Near Protocol NEAR Price Pumps 15% Over “AI” News

A number of sprouting protocols have managed to establish their reign in the industry. One such is the Near Protocol, which has been growing in prominence. The network’s traits such as higher transaction speeds, climate neutrality, and lower transaction fees have been adding feathers to its superiority. So far, we’ve discussed how to call smart contracts in a client-agnostic way. However, in the real world, calls we’ll be performed from a client side – like web, mobile or a desktop application.

The retweet which comes from a community-driven Twitter profile briefly describes how Near Protocol could serve as a leading blockchain for facilitating “next generation AI use cases”. The NEAR token is primarily used to pay transaction fees and as collateral for storing data on the blockchain. The protocol promotes the network of computers running a platform for developers to create and launch dApps. During the development, and sometimes even in production, updates to a contract’s code are needed.

near protocol

For the next step, NEAR is currently working on implementing support for the Ethereum Virtual Machine —the software stack that Ethereum uses for running decentralized applications. Once complete, developers will be able to re-deploy their Ethereum dapps on NEAR with few to no changes needed—eliminating a major barrier to launching cross-chain. This means regular users will be able to access dapps built on NEAR with a similar registration flow they’re already experienced with. This could help developers reach a broader audience, while also reducing frictions for those already accustomed to using dapps. It’s built to simplify things for developers, while also giving them a powerful toolkit to build next-generation applications with. He global crypto market has been generous enough to emerging protocols and its native assets.

If we issue this transaction to an account which already has a deployed contract, a contract update will be triggered. Since the code for NEAR is open source, anybody can join the collectible and begin contributing towards its development. According to CoinPedia’s formulated price prediction of NEAR. The digital asset could escalate to its potential high of $2.704, by the end of 2023. Provided it seeks impetus from initiatives such as Nightshade sharding and decentralization for Web 3.0. Alongside participation in the staking procedure and governance procedure.

Kursanalyse NEAR Protocol: Kursrallye im KI-Sektor erfasst das Layer1-Ökosystem

In this way, an update strategy is transparent to everyone and cannot be changed by developers at will. In combination, gas fee and deposit attachments enable creation of contracts that need zero cost from developers to support and can live on blockchain forever. Even more, 30% of gas fees spent on the contract execution will go to a contract’s account iself , so just by being used it will bring some income. To be fair, due to the cheap gas cost this will make a significant impact only for most popular and often-called contracts, but it’s nice to have such an option nonetheless. In order to simplify creation of indexers, NEAR Indexer Framework has been created. However, even with a framework available, extracting data from a transaction may not be an easy task, since each smart contract has its unique structure and data storage model.

However, computational cost is not everything – most smart contracts also need storage. First of all, it’s not cheap – while gas is very cheap and its cost will be almost unnoticeable by the users, storage is very expensive. As a consequence, the storage budget should be carefully calculated and only necessary data stored on the blockchain. The second important difference – storage is not bought, but leased (in NEAR, it’s called staking).

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Even implementations of simple filtering and searching might be quite complex and require a lot of gas to execute, especially if multiple entities with relations between them are involved. We’ve already discussed the storage model on NEAR, but only in abstract terms, without bringing the exact structure, so it’s time to dive a bit deeper. The Relative Strength Index is a widely used indicator that helps inform investors whether an asset is currently overbought or oversold. The RSI 14 for NEAR Protocol is at 52.48, suggesting that NEAR is currently neutral. Let’s take a look at what some of the most important technical indicators are signaling.

These are processed and immutably stored on the NEAR blockchain to finalize transactions contained within. The validators voted to unlock token transfers in October of 2020. The network is a community-driven cloud infrastructure, which is used for the deployment and operation of dApps.

  • It turns out, a FunctionCall transaction also allows us to transfer tokens alongside the call .
  • Each time a transaction is posted, an amount of gas is attached to it to cover the cost.
  • Functional call keys, on the other hand, aim to solve this UX problem.
  • Users can also submit their suggestions to the NEAR Enhancement Proposals repository on Github.
  • At the end, transaction execution details, including token transfers, logs, cross-contract calls and gas refunds are provided.

As an alternative to building your own indexer with a database and an API server, The Graph can be used instead, which currently has NEAR support in beta. It works using the Indexer-as-a-Service model, and even has decentralized indexing implementation. Stake – needed to become a validator in a Proof-of-Stake blockchain network. We won’t touch this topic in this guideline, more information can be found here.

