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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.


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