Is NEAR Protocol an Ethereum-killer?

Modified on Sat, 18 Feb 2023 at 03:31 PM

Ethereum is currently the second biggest blockchain in the world, with Bitcoin being the first. Ethereum functions mostly differently from Bitcoin. Whilst Bitcoin is used as a medium for transactions on the internet, Ethereum is a platform for developers to create decentralized application. Applications that were built on Ethereum are, for example, Gods Unchained, Augur, and Decentraland.

Ethereum functions similarly to NEAR Protocol. However, the main weak point of Ethereum is the scalability issue; its processing time becomes slower as the network grows. This is because Ethereum uses the system called Proof-of-work, same as Bitcoin, which requires a tremendous amount of electricity and processing power from the network, but ironically could not perform well enough.

That is where NEAR Protocol aims to overcome by using the system called proof-of-stake. However, Ethereum also has a trick up its sleeve, called Ethereum 2.0, that will adopt a proof-of-stake system as well as introducing a variety of new features.

In conclusion, NEAR protocol is a new generation of blockchain that adopts proof-of-stake, and functions as a platform for developing decentralized applications. NEAR did successfully introduce itself to the Western community, considered one of the great steps for the blockchain community as a whole.

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