BitWell Institute – NEAR Protocol(NEAR) Project Analysis

1.Short review of the Institute

Advances in sharding technology suggest that this may be the best option for scaling blockchains now and in the next 10-20 years. Both Ether 2.0 and NEAR are using sharding and both teams are learning from each other.

Ether has a strong community of developers and a wide distribution of tokens, which will certainly contribute to the implementation of 2.0. The transition from Ether 1.x to 2.0 will be the focus of attention for at least the next two to three years.

NEAR’s Nightshade consensus and “big block” design allows it to act as a single blockchain to achieve Internet-level scale.

Bitcoin showed the initial promise of blockchain, but after a decade of research and conceptualisation to fix it to Internet level, NEAR enters the market with a fully functional proof-of-stake sharded blockchain, without the burden that other chains once had, helping to attract new developers in the non-crypto space.

2. Introduction of the project

NEAR is an open network infrastructure that provides a decentralised application platform. Unlike the majority of existing blockchain platforms, NEAR aims to make the difficult-to-understand blockchain approachable. Through the extensibility of the underlying layer, the optimisation of the middle layer, and the mature tools in the application layer, NEAR provides a simple and user-friendly experience for developers and users.

3. Token roles

NEAR is the native functional token within the network, which has the following use cases.

  • Fees for processing transactions and storing data.
  • Pledging NEAR tokens to run network authentication nodes.
  • For network governance voting to determine how network resources are allocated and the future technical direction of the protocol.

4. Token allocation

  • Supporters: 17.6%
  • Community awards, schemes: 17.2%
  • Core contributors: 14%
  • Community sales: 12 per cent
  • Early ecology: 11.7%
  • Operations: 11.4%
  • Foundation: 10%
  • Small supporters: 6.1%

5. Investment institutions

MultiCoin Capital、Metastable、Coinbase Ventures、Pantera Capital、a16z、DCG、Dragonfly、Three Arrows、Alameda、Pantera Capital、SVAngel、Electric Capital、Baidu Venture、Accomplice、Amplify Partners、ACapital、IDEO Colab Ventures、Scalar Capital、ripping’s Xpring.

6. Basic Information

Token name: NEAR

Project website: https://near.org/

Block query: https://explorer.near.org/