The Rainbow Bridge is just the beginning, NEAR will open up infinite possibilities

About 8 months ago, NEAR opened its mainnet. At that time, the network was mainly composed of early token holders in the community and some well-known VCs, such as a16z, Pantera, ElectricCapital, Dragonfly Capital, Coinbase Ventures. At that time, the basic work of NEAR was very good, and the user experience was very important, but even so, the team was still doing things low-key.

NEAR has reached a new stage

With the release of Rainbow Bridge, open market protocols Flux and Pulse , decentralized exchange Ref.Exchange , and the upcoming launch of NEAR EVM and Mintbase , NEAR is entering a new stage of development. Before you try to make a quick comparison between NEAR and other L1 and the functions it strives to achieve, we have listed several NEAR positions for your reference:

Expansion-NEAR can expand the native applications of Ethereum and NEAR . The whole process has a lower fee rate, higher transaction speed, easy-to-use storage and predictable fees. Once the EVM is released, NEAR will create a world of DApp protocol that can not only operate the congested DeFi applications on Ethereum, but also provide a good solution for the next generation of open network applications . The type of solution can be games, NFTs, and social tokens. It is decentralized finance.


The future multi-chain interoperability model -Rainbow Bridge is the first product to use the Rainbow Protocol. The Rainbow Protocol provides 80% of the required infrastructure for other L1 blockchains, such as Cosmos and Polkadot to replicate the Rainbow Bridge. This means that NEAR can build a completely permissionless and decentralized cross-chain bridge for many other protocols. At present, other L1 heterogeneous cross-chain solutions generally can only connect one or two protocols and are not permissionless and decentralized. NEAR will become the center of multi-chain interoperability.

Balaji recently explained the importance of the Rainbow Bridge in a podcast by Tim Ferris:

“Derivatives may come to a chain that focuses on derivatives. NFT may come to a chain that focuses on NFT. The operation between chains will be a big problem. Assets on a chain can be A particular chain index and reference. Bitcoin does not know about other chains, and many chains now know about other chains.”

With the gradual improvement of the infrastructure of Sputnik DAO on NEAR, users do not need to understand the code, and only need two or three minutes to quickly generate their own DAO. NEAR’s emphasis on interoperability is greatly promoting the further simplification of community governance institutions on the next-generation chain. These DAOs can call contracts and transfer assets between different chains.

NEAR is building a DApp world, which will become the center of the blockchain universe in the future. These are happening in NEAR-yes, both the DApp world and the center of the blockchain universe are actually happening.

User experience and NEAR account model -In addition to the above two points, we have to sacrifice another killer of NEAR-the account model. Now many blockchain projects are completely unusable for most non-currency users. There are too many new processes, but also to transfer money and create accounts. The whole process was chaotic and very unfriendly to Xiaobai. NEAR planned to solve this problem from the beginning.

On NEAR, the blockchain can be completely hidden, and even applications on NEAR can be used without a pass. In this way, even users who do not know the blockchain can easily get started with NEAR. This is also the reason why NEAR’s account model performs very well. Other projects have only two options on this issue: Either improve this issue at some time in the future, or simply ignore this issue and make their services only oriented towards the currency circle. Old users. NEAR will open the door to new users -the next generation of gamers, existing financial technology, artists, creators, etc.

NEAR will never go out of style


Why is this important? Because the pace of future innovation is quite fast. Existing projects should enjoy the present, but anyone interested in the future of the currency circle needs to ask themselves the following questions in an honest way:

How will cross-chain interoperability be launched in the next few years? Will cross-chain interoperability be decentralized and permissionless? Is this necessary?

How does cryptocurrency attract people who are trying to find an alternative to the existing system? Is friendly UX and simple user guidance one of the ways to facilitate this process?

What kind of governance structure is not only easy to use in L1 solutions, but also easy to use in other non-L1 solutions? NEAR is about to enter a new stage of development. Although it is still very early, some places cannot be perfect, but their future development prospects are limitless. In the future, whether it is DAO, DApp, the current popular NFT, or the interoperability that is deeply expected by people, it will shine in NEAR.

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