NEAR Protocol

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Project overview

Originating from a machine learning project back in early 2017, NEAR Protocol is a high-performance proof-of-stake Layer 1 blockchain. It has smart contract execution capabilities, allowing users to create and test custom applications and blockchain solutions.

NEAR Protocol has a strong emphasis on user accessibility and uses a unique scaling mechanism called sharding to overcome industry bottlenecks such as network congestion and high transaction fees.

The project aims to streamline Web3 experiences through its Blockchain Operation System (BOS), making it easier for those unfamiliar with the crypto space and regardless of the underlying blockchain technology they choose.

Technology

NEAR Protocol uses a unique scaling mechanism, dubbed Nightshade sharding, which essentially means dividing or parallelising the network into smaller parts, called “shards”.  Each shard processes its own transactions and are built into the protocol itself, with the same security guarantees of the Layer 1 blockchain.

NEAR is actively working on interoperability and cross-chain features through solutions like the Rainbow Bridge, allowing users to move their ERC-20 tokens between the Ethereum and NEAR ecosystems.

Token supply model

NEAR has an inflationary token supply model, with a 5 percent fixed annual inflation rate. From the newly issued tokens, 90 percent (or 4.5 percent) goes to validators as rewards for securing the network, while the remaining 10 percent (0.5 percent) is sent to the protocol treasury.

NEAR also implements a burning mechanism, where 70 percent of t transaction fees are burned and permanently removed from the circulating supply. The remaining 30 percent is refunded to the contracts responsible for the transactions. This means that as the NEAR network grows in usage, the net issuance rate can become negative, creating a potential deflationary effect.  

The protocol treasury funds, which is currently managed by the NEAR Foundation, are dedicated to reinvesting in the development and growth of the NEAR ecosystem.

Key value drivers

The growing demand for scalable, high-performance blockchains could bring renewed interest to NEAR Protocol, despite being somewhat overshadowed by the more popular chains in the sector. However, NEAR Protocol is the first major Layer 1 blockchain to successfully implement sharding as a scaling feature.

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The information in this publication pertaining to Sygnum Bank AG (“Sygnum”) is for general information purposes only, as per date of publication, and should not be considered exhaustive. This publication does not consider the financial situation of any natural or legal person, nor does it provide any tax, legal or investment advice. This publication does not constitute any advice or recommendation, an offer or invitation by or on behalf of Sygnum to purchase or sell any assets. No elements of precontractual or contractual relationship are intended. While the information is believed to be from accurate and reliable sources, Sygnum makes no representation or warranties, expressed or implied, as to the accuracy of the information. Sygnum expressly disclaims any and all liability that may be based on such information, omissions, or errors thereof. Any statements contained in this publication attributed to a third party represent Sygnum‘s interpretation of the data, information and/or opinions provided by that third party either publicly or through a subscription service, and such use and interpretation have not been reviewed by the third party. Sygnum reserves the right to amend or replace the information, in part or entirely, at any time, and without any obligation to notify the recipient of such amendment / replacement or to provide the recipient with access to the information. Simultaneously, there is no obligation of Sygnum to inform recipients of information, if before provided information later becomes outdated, inaccurate or obsolete, unless otherwise provided by applicable law. The information provided is not intended for use by or distributed to any individual or legal entity in any jurisdiction or country where such distribution, publication or use would be contrary to the law or regulatory provisions or in which Sygnum does not hold the necessary registration, approval authorization or license. Except as otherwise provided by Sygnum, it is not allowed to modify, copy, distribute or reproduce, display, license, or otherwise use any content for commercial purposes.

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