Near Protocol (NEAR), a lesser-known altcoin, is gaining traction in the cryptocurrency market with an impressive 370% growth over the past year. The altcoin’s technological advancements and integration with artificial intelligence (AI) have drawn the attention of high-level investors making significant contributions to the protocol.
Near Protocol’s Technological Edge
Near Protocol, initiated by the Near Foundation in 2020, aims to streamline Blockchain application development. Its notable features include faster transaction speeds and lower fees compared to Ethereum and Solana. This is achieved through Nightshade sharding technology, enabling thousands of transactions per second. Additionally, the architecture’s EVM-compatible Aurora and Near Shard components support human-readable account names, enhancing user experience for developers.
Experts highlight Near Protocol’s technological prowess, particularly its Nightshade scalability solution, resembling Solana’s WASM-based architecture. This allows Near to handle Ethereum-compatible smart contracts and applications with improved scalability. Unlike Ethereum’s cryptographic wallet addresses, Near’s human-readable account names simplify platform interactions.
How Does Near Protocol Utilize AI?
Near Protocol is increasingly perceived as an AI project rather than just an Ethereum rival. It employs AI and machine learning for tasks such as security monitoring, smart contract deployment, and network optimization. Co-founder Illia Polosukhin reiterated Near’s commitment to AI at Nvidia’s AI conference, noting the AI-powered Near Tasks marketplace, where users earn NEAR coins by completing tasks.
Looking ahead to 2024, Near Protocol aims to develop a fully sovereign AI assistant tailored to user needs and privacy. The Near Tasks marketplace exemplifies this goal by using AI to enhance user experiences and create earning opportunities, prioritizing transparency through on-chain identities rather than replacing human jobs.
Key Inferences for Investors
- Near Protocol’s Nightshade technology ensures high scalability and fast transactions.
- Integration with AI enhances network optimization and smart contract deployment.
- Significant partnerships with major Web2 and Web3 companies boost ecosystem growth.
- The Near Tasks marketplace offers economic opportunities through AI-driven tasks.
Conclusion: Near Protocol’s blend of advanced technology and AI integration positions it as a noteworthy player in the crypto space. With substantial investor interest and ongoing developments, NEAR is poised for further growth and innovation.