The decentralized application platform NEAR Protocol (NEAR) has experienced a significant price rally over the past seven days, with its native cryptocurrency rising by an impressive 35%. This surge comes as the project continues to garner attention for its innovative approach to improving the user experience and scalability of blockchain technology.
According to Minty, a prominent figure in the decentralized finance (DeFi) space, NEAR Protocol stands out from its competitors by redefining how users interact with blockchain networks. The protocol aims to make cryptocurrency more accessible by enabling users to manage multiple chains with a single account, a concept known as “chain abstraction.”
“While most chains focus on speed, few think about the user experience,” Minty tweeted. “@NEARProtocol redefines how you interact with blockchain. Imagine managing multiple chains with a single account. Near makes crypto easy.”
Minty further explained that NEAR Protocol seeks to address the complexity of navigating DeFi platforms, which has been a roadblock for mainstream adoption. The protocol promises high speed and scalability while placing a strong emphasis on providing a better user experience through its unique technology stack.
One of the key features of NEAR Protocol is its implementation of chain signatures, which allow for transactions to be signed across multiple chains seamlessly. This is achieved through the use of indexers and relayers, where indexers wait for transactions and send the data to relayers, which then pass the transactions to the network using NEAR tokens to pay for the cost.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Another notable aspect of NEAR Protocol is its Blockchain Operating System (BOS), which serves as a centralized hub for accessing all applications and storing data. This streamlined approach aims to simplify the user experience, making it as easy as using a web2 application.
In addition to its focus on user experience, NEAR Protocol is also making strides in the realm of data availability (DA) solutions. Through its consensus mechanism called Nightshade, NEAR Protocol optimizes storage by pruning redundant data once it has served its purpose, making it one of the cheapest DA solutions available.
Looking ahead, NEAR Protocol aims to move towards stateless validation, further reducing the barrier to entry for validators and potentially increasing the number of shards in the network. This could lead to a decrease in the amount of data needed for each shard, potentially allowing rollups to utilize their own shards for data availability through an RPC instead of relying on data availability sampling.
As NEAR Protocol continues to innovate and build one of the best technology stacks in the blockchain space, its emphasis on infrastructure solutions and user experience could prove to be a key factor in onboarding more retail users to the world of cryptocurrency.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
