The surge in popularity of cryptocurrencies and blockchain technology have brought along significant scalability challenges. Blockchains like Bitcoin and Ethereum face heightened demand as the interest in decentralized applications (DApps) and non-fungible tokens (NFTs) increase. This has led to platforms like BlockEden.xyz, a software powerhouse based in San Francisco, to seek scalable solutions. Enter NEAR Protocol, an open-source platform launched in 2020 as a decentralized cloud infrastructure to host DApps.
A Brief Overview of NEAR Protocol
NEAR Protocol is a layer-1 blockchain that uses Nightshade, a unique sharding technology, to achieve scalability. It offers cross-chain interoperability through the Rainbow Bridge and a layer-2 solution called Aurora. Users can bridge ERC-20 tokens and assets from the Ethereum blockchain to the NEAR Protocol network, enabling access to higher throughput and lower transaction fees. The native token of the NEAR Protocol, NEAR, is used for paying transaction and data storage fees. NEAR token holders can also stake their tokens on the NEAR wallet to receive rewards or use them to vote for governance proposals.
The team behind NEAR Protocol is on a mission to address scalability limitations through sharding. Co-founded by Alex Skidanov and Illia Polosukhin in 2020, NEAR Protocol features a wide range of programming tools and languages, along with smart contracts with cross-chain functionality. These tools and features, coupled with a simplified onboarding process and human-readable account names, make NEAR Protocol a developer-friendly platform.
Integration of NEAR Protocol into BlockEden.xyz
The integration of NEAR Protocol into BlockEden.xyz's API marketplace offers developers a scalable, secure, and efficient platform for creating groundbreaking decentralized applications. BlockEden.xyz, already known for its robust security and impressive uptime record, has enhanced its offerings by introducing NEAR Protocol.
Understanding NEAR's Core Technology: Nightshade Sharding
Nightshade is the innovative sharding technology that forms the backbone of the NEAR Protocol. It enables the efficient processing of data by distributing the workload across multiple validator nodes. Each node handles only a fraction of the network’s transactions, allowing for a higher number of transactions per second. The dynamic adjustment of nodes based on network traffic ensures overall efficiency and low transaction fees.
Bridging Networks with Rainbow Bridge
Rainbow Bridge, an application on NEAR Protocol, enables the transfer of ERC-20 tokens, stablecoins, wrapped tokens, and even NFTs between Ethereum and NEAR blockchains. This allows users to benefit from the higher throughput and lower fees on the NEAR Protocol. The Rainbow Bridge operates in a fully permissionless and decentralized manner, locking tokens on Ethereum and creating corresponding tokens on NEAR to maintain a constant circulating supply.
Unleashing Efficiency with Aurora
Aurora, a layer-2 solution on the NEAR Protocol blockchain, is designed to host thousands of transactions per second with an approximate block confirmation time of 2 seconds. Comprising the Aurora Engine and the Aurora Bridge, it offers compatibility with Ethereum and supports all tools available in the Ethereum ecosystem, making it easy for developers to transition to NEAR.
Staking and Governance with NEAR Token
NEAR, the native token of the NEAR ecosystem, serves as the medium for transaction and storage fees. Token holders can stake their NEAR to run validating nodes, participate in governance by voting on platform decisions, and submit proposals.
Conclusion
The blockchain space continues to evolve, and platforms offering lower transaction costs and increased throughput are likely to drive mainstream adoption. The integration of NEAR Protocol into BlockEden.xyz's API marketplace is not just a mere upgrade; it's a significant step towards that future. With scalable solutions like sharding and cross-chain bridges, NEAR Protocol provides the ideal environment for developers to build efficient DApps and DeFi products. Together with BlockEden.xyz, NEAR Protocol is set to redefine the boundaries of blockchain technology.