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– TIMESTAMPS –
2:28 What is NEAR?
5:52 How does NEAR work?
9:13 NEAR Governance
11:58 NEAR Tokenomics
17:19 NEAR Roadmap
18:56 Final Thoughts
⛓️ 🔗 Useful Links 🔗 ⛓️
► NEAR Whiteboard Series: https://www.youtube.com/watch?v=5bLwPQZw9Jk&list=PL9tzQn_TEuFWweVbfTbaedFdwVrvaYPq4
► NEAR Docs: https://docs.near.org/docs/quick-start/new-to-near
► NEAR’s Lengthy Whitepaper: https://near.org/papers/the-official-near-white-paper/
► NEAR Governance Board: https://gov.near.org/top
► NEAR Wallet Options: https://docs.near.org/docs/tokens/token-custody
► NEAR Tokenomics (in detail): https://near.org/blog/near-token-supply-and-distribution/
❓What is NEAR ❓
NEAR is a smart contract blockchain platform which is efficient, community based, and developer friendly. According to their website, you can create a decentralized application on NEAR in just 5 minutes.
NEAR was created by Alexander Skidanov and Illia Polosukhin in 2018 shortly meeting through the famous San Francisco based Y Combinator start up accelerator program. NEAR raised nearly 15 million dollars in two private funding rounds.
For almost two years now, NEAR has been making videos for their Whiteboard Series where they get developers from crypto projects like Ethereum, Polkadot, Cosmos, and Solana to explain how their blockchains work in detail
🤓How does NEAR work? 🤓
NEAR is a delegated proof of stake blockchain with smart contract compatibility. It uses sharding to maximize efficiency and it is governed by holders of its native NEAR cryptocurrency token. NEAR is also interoperable with Ethereum via their Rainbow Bridge.
NEAR uses a sharding mechanism called Nightshade. Instead of creating multiple “side chains” like you would in a cryptocurrency like Polkadot, shard chains on the NEAR blockchain are modeled as a single blockchain. NEAR uses a block production mechanism called Doomslug. It involves letting different validators take turns producing blocks in accordance with how many NEAR tokens they have staked.
Each shard on the NEAR blockchain has 100 seats. To be a validator, you need to hold at least one seat in that shard, and the stake required for you to hold that seat depends on the total amount of NEAR tokens being staked by validators in that shard.
The first vote of the NEAR community was to launch the community governed main net earlier this month. This required 2/3 of all NEAR tokens being staked along with at least 35% of the initial supply to vote in the affirmative.
The NEAR Foundation is a Swiss non-profit which is QUOTE ‘responsible for contracting protocol maintainers, funding ecosystem development, and shepherding core governance of the NEAR protocol.’ It get to decide who will be responsible for the technical upgrades made to NEAR. The NEAR Foundation will be responsible for holding and distributing the funds from the Protocol Treasury.
💸 NEAR Tokenomics 💸
The NEAR ICO accounted for 12% of NEAR’s initial token supply of 1 billion and raked in over 33 million dollars. Of NEAR’s remaining initial supply, 17% has been reserved for Community Grants and Programs. 14% of NEAR’s initial supply has been allocated to Core Contributors, which of course refers to the NEAR team. 17.6% of NEAR’s initial supply was sold to Prior Backers.
11.7% of NEAR’s initial supply will go to Early Ecosystem initiatives. 10% of NEAR’s initial supply has been allocated to the NEAR Foundation. The NEAR Foundation will be allowed to delegate these tokens to validators on the NEAR network. All of the categories above are subjected to various lock up schedules
A subsection of the NEAR whitepaper gives us a few clues as to what the NEAR team has in mind. The first is privacy. The NEAR team states pretty clearly that they are willing and able to implement the same sort of zero knowledge optional privacy you can get with Zcash.
A second possible upgrade to NEAR involves the addition of private shards. The last addition to NEAR that is worth noting is the introduction of mobile nodes, which is something that has been on the menu since the project’s inception.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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