Why NEAR Is Up 13%
KEY POINTS
- NEAR protocol sets itself apart by using high-end blockchain technology to enable thousands of transactions per second, making it a valuable crypto commodity.
- As the company continues to attract investors, partners, and developers, the price continues to see surges, despite the dismal climate of the current market.
There are many plans in store for NEAR protocol and the NEAR foundation. Is it all it claims to be?
NEAR is a self-described climate-neutral, high-speed, layer 1 blockchain platform with low transaction fees. Founded in 2017, NEAR protocol was built by NEAR Inc., a software company based in the U.S., and its development is headed up by the NEAR foundation, which is a nonprofit based in Switzerland. With both active institutional investment and developer activity, NEAR seems to have the makings of a cryptocurrency that is here to stay on the blockchain.
NEAR protocol uses special blockchain technology, called sharding, which enables more transactions per second. It offers huge incentives for developers to build on its platform, including staking and burning.
Why is NEAR seeing a surge?
This surge could be attributed to the activity around the company recently. For starters, the NEAR foundation launched its 100 teachers program, which aims to train 1 million developers to onboard 1 billion users over the next few years. Another program the NEAR foundation announced was NEAR meet; a global program for global and regional meet-up events. Not only that, but it now offers NEAR pay, where you can use a physical card to pay wherever cryptocurrency is accepted.
It also announced this week the dates and location for its conference, NEARCON beta, which will be held in Lisbon, Portugal in September.
The future of NEAR
Looking ahead on NEAR’s roadmap can be a hint at where the value of the coin may go as well. One milestone that it is moving toward is to implement dynamic resharding, a system where a shard with many users will automatically split in two, whereas ones that do not have many users will automatically merge, making NEAR protocol virtually infinitely scalable. The project has a focus on on-boarding users.
Ultimately, when a project has large numbers of institutional investors coupled with developer activity, these are signs that it could have a bright future. Referenced above, you can see the wide range of projects for developers to sink their teeth into and for more users to be able to join. It could be worth keeping an eye on NEAR's roadmap to see if they continue to hit their intended milestones.
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Our Research Expert
Katie Clinebell is a freelance content creator and digital marketing strategist for FinTech, blockchain, and crypto brands. She has created award-winning campaigns for Snapple and Tai Pei Frozen Asian Food and received an Adobe Academic Achievement Award for content about Olympic athletes.
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