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- NEAR raises nearly 100% wanting to get into the top 20
- The NEAR protocol blockchain is a smart contract capable Dapp which could compete with the likes of Ethereum & Polkadot.
- Other protocols compete among themselves looking for a swap.
As the world of cryptocurrencies & tokens steadily pace themselves into the mainstream where people transact with them daily, competition among various blockchains has also risen over the years, all of them competing in the ambit of lower transaction costs, gas fees & faster transactions.
Recently, the crypto markets welcomed a new competitor to ethereum into the arena of full protocols by taking the desired token to the moon & watching the prices rally almost 100%, breaching the $8 Billion in market capitalization while looking to enter into the top 20 while currently being the 23rd most valued crypto asset by market capitalization.
Near protocol is a decentralized application (DApp) that is capable of enabling smart contracts while competing & connecting with the likes of other blockchain protocols like ethereum, Polkadots etc.
According to its official site, Near protocol is the network for the world reimagined, which provides solutions that are Simple, Secure & Scalable in nature that cater to the needs of creators especially. The protocol recently introduced its project NightShade which happens to be the first step towards a secure & fully sharded blockchain.
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Sharding is a complex technology that helps the blockchain pursue more transactions at the same time. Despite NEAR planning to launch the project early in 2020, the creators felt that it didn’t need to handle millions of transactions at a given time & hence postponed the project. Since then, the average number of transactions on the blockchain has risen to more than 300K per day, and the NightShade could be extremely useful to the protocol in the future.
The Native token of the protocol, NEAR recently discovered it’s all time highs where the token rallied from trading at $8.40 to $16.39 in a span of 5 tokens, a gain of 95% while breaching the $8 billion in market capitalization
Apart from Near protocol, various others have also witnessed a steady growth, where another competitor like Solana is up by 8.7% in a week. Solana is the next biggest competitor to Ethererum, while it also battles with Cardano. However Terra (LUNA) happens to be the best performing crypto in the top 10 segment while it witnessed a surge of 46% in a week and 150% in the last month.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
