Review and Rating
NEAR Protocol SVET System Review and Rating
SVET. System (Security-Velocity-Engineering-Transparency)
Security: The NEAR Protocol is a smart contract-enabled blockchain that aims to be the next-generation platform for dApps with a unique scaling solution. Near has partnered with Elliptic to improve security and chain forensics. The partnership means that both the NEAR blockchain and its own asset $NEAR will have access to Elliptic's class-leading blockchain analytics and financial crime monitoring services. The agreement will provide NEAR users with full visibility into the NEAR blockchain's full suite of Elliptic products and services. The agreement will provide NEAR users with full visibility into Elliptic's full suite of products and services. Initially, this will include screening crypto wallets and transactions on the NEAR blockchain through Elliptic Lens and Navigator products, with plans to include virtual asset providers (VASP verification) and crime investigation capabilities through Elliptics Discovery and Forensics. of-stake, which focuses on providing stable fees and scalability. Verification of node operators provides the network with scarce and valuable computing resources. To make sure that the calculations they perform are correct, they must "deliver" NEAR tokens that guarantee their results. If these results turn out to be inaccurate, the staker loses its tokens. The threshold for participation in the system is set algorithmically at the lowest possible level to ensure the widest possible participation of validating nodes in an epoch period (12 hours). On the Internet, it was not possible to find known cases of system failure and protocol violations. Safety rating: b-
Velocity: NEAR protocol – uses Proof-of-stake, which helps startups and companies with sharding solution to scale them. Sharding allows the blockchain to scale more freely and make larger transactions per second with reduced transaction fees. Nightshade allows NEAR to maintain a single data chain. Nodes process data and additional information into the main blockchain network. One of the advantages of Nightshade is that its architecture provides fewer chances of failures when it comes to security, since the participating nodes are only responsible for maintaining small segments of the blockchain. Near also interacts with Ethereum through rainbow Bridge – a reliable bridge that allows assets such as ERC20 and NFT tokens to be transferred between Ethereum and NEAR. After all, you can even interact with smart contracts and dApps on both sides using Rainbow Bridge. Aurora is a Layer 2 scaling solution built on the NEAR protocol for developers to run their decentralized Ethereum applications on the NEAR network. Aurora is built using Ethereum's coding technology. The Ethereum Virtual Machine (EVM) allows developers to easily link their smart contracts and Ethereum assets. Velocity: b+
Engineering: Near nodes run a Web assembly (WASM) that can be compiled from many popular languages. Initially, smart contracts can be built using Rust, a very secure and comprehensive programming language that is quickly gaining popularity. NEAR also supports contracts written in AssemblyScript, which is very similar to TypeScript, a Microsoft-developed modification of JavaScript that has types and is very widely accepted among developers. The tools on top of the platform and APIs provide developers with the development experience they're used to from traditional web applications. This includes one-click deployment, integrated unit testing, simple front-end integration, and debugging from the web browser's developer console. NEAR has open-source code, and anyone can start contributing to its development. The NEAR protocol focuses on removing barriers that prevent the adoption of Web 3.0. The NEAR protocol provides high transaction speeds with lower transaction fees. Engineering: a
Transparency: The APACSVA protocol uses a Proof-of-stake selection mechanism called Threshold Proof-of-stake (TPoS). So, this system creates a predefined way to create many participants to maintain the blockchain network. This helps in increasing the decentralization and security of the blockchain. Using the Threshold mechanism Proof-of-stake, NEAR creates a fair reward distribution system for dApps users. With all the exclusive features of the NEAR protocol, this may be the best option for the Blockchain protocol to choose for your next dApps development project. NEAR Protocol uses the DAO to end bureaucracy in its organization and provide token holders with more advanced accounts that can help them store tokens, NFT, and other assets on the platform. A DAO is a decentralized autonomous organization owned and managed by a formalized community, not a CEO or board of directors. Each member of the DAO can participate in the management of the platform and make important decisions by voting to create sustainable models for the respective organization.
Transparency: b
Rating: b- / b+ / a / b
References:
1. Near Protocol Jumps 23% Amid Fresh $350M Funding - Decrypt
2. https://medium.com/nearprotocol/near-foundation-partners-with-elliptic-to-enhance-on-chain-security-ad254e2c55c5
3. https://github.com/near-examples
4. https://near.org/
5. https://docs.near.org/docs/develop/basics/getting-started
6. https://www.leewayhertz.com/near-protocol/#:~:text=The%20NEAR%20protocol%20blockchain%20is,network%20by%20staking%20currency%20tokens.