Bearish sentiment for NEAR Protocol

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As a community-governed platform, NEAR token holders can participate in the on-chain governance of the NEAR platform, or they can have a validator vote on their behalf. Decentralized applications, or dapps, are applications that run on top of a decentralized blockchain—like Ethereum or NEAR Protocol. The month of August marks the formation of the Near Protocol. When the founders had called for a team to create a scalable, fully sharded, and permission-less blockchain. The also intends to solve the limitations such as low transaction speeds, interoperability, and throughput, among others.

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Meanwhile, the 200-day Simple Moving Average is a long-term trendline that’s calculated by taking an average of the NEAR closing price for the last 200 days. NEAR is now trading above the SMA 200, signaling that the market is currently bullish. According to our price prediction, NEAR is expected to reach a price of $ 2.60 by Feb 12, 2023.

The Near Protocol works in compliance with Ethereum, Polkadot, Cosmos, and more. Which enables the linear flow of assets and communication between the networks. If the team behind Near Protocol release the necessary resolutions to the framework while hosting community-driving initiatives. The phase 3 of sharding is scheduled for 2024, which will dynamically adjust the number of shards based on demand and supply.

The protocol offers both a decentralized database and a server-less computation platform. Near Protocol is a decentralized network, which employs the Proof-of-Stake consensus mechanism. The network is a climate-neutral, high-speed, and low transaction fee, layer-1 blockchain. Which aims to create an ecosystem, that is scalable and accessible to a broader audience. If data from multiple contracts is required, aggregation should be performed using cross-contract calls or on a client side, which is quite expensive in terms of gas and time. In general, cross-contract call graphs can be quite complex .

NEAR Protocol price today is trading at $ 2.31 after losing -3.79% in the last 24 hours. The coin underperformed the cryptocurrency market, as the total crypto market cap decreased by -2.50% in the same time period. NEAR performed poorly against BTC today and recorded a -3.12% loss against the world’s largest cryptocurrency. The post further claims that the most widely utilized crypto-AI crossover application is actually one of the oldest DApps on the Near blockchain.

This would represent a 12.28% price increase for NEAR in the next 5 days. After SingularityNET, Fetch.AI & Graph, now Near Protocol’s price pumps over 15% on news of AI-based Dapps on the blockchain. The Core section, on the other hand, covers major efforts to improve the scalability and decentralization of the protocol.

It’s able to process somewhere in the order of 100,000 transactions per second and achieves transaction finality near-instantly thanks to a 1-second block cadence. According to NEAR, its technology means it can achieve transaction fees that are 10,000x lower than they are on Ethereum — making them essentially negligible. To achieve this, it tackles some of the longest-standing issues in the blockchain space, as well as some that have only become apparent relatively recently. NEAR’s innovative blockchain design uses a fraction of the energy other networks use, and requires no sort of power-draining “crypto mining” to perform transactions.

Further seeking impetus from the optimism built by Bitcoin’s halving event, NEAR’s price could soar to a maximum of $3.964. Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena. In order to manage accounts on the NEAR network, Wallet can be used.


Most notably, this features the launch of phase 2 of sharding, which scales the network to 100 shards with no validators tracking all shards. The roadmap goes through 2024 with the delivery of phase 3 of sharding, which dynamically adjusts the number of shards based on demand. If you want to get involved with NEAR or begin using any dapps built on the NEAR platform, then you’re going to need to get your hands on some NEAR tokens.

That’s why different contract upgrades mechanisms have been created. Transaction fee – gas used multiplied to current gas price, shows an actual cost of a transaction in NEAR tokens. Also, Deposit Value shows the amount of NEAR tokens transferred from sender to receiver. Once we’ve chosen a network to use, we need a way to interact with it. Of course, transactions can be constructed manually and posted into node’s API.

The artificial intelligence sector has fast grown to be worth $327.4 billion dollars. And today, as the popularity of ChatGPT and other AI-based services continues to rise, it is anticipated that the business will undergo even more expansion over the course of the next several years. This optimistic outlook on artificial intelligence and blockchain technology should prove extremely beneficial to digital assets performing in the AI sector. Over the course of the past month or two, the cryptocurrency market has been witnessing a significant price recovery. The majority of coins that are included in the top 100 list have seen gains of double and triple-digit percentages, and several of them have even reached their all-time highs. Moreover, recent few price increases are coming in the heels of “AI” currently setting the trend in the crypto sector; following the rise of AI tools like ChatGPT & Google’s newly launched Bard.

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