Near Protocol: NEAR Price Potential? How High Could It Go?!

Which crypto has seen the most realworld Adoption well believe it or not but the Answer appears to be near protocol its Top two daps alone boast over 30 million Monthly active wallets now comparing These impressive adoption metrics to n's Market cap gives the impression that This project is undervalued but as Always there's much more to this story Than meets the eye that's why today We're going to explain what near Protocol is bring you up to speed about Some of its most important updates and Examine just how much potential its near Coin could Have I'll start as always by saying that Nothing in this video is financial Advice it's purely educational content That's meant to assist you on your Crypto Quest also be aware that a few Members of the coin Bureau team hold Near as part of their crypto portfolios But we promise to be objective in our Analysis and if you want to know which Other cryptos we hold as as part of our Portfolios then check out the coin Bureau Club in addition to our crypto Portfolios and watch lists members get Daily crypto Market updates weekly Reviews of small cap altcoins they voted For and even exclusive deals you can Become a member of the coin Bureau Club Using the link in the Description okay so with all that said

It's been almost 2 years since we last Covered near protocol so I reckon a Refresher is in order don't you okay NE Protocol was founded in 2017 by software Developers Alexander skidanov and Ilia Pukin and it was originally an AI Project we'll come back to the Significance of that later now near Protocol was built by a us software Company called Nia Inc and its ongoing Development is coordinated by the Nia Foundation a nonprofit based in Switzerland note that n's website Mentions a third entity based in the Cayman Islands likely a shell company For near Inc in any case near protocol Raised around 35 million in various icos Between 2019 and 2020 and raised an Additional $500 million from High Caliber crypto VCS in 2022 for context It's quite rare for a crypto project to Raise money after launching and such Raises generally underscore the high Quality nature of the project in Question For reference near protocol's Main net Launched in October 2020 and it is still Technically in development under the Hood near protocol uses a sharded proof Of stake blockchain which consists of Four shards according to a blog post From 2021 each Shard can process 1,000 Transactions per second now for those Unfamiliar sharding involves splitting a

Blockchain into different pieces so that Transactions can be processed in in Parallel near protocol is in the process Of implementing Dynamic resharding which Will make it possible for shards to be Created and destroyed based on demand The Practical effect of this is that Near protocol theoretically has infinite Scalability of course the trade-off is Centralization near protocol sharded Blockchain is currently secured by just 215 validators becoming a validator Currently requires a minimum of 26,000 Near and to put things into perspective That's almost $100,000 at near current prices Thankfully though delegation is possible With no minimum stake the staking Rewards are currently around 8% and the Lockup time is only around a day the Caveat is that slashing is enabled so be Careful which validator you choose Besides staking near is used to pay for Fees which are burned unless the trans Transaction involves a smart contract in Which case 30% of the fee goes to the Smart contract and 70% is burned this is To incentivize developers to build on Near protocol note that all wallets are Technically smart contracts you'll see Why that's relevant later now in terms Of tokenomics n had an initial supply of 1 billion which was distributed as Follows around 35% to investors around

14% to the team 10% to the foundation And the remainder to various ecosystem Incentives and grants note that NE Protocol has spent a lot of money on its Ecosystem again you'll see why that's Relevant later now as you can see neara Has or rather had an incredibly Aggressive vesting schedule its supply Has increased by roughly 10x since its Main net launch less than 4 years ago The Silver Lining is that 100% of n's Initial Supply will be in circulation by Mid next year note that near has around 5% inflation now regarding near Protocol's Real World Adoption this is Mostly due to a Singaporean payment Rewards app called Kai Ching which Boasts almost 27 million monthly active Wallets and sweat economy a move to n Apppp with over 3 million monthly active Wallets note that this doesn't count its Crypto dap usage the reason why NE Protocol has been able to gain so much Real World Adoption is essentially Because it's managed to abstract away The complexities of using crypto from The front end this has arguably been Near protocol's biggest Innovation and The biggest Edge it has over other Crypto projects note that the link to Our last near protocol review will be in The description by the way and if you're Enjoying the video so far smash that Like button subscribe to the channel and

Ping that notification Bell so you don't Miss the next one now it's safe to say That a lot has happened since our last Near protocol review almost 2 years ago Unfortunately we won't have the time to Go through every single update here so If there are any important updates that You think we missed feel free to drop a Comment down below so in May 2022 near Protocol partnered with infura which Creates some of ethereum most important Infrastructure this partnership made Near protocol more accessible to the Over 430,000 developers building with Infura this highlighted near protocol's Developer Focus then in June 2022 NE Protocol began testing a new type of Validator called chunk only producers Now chunk only producers made it Possible to increase the number of Validators above the limit of 100 it's Not clear how many chunk producers there Are but presumably around 115 given that There are 215 validators in Total in July 2022 institutional crypto Custodian fireblocks added support for The near coin this underscored the Institutional interest in Nia which Likely has its origins in the projects Similarities to salana as a fun fact the Founders of both crypto projects have Apparently being good friends for years And you can learn about the similarities And differences between near protocol

And salana using the link in the Description I digress in August 2022 Near protocol revealed that it had fixed A vulnerability in the near wallet Basically using email recovery for the Wallet was leaking the seed phrases of Users to a third party fortunately it Seems no assets were lost and the near Wallet has since been phased out so I Guess its history now then in September 2022 near protocol officially introduced Chunk only producers as part of the Second phase of its sharding road map The near Foundation also partnered with A VC for a $100 million web 3 fund and Tether's usdt stable coin went live on The near protocol blockchain in October 2022 the near Foundation partnered with Google Cloud to make it easier to build Tools on near protocol's developer Platform pagoda near protocol also shut Down the usn algorithmic stable coin it Had launched shortly before terror's Collapse in retrospect it was very bad Timing in November 2022 the neara Foundation partnered with one of Latin America's largest processed food Companies to create a web3 loyalty Program it's not clear if the Loyalty Program ever came to pass but the Announcement noted that it would be Implemented sometime in early 2023 then In December 2022 Alexander founded an AI Company with the goal of creating the

First artificial general intelligence or AGI now you'll recall that NE protocol Originally began as an AI project hence The name AI is near to our understanding Alexander is looking to leverage near Protocol in his new AI Venture in January 2023 The Ledger Hardware wallet Added support for near making it Possible to hold the coin in cold Storage and if you happen to be looking For a hardware wallet check out the coin Bureau deals page it's got the biggest Discounts on the best ones the link will Be down in the Description anyways in March 2023 near Protocol revealed its blockchain Operating system for web 3 dubbed BOS or Boss boss will eventually be a One-Stop Shop for every crypto dap and protocol In existence and and will make it Possible to interact with these daps and Protocols from near protocol without Having to switch Chains in April 2023 near protocol Appears to have partnered with MasterCard I say appears because the Partnership seems to be limited to one Of near protocol's Regional hubs in the Balkans regardless this limited Partnership foreshadows a more expensive Partnership with the credit card company In May 2023 near protocol integrated With the Wormhole bridge to increase its Cross-chain availability now this is

Interesting given that Wormhole is Backed by the same entities as salana Some would say that the integration is Evidence that these backers are starting To become interested in near protocol Then in June 2023 the SEC named near as One of the cryptocurrencies it considers To be a security in its lawsuit against Coinbase this is significant ific Because it means that neara could be Delisted from us exchanges if the SEC Wins its case against coinbase something That's currently up in the air you can Learn more about the sec's case against Coinbase in the description moving on Now on a more bullish note the near Foundation partnered with alibaba's Cloud division that same month the Purpose of the partnership was to Accelerate web 3 growth in the Middle East and Asia it goes without saying That protocol has been very successful On that front so far in September 2023 Circle launched its usdc stablecoin on The near protocol blockchain and about a Week later near foundation's CEO Mara Feml I hope I've pronounced that right Resigned now this is fascinating because Mara used to work at Circle from the Outside looking in it looks like she Stuck around until the usdc deployment Whatever the case in November 2023 NE Protocol held its third annual ncon Conference naturally there were lots of

