Skip to main content

NEAR Protocol ecosystem projects

 

NEAR Protocol has garnered a lot of interest both inside and beyond the cryptocurrency sector in its more than two years of existence. During this time, the NEAR ecosystem has grown rapidly, and many new and exciting projects have joined it. Let's take a look at the ecosystem's most notable components

Flux Protocol

Flux is the most basic protocol for developers that want to launch markets on virtually anything (any asset, commodity, real-world event, or anything else that can be imagined). Part of that objective is to develop an open source application for open markets that is innovative, easy, and adaptable. The NEAR Wallet is the foundation for the Flux open source programme. NEAR Wallet is a non-custodial wallet in the form of a browser extension that allows users to utilise account names instead of addresses, making it easier and more familiar for web2 users.

Mintbase


Mintbase is a marketplace similar to Amazon. It enables anyone, even those with little technical knowledge, to develop their own unique digital goods and distribute them via their smart contract.

The issue is that, as decentralised banking has grown in popularity, the Ethereum blockchain has become prohibitively expensive to utilise. The typical charge for interacting with smart contracts might often be in the double digits. Because of these flaws, the Mintbase team had to hunt for an alternate platform, which they found in NEAR Protocol.

MoonPay


MoonPay is a startup that develops cryptocurrency payment infrastructure. The team behind thplatform wants to make it as easy as possible to convert fiat currency to cryptocurrencies using all main payment methods, such as debit and credit cards, local bank transfers, Apple Pay, Google Pay, and Samsung Pay.                    

Ontology

Ontology's blockchain was designed to address the needs of commercial customers who require privacy and do not wish to "share their data" on a public blockchain. Ontology uses a Blockchain-as-a-Service (BaaS) approach to operate.

Ontology aims to make it simple for businesses to take use of blockchain's decentralised and distributed nature. Identity management, smart contracts, decentralised data sharing, and the ability to construct their own digital assets and applications on Ontology's dApp platform are all included.

TrustToken

TrustToken is a platform that was established in early 2018 with the goal of increasing the adoption of tokenized assets. TrueUSD (TUSD), the project's initial stablecoin and flagship token, is a U.S. dollar-backed asset that maintains a 1:1 ratio with the currency.

The NEAR Protocol team has recently begun working with TUSD's founders to integrate the stablecoin into their platform. TUSD customers will be able to transfer coins with substantially lower fees and confirmation times as a result of this agreement. TUSD is expected to play a key role in the development of the NEAR ecosystem, which will see widespread use in NFT, blockchain games, and prediction markets, among other things.

Conclusion

One of the most promising blockchain ideas is NEAR Protocol. It addresses the same infrastructure issues as Ethereum 2.0 and Polkadot, including securing decentralisation while improving bandwidth via sharding.

NEAR Protocol, on the other hand, is designed with a more "friendly" approach toward developers and ordinary users in mind. It is a major challenger to the second-largest cryptocurrency in terms of market capitalization in this regard.


Comments

Popular posts from this blog

History of Near Protocol

  Near Protocol was originally conceived as a machine learning platform. Illia Polosukhin and Alexander Skidanov founded it in 2017. Near.ai was the name at the time. They learned about smart contracts and cryptocurrency while investigating, which they found fascinating. They felt driven to learn more about cryptography and conduct more study. They began researching blockchain technologies on which to construct their applications. However, they came to the conclusion that no blockchain platform could match their needs and aspirations. As a result, they created Near Protocol to meet their internal requirements. Illia Polosukhin and Alexander Skidanov were explicit in their desire to create a hugely scalable blockchain platform that would allow developers to launch their strong DApps. As a result, they picked the Proof-of-Stake mechanism over Proof-of-Work. Illia Polosukhin holds a Master's degree in Applied Math and Computer Sciences from Kharkiv Polytechnic Institute of Nationa...

Near Governance Analysis

  The terms "Technical Governance" and "Resource Governance" describe how the protocol is updated and how its resources are allocated. Bug fixes, system parameter updates, and larger-scale changes to the protocol's basic technology are all part of technical governance. The allocation of grant financing from community-initiated sources is a common example of resource governance (like the allocation provided to the foundation). Because of the essential cooperation between possibly hundreds of different node operators all over the world, technical governance is particularly difficult. To participate in the most recent version of the network, each of those nodes must go through the upgrade process. Those who do not comply may find themselves (attempting to start) a new chain. As a result, it's critical that the upgrade goes smoothly and that the nodes affected accept the decisions made. Design Principles for Governance The following are the ways in which N...

How DeFi on Near is assisting in the fight against climate change

  Prior to the Proof-of-Stake platforms, blockchain technology, and climate action all appeared to be bound for worlds apart. NEAR, the world's first carbon-neutral PoS ecosystem, has become a hotspot for how different worlds might collide and, in the process, help tackle climate change. DeFi is currently reshaping money for millions of people. Its inventive new solutions have disrupted the borrowing and lending industries, providing much-needed momentum to one of Web3's — and NEAR's — core pillars: giving people power over their money. While NEAR's DeFi sector has recently thrived thanks to a lightning-fast and secure blockchain, we're continually thinking about what industries DeFi could transform and affect next. Even at this early level, we can see the potential for DeFi to play a role in financing climate-change-related initiatives. Climate Change Initiatives as a Resource DeFi climate investment, according to Yessin Schiegg, Chief Financial Officer of ...