Sneak Peak to Near Protocol

Ankit Raj
5 min readNov 30, 2020

Ethereum is one of the best platforms for developing smart contract. It’s also the one of now the most popular languages among developers for developing smart contract. But there are certain limitations of Etheruem like high gas fee, UX challenge, too many fragmented resources for developers.Many new platforms came recently to overcome the above limitations like Near, Celo, AVAX etc. Here in this article, we will discuss few things about Near blockchain from the developer perspective.

Late last year I got to know about Near Protocol. I have seen their development speed in almost one year.

The best part about Near ecosystem is about development speed. Recently they have made the Eth-Near rainbow bridge. They know most of the smart contract developer-first language is solidity. But, at the same time, they look for a better solution. It can be in terms of scalability, UX and many other things. And if some platform is providing all these functionalities, they have to on-board Eth developer on their platform. Any smart contract deployed on Ethereum can be ported to Near Platform via the bridge.

The Near-Eth Bridge does not require the users to trust anything but the blockchains themselves.

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This trustless model result has below the latency for interactions across the bridge:

  • For ETH->NEAR interactions, the latency is the speed of producing X Ethereum blocks, which is about 6 minutes for 25 blocks;
  • For NEAR->ETH interactions, the latency is 4 hours, and it will be about 14 seconds once EIP665 is accepted.

The benefit of porting to a new chain would be in terms of speed and many others. Eth1 has a speed issue. Many times we have seen this like crypto kitties, Uniswap token time. Near transaction saves time and cost is significantly less compare to Eth ecosystem. Imagine you are an intraday trader and every time you are paying transaction fee on Ethereum cost.

The way Near is approaching blockchain is unique. They have built a whole new suite of development kits for the developer. From integrating to the wallet and deploying online, every process has been well documented. Recently, I sat down for a few hrs and built an app for my Near hackathon project.

Ankit Raj

Blockchain Engineer | Distributed system | Ex- Red Hat | Ethereum foundation grantee