Bullish Announcements highlights included the Launch of an AI Marketplace the launch Of a data availability layer a Partnership with ethereum reaking Protocol igen layer an integration with Pith Network Lightning Fast data Oracle A partnership with Nim for privacy and a Partnership with polygon for zero Knowledge proofs and as a cherry on top Ilia became the CEO of the Nia Foundation reclaiming the throne so to Speak it's believed this will change the Project's Focus funnily enough it seems That one of the first changes that Ilia Made was uh firing 40% of the near Foundation staff in January of this year This was reportedly done despite the Foundation having solid Financials the this all ties into n's Price action which has been one heck of A roller coaster near practically went Straight down since we last covered the Project and seems to have hit its bare Market low last October this is not all That surprising considering that this is When most altcoins appear to have Bottomed what is surprising though is How much neara has rallied since then it Rallied by almost 5x before correcting And appears to be preparing for another Move higher this is likely due to the Fact that n's supply and demand equation Is looking better than it ever has for

Starters most of the supply is now in Circulation the near foundation's last Transparency report also suggests that It's well capitalized as of July 2023 it Held almost 350 million in cash and over 315 million near coins news flash but This means that the near Foundation Still holds around a third of n's entire Supply which is a bit scary but again The fact that the near Foundation is Well capitalized means it likely won't Have to sell much of this near anytime Soon the catch is that the near Foundation had previously committed Hundreds of millions of dollars of near To various initiatives it's not clear if This near has been sold yet and what's Annoying is that the near Foundation Apparently hasn't released an updated Transparency report what's even more Annoying is that it has apparently not Disclosed which wallets it controls Either the most annoying part though is That apparently none of near protocols Explorers show the rich list what near Protocols explorers do show is that Demand has gone exponential the number Of total wallets is about to hit 100 Million the number of daily active Wallets is approaching 1 million and the Number of daily transactions has been Going parabolic since last September as You might have guessed this is because The kai Ching app apparently launched in

August of last year the launch of sweat Economy in the US in October has also Likely contributed to the demand growth As well and to top it all off the total Value locked in Nia's defi protocols is Starting to grow rapidly too now if this Demands side momentum continues near Could rally as high as $8 in the short Term consistent with the bull flag Pattern which appears to be forming on The weekly and the zone of resistance From the previous crypto bull market Which is likewise around $8 the fact that Nia only has a market Cap of around $3.5 billion means that it Has a lot of room to grow relative to The other layer one blockchains if Nia Follows Soul's footsteps from the the Previous bull market it could rally by More than 20x during this bull market But make no mistake it won't be up only And if you're looking to trade the Volatility that Nia will experience as It hits new all-time highs then check Out the coin Bureau deals page it's got Trading fee discounts of up to 60% and Sign up bonuses of up to $50,000 on the best crypto exchanges These deals are only available to our Viewers and will only be around for a Limited time so take advantage of them ASAP using the link in the Description anyhow whether near can hit A new all-time high ultimately depends

On its upcoming Milestones NE protocol Published an updated roadmap for 2024 Back in January and it noted seven Milestones most of which are related to The Project's endgame of dynamic Resharding which you will of course Remember from earlier now the first Milestone will be the introduction of Stateless validation if we understand Correctly this will improve the Scalability AKA speed of each of near Protocol shards stateless validation Will be introduced sometime in Q2 and Will Mark the end of the third phase of The resharding road map the second Milestone will be the introduction of Quote congestion control and transaction Priority this will localize transaction Processing so that congestion caused by A single dap doesn't bloat the whole Blockchain note that this is similar to What other crypto projects like salana Have implemented the third Milestone Relates to something I mentioned earlier And that's account Aggregation this will make it possible To interact with daps and protocols on Different blockchains without having to Switch chains on the aforementioned boss Platform this is definitely a milestone To be on the lookout for the fourth Milestone also relates to something I Mentioned earlier and that's the Introduction of a zero knowledge-based

