Published On: Tue, May 5th, 2020

NEAR Protocol raises $21.6M from A16Z and launches the MainNet, violence Ethereum 2.0

It was usually a other week that Andreesen Horowitz announced their second blockchain-focused account of $515 million. In a announcement, they said: “We are still early in this Web 3 build-out. High-performance programmable blockchains will make decentralized network growth most some-more accessible. After years of RD, we are vehement that a series of next-gen programmable blockchains will start rolling out in a nearby future.”

The organisation apparently had something in mind when that was published, it’s emerged that it’s heading a $21.6 million appropriation turn for a NEAR Protocol plan (a turn that usually sealed in a center of US COVID-19 lockdowns). A16Z has been assimilated by investors including Libertus, Blockchange, Animal Ventures and several undisclosed ethereum projects founders. There was also appearance from existent investors (Pantera, Electric) and others listed here.

Not usually that though NEAR launches a “MainNet” (as in, ‘production-ready’) network today. The pierce is a black-eye for a much-vaunted Ethereum 2.0 release, that has nonetheless to appear.

What’s a TL;DR for blockchain to date? Well, we know Bitcoin (worth $143 billion) combined a digital banking though though most programmability. Ethereum (now value $22 billion) used a same concepts to build a decentralized focus height on tip of a cryptocurrency (Ether) and now has over $1 billion stored in financial applications on tip of it. However, a competition to emanate a blockchain that can contest with a existent speed of a world’s financial system, and benefit a same volume of user adoption has so distant depressed brief of expectations. The Ethereum plan has proven utterly slow, costly and flattering formidable to use for anything though niche financial applications.

NEAR is a new child on a block. After roughly dual years in development, it now claims that a height is some-more performant, some-more serviceable and reduction costly than Ethereum, permitting developers to comprehend many of a strange use cases that got people so vehement about blockchain in a initial place.

In fact, Vitalik Buterin, a Ethereum founder, has been famous to make statements to a outcome that NEAR might paint a poignant plea to Ethereum during some point.

Technically speaking, a NEAR Protocol is a code new public, proof-of-stake blockchain that is built regulating a novel accord resource called “Nightshade”. NEAR Protocol uses a technique called “sharding” that splits a network into mixed pieces so that a mathematics is finished in parallel, definition there isn’t a fanciful extent on a network’s capacity.

Near is also sketch on a Silicon Valley enlightenment of “ship it, and boat it fast!” where Blockchain culture, in general, has suffered from a good understanding of theory, philosophical navel-gazing, and not a lot of ‘get shit done’.

Cofounder Alex Skidanov started his veteran career during Microsoft in 2009, afterwards assimilated MemSQL in 2011 as Engineer #1, where he worked for 5 years as Architect and Director of Engineering. The other co-founder is Illia Polosukhin, who has over 10 years of experience, including 3 years during Google where he was a vital Tensor-Flow writer and a manager of a group building question-answering capabilities for a core Google search.

About the Author