NEAR: Web 3.0 blockchain project competing with Ethereum with collaboration with Google Cloud

Background of Near Protocol and Why It Is Gaining Attention

In the cryptocurrency industry, Near Protocol is creating a new wave in the blockchain world by serving as a Web 3.0 infrastructure aimed at delivering an improved user experience. Near Protocol’s operation is based on Proof-of-Stake, a more efficient and environmentally friendly consensus mechanism compared to Proof-of-Work.

This project was initiated through collaboration among international experts, led by Erik Trautman, founder of Viking Education, and Alexandra Skidanov, a scientist from Microsoft, along with Ilya Polosukin, who has experience at Google. The development team has now expanded to over 70 members, demonstrating a high level of development intensity.

Near Protocol: A Platform Designed for Developers and Users

What sets Near Protocol apart is its design for easy access by everyone, whether professional programmers or beginners. The system features open-source code and comprehensive development tools, making the creation of Decentralized Applications (dApps) no longer complicated.

A key feature is Sharding Technology, which divides the network to operate in parallel, enabling the processing of a large number of transactions in a short time. This strength has led to the perception of Near Protocol as an Ethereum Killer, especially in terms of scalability, where Ethereum still faces limitations.

Additionally, Near Platform offers high-level data storage systems, ensuring that personal information and digital assets are highly secure, with no need to worry about third-party access.

Clear Strengths: Why Near Creates Value

1. Superior Scalability
This system can process a large volume of transactions quickly, reducing (Gas Fee), which is often a major issue in traditional blockchains.

2. Stability and Trust Building
With a secure and immutable data recording system, both developers and users can have confidence.

3. Rainbow Bridge
The ability to transfer assets across chains (Cross-chain) addresses the longstanding problem of network segmentation.

NEAR Coin: The Key Token in the Ecosystem

NEAR Coin is designed as a utility token with multiple functions. It is used to pay for transaction fees (Gas Fee) on the Near Protocol network and also serves as a reward for network validators (Validators) responsible for securing the network.

The total supply of NEAR is capped at 1,000,000,000 coins. This limited supply has significant implications for its long-term value. According to economic principles, scarce goods tend to have higher prices.

Recent data shows that NEAR is trading at $1.84, up 6.44% in the past 24 hours. Over the 7-day period, the increase is even higher at 19.25%, reflecting strong investor interest, despite a 68.95% decline over the year.

Google Cloud x Near: A Game-Changing Partnership

On October 4, 2022, Near announced a highly attention-grabbing partnership: a collaboration with Google Cloud to create the Pagoda project.

Launched in February of the same year, Pagoda functions as an onboarding platform for Web 3.0 developers. Google Cloud provides comprehensive tools, from node infrastructure (Node Infrastructure) to Remote Procedure Call (RPC) services.

This partnership goes beyond technical support. Carlos Arena, Director of Digital Asset Office at Google Cloud, stated that Google’s services will significantly enhance Near Protocol’s scalability, especially in terms of speed and transaction processing capacity.

This impact is expected to attract a new wave of developers to create Dapps on the Near network.

Investment Value and Current Considerations

Based on the fundamentals, Near appears to be an interesting option for long-term investors. New projects in the pipeline (Pipeline) and international collaborations have the potential to push NEAR to new price levels.

However, the current cryptocurrency market is highly volatile. External factors influence coin prices, so investment decisions should be made after careful research and monitoring of the latest news.

Investing in digital assets involves high risk. This article aims to provide information, not investment advice. Readers should analyze based on their own wisdom and personal circumstances when making financial decisions.