Smart contract standard for near Protocol this will be developed as part Of the Project's partnership with Polygon and it should likewise increase Near protocols Scalability the fifth Milestone is Related to something you may have missed In my earlier comments and that's near Protocol's new data availability Solution this will make it possible for Near protocol to support and secure Ethereum's layer 2os if that sounds Familiar it's because Celestia is doing Something similar more about Celestia in The description but back to near Protocol now the sixth Milestone could Be related to something I mentioned Earlier and that's near protocol Integrating with metamask FYI consensus Is the creator of both metamask and Infura as such it's possible that near Protocols metamask integration is a Consequence of its infura partnership Now the final Milestone is Straightforward and that's to research The future of blockchain sharding this Will likely ensure that near protocol Stays on The Cutting Edge of this Important scaling technology and Speaking of which I'll remind you that There are still two more phases left in Near protocol's resharding road map the Phase we're currently in is phase two With phase zero being the first and its

Focus was sharding both the state of the Blockchain and its transaction Processing to our understanding the Introduction of Chunk only producers Introduce the latter and stateless Validation will introduce the former the Fourth and Final Phase is phase three And it will introduce full Dynamic Resharding per a previous blog post Quote the network will be dynamically Split into shards and then merge based On resource Utilization this will enable near to Expand almost infinitely what's odd is That phase 3 was originally scheduled to Be introduced by the end of 2023 this brings us to the challenges That we foresee for near protocol the First challenge is n's supply and demand Dynamics to be clear the demand metrics For near are seriously impressive the Problem is that most of the people using Near protocol aren't directly investing Into the near coin this is a problem Because fees on near protocol are Extremely low consider that it would Take roughly 1.5 billion daily Transactions just to offset n's annual Inflation rate of 5% near protocol is Currently processing around 5 million Transactions per day meaning it would Need a 300X increase to do this the Bigger problem though is that the near Foundation holds a third of n's Supply

And history has shown that it will spare No expense when it comes to funding the Project's growth although this will be Beneficial for near in the long term It's likely to suppress its price in the Short and medium term the Second Challenge relates to the first and That's regulation the way that near Protocol is currently governed is likely A problem for Regulators like the SEC Who you'll recall noted near as a Security Ilia being the founder of the Project and being the CEO of the Foundation is something they could take Issue with to Ila's credit though this Is something he seems to be hyper aware Of that's because he published a blog Post in January about his vision for how NE protocol could introduce Decentralized governance Ilia thinks That AI could play a role in this Governance which could create other Kinds of issues for what it's worth Worth the fact that near protocol isn't Explicitly focused on financial use Cases arguably means that it's unlikely To be a number one target for Regulators After all what big Banks and asset Managers can't stand is financial Competition for now near protocol is Playing on an entirely different field This however pertains to the third Challenge and that's competition now we May be mistaken but it appears that near

Protocol has yet to align with any Particular Niche or narrative the result Is that the project has been largely Overlooked by those in the crypto Industry and this could continue to be The case meanwhile many of NE protocol's Competitors have started to align with Specific niches or Narratives so this will leave investors And users asking the question why should I go with a generalized blockchain for a Use case when I can get a better Experience on one that that's been Custom built or adapted for this use Case the catch though is that near Protocol's lack of alignment and solid Fundamentals means that it is perfectly Positioned to align with any Niche or Narrative that it wants to now as far as We can tell it's slowly but surely Trying to align itself with the AI Narrative given that it's consistent With the Project's Origins if this is Indeed the case then all that it needs To do is double down on this narrative And it could easily take over that Niche This could have the potential to make Near one of the top performing cryptos During the next bull market because Everyone knows that AI is and will Likely continue to be the biggest Niche Out there in some then near protocol Faces challenges on the supply side and On the regulatory front and has been

Struggling to find a narrative or Niche All this considered though these are Challenges that it can and most likely Will easily address all while rolling Out some of the most advanced crypto Scaling technology around of all the Large cap cryptos near is one of the few That has unrealized potential that could Result in outsized returns all near Protocol must do is seize that potential In a way that appeals to crypto Investors and users not just no coiners Who are looking to lose a few kilos by Walking and on that note I'd better get To the treadmill Uh by the way that's all for today's Video so if you found it informative Smash that like button to let us know if You want to stay informed subscribe to The channel and ping that notification Bell and if you want to help inform Others about near protocol be sure to Share this video with them as always Thank you so much for watching and I'll See you in the next one this is guy over And Out


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