NEAR Protocol gained an all-time high

Community-run layer-one Blockchain hit its all-time high after some heavy fundings in the project 

• Although the whole crypto market was seeing a dip in recent days, NEAR was still performing well 
• Got fundings recently by renowned venture capitalist firms
• Exact one year earlier, it was moving around $1.5 attained its all-time high of $20.38 on 14 Jan 2022

NEAR’s all time high-

NEAR, the native currency of NEAR protocol, was facing a gradual increase in its value, despite every other cryptocurrency facing down. The increment continued since 18 Dec, and on 14 Jan, it even attained its all-time high of $20.38. The High might not be as surprising as it is very close to the resistance line.

Recent Fundings-

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It feels like trade ventures are looking outside the Ethereum network to try something new. One of their choices in terms of a layer-1 blockchain network is NEAR. It’s a Layer-one that was designed on a cloud-based community-run platform. Seeking the network’s potential and trusting its plans, make famous venture capital firms and investors funded NEAR. It has got $150 million of funds recently from Dragonfly Capital, Andreessen Horowitz, and some others. It can be a sure reason for its gaining value, but it has a lot of potential for its working. 

NEARs motives and workings- 

The protocol has the vision to build infrastructure for the new type of internet, a network where big tech companies would not control it. Currently, it’s one among the various Blockchain working to resolve several but significant issues faced by traditional Blockchain networks. Those are low speed of transaction, high transaction fees, and inability to operate with each other. NEAR protocol is working for scalability, interoperability, and making networks less expensive. 

DoomSlug and Addresses- 

NEAR has a consensus mechanism called ‘DoomSlug,’ a kind of delegated proof-of-stake mechanism. Regarding the speed of transactions, it can operate up to 100,000 transactions per second. For this, it has sharding networks which it calls Nightshade. Out of many unique features, Near generates Human-readable addresses. Unlike the traditional addresses, which are in some coded form, far away from human understanding. 

Guilds-

The protocol has a Guilds System to make the network decentralized and ensure ease of workings of DAOs on the platform. Guilds can be seen as one step further in a decentralized system. They are a bunch of people or sometimes individuals working in an organization, an individual group for particular tasks. DAO does not follow a hierarchy, but tasks still need to be done. For that matter, Guilds will be formed based on Smart Contracts. 

Aurora Protocol and Rainbow Bridge-

More of the protocol’s specialization can be found in its Blockchain. NEAR protocols use Aurora Blockchain, and it’s not a chain; it’s more of a platform. This platform is on NEAR; it facilitates the transactions and other uses of the Ethereum Network. It uses a bridge to connect to the other networks called ‘Rainbow Bridge.’ The bridge facilitates the migration of digital assets and transactions rapidly. Due to its high speed and ease of doing transfers, it soon became a popular cross-chain protocol. In terms of the daily count of transactions, it had attained an all-time high of completing 721,061 transactions in a day so far.