Several cryptocurrencies have emerged to take on the hill king, Bitcoin.. Ethereumof (Cryptography: ETH) The transaction price rose 408% in 2021. Ethereum prefers Ethereum as a viable competitor to Bitcoin due to its fast transaction speed and large ecosystem of decentralized applications (dApps), programs that run on the blockchain.
But another up-and-coming cipher is beginning to show its promise. NEAR protocol (Cryptography: Near) Last year it rose 984%. This Layer 1 blockchain offers the same advantages as Ethereum in terms of transaction speed and utility value, but with far greater advantages. Let’s check it.
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The benefits of NEAR are huge
Currently, the value of the entire crypto market is over $ 1.5 trillion. If you’re looking for a relatively safe and powerful performer who can increase your original investment, take a look at the small blockchain that is seeing the price momentum supported by the growing developer community.
NEAR currently has a market capitalization of $ 6.2 billion. Its value could rise 42-fold, but it’s still only comparable to Ethereum’s current market capitalization of $ 268 billion.
On the other hand, if Ethereum’s value increased 42-fold, it would have a market capitalization of over $ 11 trillion, which may not happen immediately.
Supporting NEAR’s upturn are some important developments over the past year that are beginning to attract investor attention.
Recent development
Although it can take 6 minutes to complete a transaction on the Ethereum blockchain, NEAR can currently process up to 1,000 transactions per second, which can reach 100,000 per second.
NEAR uses a technology called sharding. This is basically faster than Ethereum. Ethereum slows down because all transactions must be processed on every node in the network. However, sharding allows you to process transactions much faster because your work is split between different nodes.
According to the NEAR Foundation, the deployment of the Simple Nightshade sharding mechanism will allow blockchain to be “super fast, incredibly secure, and allow millions of users to onboard the world of Web3 without skipping beats. Will be. ”
In the same announcement, NEAR revealed that only 13% of the network was used in mid-November 2021, but the NEAR team said, “More and more projects are being built and the average daily transaction. He said the number exceeded 300,000. “On the blockchain. Cryptocurrency prices tend to keep up with the growth of developer projects, so this is a powerful indicator of where NEAR is heading.
NEAR has one of the fastest growing developer communities, which is validated by its growing value in the market. I think it is a promising cryptocurrency to buy upside higher than Ethereum in 2022.
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