NEAR is up 370%. Over the last 1 year Near has shown crazy potential and yet it is one of the most underrated and undervalued altcoins in the market at the moment.
That’s because NEAR doesn’t get a lot of attention. But, that’s about to change. So if you have been sleeping on Near Protocol, wake up and watch this video because some of the best traders are betting big on Near Protocol. Is it because of its Nvidia AI connection? Let’s find out more about this crypto.
What is Near Protocol?
For those who are new to the crypto ecosystem and don’t know much about Near stay and watch this part. But those who know what Near is all about can use the time stamp to find out Why big money is betting on Near. Near Protocol emerged in 2020, launched by the Near Foundation. The blockchain has one simple objective. And that’s to make it really easy for developers to build.
Near boasts superb technology. Their biggest advantage over Ethereum and Solana is in their transaction speed and low fees. Let’s compare Near with Solana and Ethereum for a second.
| Solana | Ethereum | Near | |
| Transaction per second (TPS) | 2,100 | 15 | 4,000 |
| Transaction time | 12 seconds | 15 minutes | 2 seconds |
| fees | $0,02 | $8 | $0.01 |
So, how does Near achieve this super-fast transaction speed? It uses a sharding technology known as Nightshade for scaling. This simply enables different blockchain instances to run in parallel. And brought to consensus. So, this allows Near to process thousands of transactions per second. Near uses two major shards:
- The first is the Aurora chain: Aurora is EVM compatible. So, it supports the same smart contracts and apps as Ethereum. It does this with the scalability of the Near blockchain.
- The second is the Near Shard.
Near’s blockchain is pretty much like Solana’s in some way. It uses a blockchain architecture called WASM. WASM uses the Rust programming language like Solana.
Source: X
Near’s technology is ideal for developers to create. It uses human-readable account names. This is unlike Ethereum which uses cryptographic wallet addresses.
Why do we like Near?
Now, over to the big question, why do we like Near? First, they have good fundamentals. The Near Protocol is one of the most technologically advanced blockchains. Our biggest interest in Near lies in the potential it boasts. Near is currently within the first 20 cryptocurrencies by market cap. For a project flying under the radar, that’s not bad.
Near has a growing ecosystem. There are around 750 active projects and 125 DAOs on Near. While the ecosystem is expanding, Near has only a few top-performing apps. The network will need more killer apps to compete better against its rivals.
But, there’s huge growth within the Near ecosystem. Also, Near has lots of amazing partnerships with Web2 and Web3 companies. On the Web2 side, Near has partnered with Google and Alibaba. On the Web3 front, they have partnered with Polygon, Arbitrum, and Eigen Labs. These partnerships are adding to Near’s potential and visibility. Now, let’s talk about their AI ambitions.
Source: X
AI Potential
Many see Near as an Ethereum killer. But the truth is that Near is more of an AI project than an Ethereum rival. Near uses AI and machine learning to automate some parts of its operations. This includes:
- Security monitoring.
- Smart contract deployment.
- Network optimization.
Near uses AI to eliminate complexity. So, this makes it easier for developers to interact with the platform. Near’s foray into AI has huge potential. They are not only using AI to improve their platform. They use AI to ensure users have full control of their data.
Near’s co-founder, Illia Polosukhin, was recently at Nvidia’s AI conference. He was the only blockchain founder to speak at the event. AI isn’t a new deal for Near. It’s been their original vision. At first, Near was focused on developing models to improve AI. Now, Near plans to create a fully sovereign AI assistant that can be optimized for users’ needs and prioritize privacy. Near recently launched an AI-powered feature known as Near Tasks.
Source: X
Near Tasks is a marketplace where people can earn NEAR tokens as a reward for completing certain tasks. Some of the tasks can include engaging on Twitter, labeling images, etc. Near Tasks is a gig economy platform. AI marketplaces have performed incredibly well in recent years. So, Near Task could be a game-changer. While most AI models seek to take over human jobs and activities, Near uses AI to create earning opportunities.
The goal is to create a crypto marketplace where users get tasks based on their abilities. Near Tasks uses on-chain IDs for transparency. Near plans to focus largely on AI throughout 2024. And that can be a game-changer because AI crypto projects are in high demand. Investors are pouring in millions in this field. Near itself has raised over $400 million. So, the team is well-funded to compete in this market.
Wrapping up. Near uses AI crypto agents to optimize operations. Ensure ownership of data and content. Create a marketplace for tasks. Near’s interaction of AI and Web3 makes it a platform to watch out for.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
