Decentralized App Platform Near Protocol Secures Over $12 Million During Fundraising Event

A new startup based in San Francisco, Near Protocol, was recently able to raise $12.1 million tokens during its latest venture capital funding round. The two companies that helped to raise more money were two venture firms, Accomplice and Metastable Capital, a hedge fund.

Other important participants in the round were Pantera Capital, Electric Capital, Amplify Partners, Ripple’s Xprint and Coinbase Ventures.

This startup is created something called the NEAR Protocol. The product will be a proof of stake blockchain that is set to use the sharding technology its own way in order to differentiate itself from well-known competitors in the market. These competitors are most likely EOS and Tron, which also use sharding in order to run parallel computations and achieve better results.

One of the main goals that the company has is to create a structure that can be linearly scalable. This means that as more nodes are able to join the network, the capacity limits will be increased at the same time. By doing this, the company will not suffer the same kind of scaling issues that BTC has been suffering from a time now.

Another important aspect of the protocol is the chance of making meta transactions and contract-based accounts.

According to Ash Egan, one of the directors of Accomplice, Near is a proof of stake protocol with potential to differentiate itself from the other tools around at this time. To him, the protocol is set out to be very developer-friendly and it has the potential to be important in order to make this kind of protocol more mainstream.

Paul Veradittakit, from Pantera Capital, affirmed that the team is focusing on creating an ecosystem that can be really effective in being inclusive of designers, developers and that will have its unique approach to the market.

Alex Skidanov, the CEO of Near, intends to use the money gathered in the funding round to hire more devs and to create the mainnet of the platform. At the moment, the project operates only in the beta testing phase. Also, it is only being used by 10 companies right now, however, the company is in contact with 75 companies that may join the network again in the future.

According to the CEO, however, the long-term goals of the company are even more audacious. The objective now is to reunite a world-class team in order to create the technology that can be responsible for really putting the blockchain on the map and help customers and companies to start using it as much as they should.

In order to be able to reach this goal, Near is focused on creating a fair distribution for its token and in finding several validators to scale up the network at the same time that the company finds clients that are willing to use its product.

Now, we are left to wonder how well the company will use the investment in order to grow and achieve this goal, which can be very important for the crypto industry.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide