The fund includes $350 million in funding from Proximity Labs. The fund will be used to bankroll initiatives that will focus on accelerating growth in the NEAR protocol ecosystem. 25, 2021, NEAR announced a $800 million in ecosystem funding initiatives, following in the footsteps of various Layer-1s blockchains like Avalanche, Fantom and Celo. Its declared goal is to build a platform that is “secure enough to manage high value assets like money or identity and performant enough to make them useful for everyday people.”įlux, a protocol that allows developers to create markets based on assets, commodities, real-world events, and Mintbase, an NFT minting platform are examples of projects being built on NEAR Protocol. NEAR Protocol is being built by the NEAR Collective, its community that is updating the initial code and releasing updates to the ecosystem. NEAR also introduces unique solutions to scaling problems and has its own consensus mechanism called “Doomslug.” For instance, NEAR uses human-readable account names, unlike the cryptographic wallet addresses common to Ethereum. This provides the ideal environment for DApps and creates a developer and user-friendly platform. ![]() NEAR Protocol is a layer-one blockchain that was designed as a community-run cloud computing platform and that eliminates some of the limitations that have been bogging competing blockchains, such as low transaction speeds, low throughput and poor interoperability.
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