NEAR Protocol The Phase 2 mainnet of NEAR Protocol has successfully launched, transforming the network into one that is completely decentralized and open to everyone. The latest stride reflects the project's dedication to democratizing the development of the Open Web via blockchain technology.
Despite relentless initiatives to boost blockchain's reach, obstacles still remain, complicating its widespread application. Industry experts emphasize the need to streamline blockchain development, particularly for large-scale enterprise solutions.
NEAR Mainnet Phase 2 is Now Live
According to a press release from Blockonomi, NEAR project The Phase 2 mainnet of NEAR Protocol, launched on Oct. 13, marks a milestone as it now operates without barriers, allowing developers and users free rein to build applications or move tokens.
The third phase in NEAR Protocol's evolution, Phase 2, follows the completion of the 'Proof of Authority' and 'Mainnet Restricted' phases from April to September.
Preceding the Phase 2 shift, validator nodes voted to eliminate the token transfer restrictions. Now, all staked tokens are free to generate and move returns, unaffected by vesting periods, allowing participants to engage in validation or transfer activities.
Reflecting on the rapid strides taken, Near Inc.'s co-founder and CEO, Illia Polosukhin, stated:
Since the Genesis Block was unearthed in April, NEAR has aspired to allow developers to deploy real-world applications while transitioning the network's governance to the community. A mere six months later, we're fulfilling our commitment and transitioning toward a community-governed and decentralized NEAR Mainnet.
Focus on Effortless Blockchain Innovation
As previously reported As reported by Blockonomi, NEAR Protocol is tailored for developers, striving to make this advanced tech accessible to the public. By leveraging the 'Nightshade' sharding and proof-of-stake mechanisms, it achieves a highly scalable network with no theoretical cap.
Back in May 2020, the project received In an investment round spearheaded by a16z, about $21.6 million was raised, adding to NEAR Protocol's total of over $60 million from both private and public backers.
Following the Phase 2 mainnet deployment, NEAR's team aims to refine their wallet and sharding techniques. Future plans include establishing a bridge with the Ethereum (ETH) network and further mainnet implementations.
