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Why NEAR Protocol?
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Why NEAR Protocol?

A high performing L1 blockchain with an emerging, vibrant ecosystem and a war chest to attract developers and founders.

Aylo
Feb 9
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Why NEAR Protocol?
alphapls.substack.com

Welcome to the Alpha Please newsletter. We curate alpha for you. That’s it; that’s the newsletter.


alpha please has been monitoring NEAR for a while and we picked it to have a great 2022.

Twitter avatar for @alpha_plsalpha please @alpha_pls
$ROSE and $NEAR join the L1 party properly and see their ecosystems form. Both have decent runs in 2022.

January 6th 2022

3 Likes

As always, we are going to try and blitz our way through this massive topic, but hopefully this gives you the foundation and fomo needed to dig deeper into NEAR.

What is NEAR?

NEAR describe themselves as “a collective, a foundation, and a development platform built on a new layer-one blockchain.”

NEAR graphics are cool ngl

It is being built by the NEAR Collective, a worldwide community of researchers, developers, and thinkers, who wrote the initial code for the NEAR Protocol and continue to support the project by releasing bug fixes, updates, and building out the surrounding NEAR ecosystem. Since the code for NEAR is open source, anybody can join the collectible and begin contributing towards its development.

What is the NEAR Protocol?

NEAR is a base layer blockchain, also commonly referred to as a layer-one, and a Proof-of-Stake protocol. NEAR’s PoS works by a voting mechanism: once a validator is chosen, they then work on solving the block.

Why build on NEAR? In their words:

NEAR Protocol features and benefits

NEAR allows developers to just deploy their app without thinking too much about how the infrastructure around it operates or scales, which is more like the modern clouds like Amazon AWS or GCP or Azure which drive almost all of today’s web applications.

NEAR was meant to be a sharded blockchain from the start. In this approach instead of running one blockchain, multiple blockchains called shards run in parallel.

NEAR uses a technology they call Simple Nightshade to achieve its massive throughput capabilities.

What Makes Simple Nightshade Unique?

Firstly, what’s a quick TL;DR on sharding? Think of a blockchain protocol as being composed of multiple other blockchains. Each of these component blockchains is called a “shard,” and each has their own set of validators.

NEAR’s Simple Nightshade system is modelled as a single blockchain, with each block containing all transactions from all shards. As a consequence, each block changes the entire state of all shards.

The Simple Nightshade approach is unique in that each block contains all transactions from all shards. No participant downloads either the full state or the full logical block — instead, they maintain the state connected to the shards for which they validate transactions.

Near have built a mechanism to split a shard into multiple parts through live upgrades, which will serve as the foundation for dynamic resharding in the future. Meanwhile, because every shard is still validated by all validators, the safety guarantees remain the same.

On a practical level, this significantly speeds up transactions (TPS, or transactions per second) and enhances security both for the community and any cross-platform or multi-chain projects.

Though Simple Nightshade’s launch is only the first of several steps toward a fully-sharded, truly agile NEAR, its impact on DeFi and Crypto in Phase 0 is immediate and potent.

In phase 3 (dynamic resharding), NEAR want to expand on that and create the ability for the network to dynamically split and merge shards based on resource utilization. In their words, this will make NEAR almost infinitely scalable and resilient to short-term usage spikes. They expect to deliver phase 3 in Q4 2022.

The full explainer on the Simple Nightshade Sharding roadmap is here.

Twitter avatar for @NEARProtocolNEAR Protocol @NEARProtocol
📣 @NEARProtocol launched Simple Nightshade Sharding onto mainnet! 💥 Learn all about Simple Nightshade Sharding (Phase 0) and the road towards our infinitely scalable blockchain in the thread below. 🧵 Thread 1/14 🔽

November 15th 2021

578 Retweets6,218 Likes

Giga-brain Takes

John Wang with an excellent and thorough write up.

Twitter avatar for @j0hnwangJohn Wang @j0hnwang
A NEAR Thesis. @NEARProtocol is the fastest sharded PoS chain with unique sharding tech, high multi-chain interoperability, and relentless focus on UX/DevX. 1/x
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January 2nd 2022

897 Retweets2,624 Likes

If polynya respects the tech, then you can be sure that NEAR has a great chance of finding its place in this multi-chain world. Polynya adds a bit more colour to John’s thread.

Twitter avatar for @epolynyapolynya.eth #danksharding @epolynya
Execution sharding is still kind of monolithic, or as I call them, proto-modular. It was a necessary step, but rollups & DA layers supersede them. I agree NEAR is the best execution sharded chain yet: though I'll point out "ETH 2.0 sharding" no longer exists as John suggests.

John Wang @j0hnwang

NEAR differentiates: it’s ETH 2.0 sharding on steroids + Solana’s speed + Avalanche’s EVM compatibility + Polkadot’s parachain shared security (but cheaper) + Cosmos’ IBC-compatible app-specific chains. 7/x

January 3rd 2022

65 Retweets340 Likes

What is Aurora?

