Why opt for NEAR protocol development?
Imagine if you could create decentralized applications without worrying about the complexity or cost of managing your network! NEAR protocol development may be the ideal solution that allows developers to achieve this goal. A NEAR protocol development company can build distributed applications over a secure, scalable network, making it simple for anyone to create their own dApp without worrying about the infrastructure.
NEAR is a user-friendly, carbon-neutral blockchain built from the ground up to be secure, performant, and infinitely scalable. It is a layer 1, secured, proof-of-stake blockchain designed with usability that anyone can use.
How does the NEAR protocol work?
Nightshade is the NEAR protocol’s core technology for more efficient data processing. Sharding is the process that splits up transactions across several validator nodes. Each node will only process a fraction (TPS) of the network’s transactions. Nightshade utilizes block producers and validators on NEAR to simultaneously process transaction data across multiple shards. Next, each shard will produce only a fraction of the next block. Each fraction is called a chunk. These chunks are processed and stored on the NEAR protocol’s blockchain to finalize transactions. Nightshade could theoretically allow NEAR to process millions of transactions per second without any performance degradation. Transaction fees can be kept low, and overall efficiency can be maintained.
Rainbow bridge, a NEAR application, allows users to transfer ERC-20 tokens and stablecoins between NEAR and Ethereum blockchains. It is completely permissionless and decentralized. Users can use MetaMask and other web3 wallets to send ERC-20 assets directly to the NEAR wallet. They must first deposit the token into an Ethereum smart contract. However, direct token transfers between networks are not possible. To replace the original tokens, new tokens will be created using NEAR. This ensures that the total circulating supply for the token is constant across both blockchains.
Aurora is a layer-2 solution on the NEAR. It is designed to assist developers in expanding their apps on Ethereum-compatible platforms that offer low transaction costs. NEAR claims Aurora can host thousands of transactions per second with just 2 seconds of block confirmation time. Aurora comprises the Aurora Engine (EVM) and the Aurora bridge. As the Aurora engine is compatible with Ethereum and supports all tools in the Ethereum ecosystem, it makes it easy for developers to start on NEAR without needing to rewrite dApps or learn new programming tools. The Aurora bridge, which is the same technology as the Rainbow bridge, allows developers to seamlessly connect their smart contracts and ERC-20 tokens with NEAR protocol blockchains and Ethereum.
Why choose NEAR protocol development?
NEAR has been developed with developers and users in mind.
Simple to use
You can create human-readable accounts using NEAR instead of a public key hash. This improves the user experience. NEAR leverages a web-based wallet, so users don’t need to install programs or browser extensions. Alongside this, users can handle their account permissions with a simple yet rich system of access keys.
Fast and environment friendly
Transactions over the NEAR protocol are incredibly fast and cheap. Also, the network is certified carbon-neutral. NEAR consumes the same energy in a year that Bitcoin consumes in 3 minutes.
Due to its sharding mechanism, NEAR can scale infinitely and resists short-term usage spikes. Using its Rainbow bridge, it can interoperate with Ethereum. Additionally, it is EVM compatible with Aurora.
As the blockchain market grows, platforms with higher throughput and low transaction costs will play an important role in mainstream adoption. NEAR’s scaling solutions attract developers who want to create more efficient DeFi products or dApps. NEAR’s roadmap also includes layer-2 cross-chain solutions and further sharding development to scale its blockchain more that benefits end-users and developers.