections or shards and each Shard Handles a fraction of the load this is The key to their heightened scalability Speed and security the near network runs On Nightshade this is their proof of Stake and sharding mechanism instead of Side chains they use shards now ethereum
Plans to scale into shards at some point But near is already doing it because of Sharding they can already process up to 100 000 transactions per second and with Nightshade the cost of those Transactions is less than a penny each So far near protocol has over 20 million Accounts 400 000 daily transactions and A 2.4 second time of finality nearest Transaction count is three times lower Than eth right now but they're done five Times as fast if you want to swap back And forth between Ethan near well They've got something called The Rainbow Bridge for that from the Rainbow Bridge To doomslug Doom slug is actually the Way that the near protocol produces Blocks how apocalyptic it allows Practical finality after one round of Communication compared to 35 blocks on Eath instead of having a random Combination of letters and numbers for Their addresses near has human readable Addresses without ens you can't talk About near without talking about Aurora This is their layer 2 like Matic for Ethereum it's basically a copy of the Evm or ethereum virtual machine devs can Easily copy and paste eat daps onto near That's big Aurora is also a smart Contract for the main net meaning it Also Taps sharding for scaling and the Aurora Community is massive projects
Building on Aurora well they include the Graph curve either scan gnosis safe Synapse covalent and many more there are 200 projects on Aurora like I said Earlier when it comes to the game of Crypto being software near protocol is Ahead of the game welcome to the Tokonomics the token near obviously is The governance token of the platform the Coin has a five percent inflation reward To incentivize network security but it Also has a deflationary mechanism as Well it's 70 of the transaction are Burned so whether it's inflationary or Deflationary at the time kind of like Ethereum it depends on the network Activity Tow supply is 1 billion and Right now about 821 billion of those are Circulating the supply curve ends and All the tokens are circulating by the End of 2027. right now it's marketing Happens under two billion dollars and The time that's recording the price is a Little bit less than two dollars but the All-time high well it's 21 bucks just to Get back to the all-time high from here Well that's a 10x now whether it can get There or not well that depends on a Couple of things do you believe that This software and the highlight and Focus on devs is going to be enough to Push this project to the masses it also Depends on how much do you consider Environmentally neutral to be a factor
In the success of a crypto project down Below I want you guys to put down your Thoughts and comments on those questions Do you believe near protocol can get Back to all-time highs or even exceed it Love to hear your thoughts this video is Not an endorsement of near protocol in Fact it's not in my portfolio at all at The moment but that could change that's All I got be blessed [Music]
