Near Protocol (NEAR)

Decentralized Applications (dApps)

Near Protocol provides a platform for developers to build and run dApps that are fast, scalable, and easy to use. These include apps for finance, social networks, gaming, and more.

Decentralized Finance (DeFi)

It supports DeFi projects by enabling quick and low-cost transactions, allowing users to trade and manage financial services without middlemen.

Non-Fungible Tokens (NFTs)

Near Protocol is used to create, buy, and sell NFTs, offering a fast and affordable way to manage digital collectibles and art.

Interoperability

With tools like the Rainbow Bridge, Near Protocol allows assets and tokens to move smoothly between Near and other blockchains like Ethereum, increasing flexibility and usability.

Staking and Network Security

The native token is used for staking, which helps secure the network and lets users earn rewards by participating in the system.

Gaming

Near Protocol’s high transaction speed and low fees make it ideal for gaming platforms that require many quick transactions.

These use cases show how Near Protocol supports a wide range of blockchain applications with speed, low cost, and ease of use.

Advantages

• Scalability: Near Protocol uses sharding technology, which helps it process many transactions quickly and efficiently.
• Low Fees: Transaction costs on Near Protocol are generally low, making it affordable for users.
• Developer Friendly: It supports popular programming languages and tools, making it easier for developers to build apps.
• Fast Transactions: Near Protocol offers fast confirmation times, improving user experience.
• Eco-Friendly: It uses a proof-of-stake system, which consumes less energy compared to proof-of-work blockchains.

Disadvantages

• Newer Network: Compared to older blockchains, Near Protocol is relatively new, so it may have fewer users and apps.
• Competition: It faces strong competition from other smart contract platforms like Ethereum and Solana.
• Centralization Concerns: Some critics point out that the network’s validator setup might be less decentralized than others.
• Ecosystem Size: The number of projects and integrations is still growing, so it may have fewer options than more established platforms.

Founders of Near Protocol

• Illia Polosukhin: Co-founder with a background in artificial intelligence and engineering management at Google.
• Alexander Skidanov: Co-founder and CEO, formerly a software developer at Microsoft and MemSQL.

They started Near Protocol in 2017 to build a scalable and user-friendly blockchain platform.

Major Investors

Near Protocol has attracted investments from well-known venture capital firms and crypto-focused funds including Andreessen Horowitz (a16z), Tiger Global Management, Coinbase Ventures, Pantera Capital, Dragonfly Capital, Blockchain.com Ventures, and Republic Capital.

Other Notable Backers

Additional investors include Electric Capital, MetaStable, Amplify Partners, Scalar Capital, IDEO CoLab, Accomplice, and FTX Ventures.

Funding Highlights

• Raised over $542 million across multiple funding rounds.
• Tiger Global led a $350 million round in 2022.
• Early funding included $50 million from Andreessen Horowitz in 2020.

These investors support Near Protocol’s development of a scalable, user-friendly blockchain platform for decentralized applications.

Halal Status

Yes, Near Protocol is considered halal. It is a smart contract platform with no inherent impermissible activities, similar to Ethereum, which many scholars also consider halal.

Reason

Near Protocol operates as a decentralized blockchain for building applications without involving interest-based mechanisms or prohibited activities. Its eco-friendly design and focus on scalability and usability support its halal classification.