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What is Near protocol?

from cointelegraph

Near Protocol is a decentralized application (DApp) platform focusing on developers' and users' usability. As a competitor of Ethereum, NearProtocol is also smart-contract capable and a proof-of-stake (PoS) blockchain. Near uses sharding technology to achieve scalability, a core aspect discussed later. The native token, NEAR, is used for transaction fees and storage on the Near crypto platform. Tokens can also be used for staking by NEAR token holders who wish to become transaction validators and help achieve network consensus. Near was built by the NeaCollective and conceptualized as a community-run cloud computing platform designed to host decentralized applications. It was also built to be both developer and user-friendly, having features such as account names that are human-readable (instead of cryptographic wallet addresses).

Near comparison with other blockchain speeds and scalability:

from Nearweek

The current Ethereum chain as well as most L1s like Solana and Avalanche have a scalability problem, because of the increased number of transactions and the requirement by their consensus mechanisms for every node to verify each transaction. This leads to higher gas fees for transactions as the number of users on the platforms increase and more latency. To avoid this issue, NEAR came up with NightShade, which improves classic blockchain sharding by sharding individual blocks instead of the main chain. Rather than work on the network passing through each node, it is split among all participating nodes and run in parallel.

In this dashboard, we will be looking at the TPM on the Near blockchain. We will retrieve the TPM on a daily basis since beginning of 2022, meaning that we will compute how many transactions had happened in a day, and divide it by the number of minutes in a day (1440 minutes per day).

The data we will be looking at includes:

• Daily TPM since beginning of 2022
• Breakdown of daily TPM, successful transactions and failed transactions
• Near comparison with with other blockchain speeds in terms of transactions per minute and percentage of transactions that fail. 

First, I will visualize the Near TPM and its failed TPM. From this chart, we can see that most of the day's small amount of transactions fail, but we still have some exceptions.

Second I will compare Near with other blockchains (Ethereum, Flow, Solana) speeds in terms of transactions per minute. Solana has the upper hand in transactions per minute, so I had to draw it on a separate axis to compare it to other blockchains. Although Near is not much comparable to Solana, when compared to Ethereum or Flow, it has many things to say, and on some days, it has surpassed Ethereum in the number of transactions per minute.

In the following chart, we can directly compare Near with Ethereum. As I mentioned, Near surpassed Ethereum on some days, but on most days, Ethereum has the upper hand.

Also, In term of fail rate, Ethereum has the upper hand.

Although Solana has the highest TPM among the L1s, we compared. But in terms of fail rate, Near is more stable and much better than Solana.

Conclusion

This dashboard provides comprehensive information about daily transactions per minute (TPM) of Near protocol. Also, you can compare Near and other L1s in terms of fail percentage and the number of transactions per minute. We saw that Near could be placed among the top blockchains like Ethereum, Solana, and Flow. But still, developers should do many works to deserve the title of Ethereum killer.