Aurora is an Ethereum Virtual Machine created by the team at the NEAR Protocol. It delivers a turn-key solution for developers to operate their apps on an Ethereum-compatible, high-throughput, scalable and future-safe platform, with low transaction costs for their users.

In a nutshell:

Here is how the NEAR founder sees Aurora:

How to become a bridgeooooor:

Twitter avatar for @sandraaleowsandra leow ☾⽉, ⽉☽ @sandraaleow
Bridgiiiiiing to @NEARProtocol @auroraisnear A thread on the basics $NEAR $AURORA 🧵 1/n

December 27th 2021

7 Retweets33 Likes

NEAR’s Ecosystem Fund

Yes, NEAR is a newer L1 and I can hear some people in the back of the room shouting, “but they are too far behind”. Well, NEAR may have an answer to this bit of fud. NEAR has a very large war chest to incentivise developers and start ups to build on their protocol.

Twitter avatar for @NEARProtocolNEAR Protocol @NEARProtocol
📣 Early #NEARCON Announcement! 💥 Learn more about @NEARProtocol's $800M Global Ecosystem Fund. 🔽
near.org/blog/near-anno…NEAR Announces $800 Million in Funding Initiatives To Support Ecosystem GrowthNEAR is the network for a world reimagined. Through simple, secure, and scalable technology, millions are empowered to invent and explore new experiences. Business, creativity, and community are being reimagined for a more sustainable and inclusive futurenear.org

October 25th 2021

1,336 Retweets10,014 Likes

3AC also just led another big raise for the NEAR foundation. Major crypto focused funds all wanted a piece of the action: Mechanism Capital, Dragonfly Capital, Andreessen Horowitz (a16z), Jump, Alameda, Zee Prime and Amber Group, among others. Probably nothing?

Twitter avatar for @zhusuZhu Su 🔺 @zhusu
Pumped to lead this growth round for $NEAR @NEARProtocol Gonna be a big year for crypto adoption and massively scalable DeFi

CoinDesk @CoinDesk

JUST IN: A $150 million raise for @NEARProtocol is the latest move from an ecosystem positioning itself for a major $NEAR DeFi push. @Blockanalia reports https://t.co/M56ITkPNbW

January 13th 2022

225 Retweets1,759 Likes

Assorted CT Commentary

The Defi scene is starting to blossom on NEAR.

Twitter avatar for @NEARWEEKTHE NEARWEEK Ⓝ @NEARWEEK
🌐 DeFi Legos on @NEARProtocol are getting bigger and bigger, all the pieces are coming together 🧩 🤔 Are we missing someone? Comment 🔽
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February 2nd 2022

64 Retweets141 Likes

This anon has gone all in.

Twitter avatar for @GusTheCruelgusthecruel.near @GusTheCruel
🧵 Why I’m so fucking bullish on $NEAR? 1/ its wallet is in browser and therefore fully compatible on mobile. You will be able to set up a wallet for a friend on the go and send them an NFT as simple as that. no seedphrase needed (recommended tho) custom easy to read addys
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February 6th 2022

18 Retweets78 Likes

Sell me NEAR in one tweet.

Twitter avatar for @nosleepjonJon 💤 @nosleepjon
The $NEAR bull case - Sharded, POS chain with infinite scalability - Galaxy brain team - EVM, Rust, and WASM compatible - Gasless EVM chain w 1 second block times with Aurora - Parachains with Octopus Network - One of the best dev experiences - $800 million ecosystem fund

December 29th 2021

171 Retweets960 Likes

The founder of NEAR speaks alongside the founders of SOL and AVAX.

Twitter avatar for @cmsinternCMS Intern @cmsintern
Intern notes from “The L1 Wars: $SOL, $AVAX, $NEAR ” on: - Scaling solution 🧬 - EVM compatibility 🤝 - Decentralization 🌐 And much more! @naval <> @hosseeb <> @aeyakovenko <> @el33th4xor <> @ilblackdragon
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January 15th 2022

779 Retweets2,999 Likes

NEAR transactions are demonstrating solid growth.

Twitter avatar for @Gojo_CryptoGojo @Gojo_Crypto
Daily Transactions in 7 days moving average In Month over Month + $FTM +70% + $AVAX +43% + $NEAR +33% are the highest growth chains compared with $SOL $BNB $MATIC $ONE $ETH $ETH $LUNA $MOVR
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January 31st 2022

8 Retweets62 Likes

NEAR is still not on Coinbase.

Twitter avatar for @Adri_cryptoAdri_crypto 🇮🇹🇸🇬 @Adri_crypto
@Kingslayer_45 @NEARProtocol @mzavershynskyi @ilblackdragon @NearScout @Ruch_9 @JCrypto_Z A lot in pipeline … I think once $NEAR will be listed on Coinbase and sharding program will fully functioned will go mainstream in USA . I’m expecting a lot institutions wants put their hands on.

February 8th 2022

1 Like

NEAR NFTs

NEAR has a growing NFT scene.

