NEAR Protocol Explained!! Combining AI and Blockchain – Here’s How!!

NEAR Protocol Explained!! Combining AI and Blockchain – Here’s How!!

could AI be the future of blockchain near protocol is among the projects making a push into AI since roughly a year ago now most recently near protocol’s co-founder and CEO Ilia po zukin was part of a panel at nvidia’s annual conference the transforming AI panel was hosted by Nvidia CEO Jansen hang and amongst the speakers invited Ilia was the only one involved with blockchain technology making this a significant move for near protocol leading up to the conference n’s native token almost doubled since the beginning of March thanks to the hype surrounding the event alongside the frenzy that has floated the prices of a bunch of AI related tokens so if you’re interested in learning more about near protocol and its efforts to bring crypto and AI together this video is for you like many other l1s near protocol is a proof of stake layer one blockchain that gives AA ERS a platform to build decentralized applications but did you know that in the beginning near wasn’t even involved in blockchain in 2017 Ilia Pushkin a former Google engineer and Alexander skidanov a former Microsoft software developer founded near. a and were completely focused on artificial intelligence research and development the company was dedicated to AI related projects including machine learning and and the development of models and tools needed to advance AI then in 2018 near AI began to build the near protocol and launched the mayet in 2020 this pivot to blockchain was mainly driven by the company’s need to overcome issues with traditional Financial systems and limitations in resources near protocol today is still being led by Ilia and Alexander Ila’s vision for nearest Future is to become a fully Sovereign operating system with a personal AI assistant that can be optimized for users needs without revealing private information his vision also includes the ability to interact and transact with other user owned AIS together the team has an impressive funding history including raising 350 million in April 2022 just a few months after announcing a 150 million funding round prominent venture capit Capital funds involved include dragonfly Capital coinbase Ventures and tiger Global now let’s get to the juicy part the technology behind near and exciting new features like I mentioned earlier the near protocol is a smart contract platform designed to improve upon ethereum by offering faster transaction speeds lower costs and higher transaction volumes all of this is achieved through n’s sharding design called Nightshade Nightshade breaks up the blockchain into smaller parts known as subchains each subchain has different validators working on them which allows for more efficient processing and capacity with this design near protocol is able to scale linearly and continuously handle a growing number of transactions other than that near is focused on performance and usability for both developers and users users who are new to crypto will benefit from The userfriendly Experience such as human readable account names while developers can enjoy a range of pre-built building blocks and tools to easily integrate into their applications developers are also incentivized with rewards in the form of 30% of gas fees now n is taking a journey back to its roots by introducing near tasks an AI Focus feature built on the protocol and powered by N’s blockchain operating system system which is the protocol’s OWN decentralized operating system that allows developers to build on any chain without facing most of the complexity of swaps exchanges and multiple profiles near tasks is a gig economy platform designed for anyone interested in earning near tokens by completing simple tasks so these can include things like image labeling writing up commentaries or sharing photos to Twitter with specific tags then this output will be used to provide training data to optimize the performance of AI models with the introduction of near tasks the protocol is taking a step towards revolutionizing AI training through a platform that values and rewards human intelligence in the AI economy the long-term goal is to establish an interactive marketplace where various tasks are matched to users according to their abilities and where near tokens earned can be spent on new use cases to increase the tokens utility according to their documentation it seems a beta testing phase with specific user groups will be implemented sometime in Q2 this year before being launched to the public okay so then let’s talk about the token a little bit so the native token of the near protocol is near and has a 5% inflation rate it is used for incentivizing validators and paying gas fees 30% of which is distributed to developers as mentioned earlier all collected gas fees are burned to promote scarcity leaving the actual inflation rate to be approximately 5% minus transaction fees on top of that near has established a protocol treasury that receives 0.5% of the total near Supply annually this treasury is dedicated to ecosystem development and supporting governance initiatives there are 1 billion near tokens created at Genesis which are allocated to community grants operation grants Community sale core contributors and more now at the time of shooting near has a total supply of over 1.1 billion and a circulating supply of just over 1 billion tokens near has over 284 million in tvl with lending protocol burrow and liquid staking protocols linear and metap pool making up about 85% according to the team 2023 was a year that saw 7 million monthly active accounts and an average of over 2 million transactions per day since then daily transactions have been steadily increasing on January 11th this year the near Foundation announced it would reduce its team by approximately 40% impacting 35 employees that primarily work in the marketing business development and Community teams according to Ilia this is meant to consolidate the core team to focus on narrower and higher impact activities in the ecosystem as a review of the foundation’s activities found that it had sometimes been moving too slowly while trying to do too many things at once despite this the near Foundation treasury is reported to still be strong and well-managed with over 285 million Fiat 305 million near tokens and 70 million of investment and loans with a leaner team and big plans near protocol is looking towards an exciting year and while we don’t have time to dive into the details in this video their rope map for 2024 is focused on a few features to improve the usability scalability and decentralization of the protocol some of these include stateless validation which improves on their original Nightshade sharding design making it more scalable and a plan to provide support for account aggregation which would allow users to control accounts on different chains with just one near account there’s even a collaboration with polygon to build ZK wasm a ZK Prov for wasm based blockchains and on top of that in November last year the team also launched a data availability service called near da well that was a lot to cover and as you can see the near protocol has a lot to offer especially with the integration of AI and blockchain Technology well we’ll be looking forward to seeing how they can deliver on these plants let us know in the comments below what you’re most excited about in the meantime make sure to like this video And subscribe to stay updated [Music]

Wondering what’s been happening with NEAR Protocol? Find out how it’s working to combine AI and blockchain technology!

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Links 🔗
Near Protocol: https://near.org/
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Timestamps:
00:00 Intro
00:54 What is NEAR Protocol?
02:36 Nightshade – Technology Behind NEAR
03:49 Introduction of NEAR Tasks
05:17 $NEAR Token
06:42 NEAR’s Recent Developments
07:31 Future Plans for NEAR
08:21 Outro

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