Twitter avatar for @zayzay0_Oyizaa(🥚+🐷) @zayzay0_
0/ A thread on $NEAR ? Why not Found out about near early last year but didn't take it seriously, just created 2wallets and left Near was(5$) then late last year @_Reezo_ brought up near nfts, first buy (slept on this tho hehe) was @CryptoApeGang1 at 1.5N floor rose to 50N

February 4th 2022

52 Retweets75 Likes

More NEAR NFT alpha.

Twitter avatar for @MokkansM◎kkans @Mokkans
The $NEAR community is on 🔥! I really wasn’t sure what to expect coming from $SOL but I’ve been completely blown away by the $NEAR community. No wonder people are so BULLISH on #NEARNFT. We are early! 🚀 So what has been happening and what is coming up next? A simple 🧵

February 9th 2022

43 Retweets219 Likes

Missed early ETH NFTs, missed early SOL NFTs… another chance to be early?

Twitter avatar for @crypto_isoCryptoISO @crypto_iso
$NEAR NFTs not really being talked about that much. Has come up a couple times now when listening to the team. I’m taking some chances over here.

February 1st 2022

114 Retweets444 Likes

NEAR Gaming

Gaming is another vertical that is gaining traction on NEAR.

OP Games is currently building on NEAR. They work directly with game developers to turn their games into fractionalised NFTs that are then offered to the community. Players in turn can discover new HTML5 games on OP Arcade, play, compete in tournaments and buy NFTs thus becoming stakeholders.

OP Games raised $8.6 million to help game developers transition to Web3.

Hash Rush is considered by many to be one of the best, most innovative emerging games in the NEAR ecosystem.

Image
Hash Rush

There are a ton more builders developing games on NEAR and far too many to mention, but Near Lands is another intriguing project. It is a multiplayer 2D world running on NEAR, which other developers can build on. Holistic pilgrim is an example. Stardew Valley vibes.

Twitter avatar for @NEARHolysticHolistic Pilgrim @NEARHolystic
What's this? Metaverse project on @NearLands. Exciting adventures await you (which, by the way, will be rewarded). And in between adventures, there are various ways to have a good time - fishing, collecting items and other miscellaneous things.

January 11th 2022

13 Retweets32 Likes
Twitter avatar for @NEARHolysticHolistic Pilgrim @NEARHolystic
🔥 Fresh and cool @NEARHolystic project trailer (based on @NearLands by @vgrichina). Enjoy! Made by @DenisMadris. @humanguild @NearGamesGuild @AliaksandrH

January 22nd 2022

19 Retweets68 Likes

What’s the TA saying?

A few perspectives to help you get an entry, should you so desire one.

Sherpa is a regular watcher of the NEAR meme lines.

Twitter avatar for @AltcoinSherpaAltcoin Sherpa @AltcoinSherpa
$NEAR: Relative bottom looks like it could be in. Ofc if BTC shits the bed then I think we will see sub $10 levels but for now, I think perhaps one last return to $11 is all we'll get. BTC pair also holding up better than most alts. #NEAR
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February 9th 2022

5 Retweets36 Likes

Livercoin is short term bullish.

Twitter avatar for @LivercoinLivercoin @Livercoin
$NEAR looks good for at least 20% here. Probably ATH if we reclaim range high. Invalidation very clean -> close below the shadow box
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February 7th 2022

14 Retweets100 Likes

Short term levels to hold for continuation.

Twitter avatar for @eliz883EliZ¥ 🎯✍️ @eliz883
$NEAR hold this level and very good imo
delta.exchange/EliZ
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February 7th 2022

6 Retweets87 Likes

An idea from Gregariou$.

Twitter avatar for @Gregariou1Gregariou$ @Gregariou1
$NEAR this is where you want to see consolidation before expansion
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February 8th 2022

4 Retweets21 Likes

What’s the Catch?

There are always tradeoffs, anon.

Twitter avatar for @epolynyapolynya.eth #danksharding @epolynya
Short term, while rollups & data shards are maturing (I still stick by my ~2023 expectations), I believe Aurora & NEAR are among the best solutions as the ultimate last hurrah for the monolithic era. Now, I just want to see NEAR embrace rollups, DAS & become a great DA layer!

January 3rd 2022

7 Retweets73 Likes
Twitter avatar for @epolynyapolynya.eth #danksharding @epolynya
However, the usual caveats apply: NEAR's token distribution is highly centralized, the validator set is limited, and in its current state the 4 shards are more like 4 subnets, i.e. they do not share security. So, yes, you're trading off security & decentralization short-term.

January 3rd 2022

81 Likes

Bizdev concerns from Hasu back in September.

Twitter avatar for @hasuflHasu⚡️🤖 @hasufl
@TarasBob @NEARProtocol I love their technical tradeoffs, probably the most of any Ethereum competitor, but have always said that for me bootstrapping a new chain is only 20% tech and 80% bizdev. unfortunately NEAR is (so far) failing at that

September 14th 2021

1 Retweet13 Likes

And that’s your alpha.

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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Do your own research.


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