Near Protocol Undervalued?! Updates & NEAR Price Predictions!

Summary

The video discusses Near Protocol's potential to become a front-end for all crypto projects, highlighting its user-owned AI aspirations and cross-chain functionality. It covers recent developments like chain signatures and stateless validation, which enhance scalability and decentralization. The video also touches on institutional interest, current price action, and upcoming milestones, suggesting Near Protocol is underrated despite competition and adoption challenges.

Takeaways

• 🚀 Near Protocol is a top cryptocurrency project that could become the front end to all crypto projects due to its blockchain hosting the number one DApp by monthly active users.
• 🔗 Chain signatures, a recent innovation by Near Protocol, allow users to sign transactions on any blockchain from Near's blockchain, enhancing interoperability.
• 📈 Near's price has shown resilience, only falling by around 50% during the recent market downturn, indicating strong market demand.
• 💡 The project's co-founders, Ilia Polosukhin and Alex Skidanov, are working on blockchain abstraction and user-owned AI, respectively, to enhance Near's capabilities.
• 🌐 Near Protocol aims to reduce reliance on centralized exchanges by allowing control of all crypto assets from a single wallet, potentially increasing its user base and market share.
• 💼 Institutional interest in Near is evident with Grayscale creating a trust for Near's coin and asset management firm Valor launching an ETP for Near on a Swedish Stock Exchange.
• 🔑 Stateless validation, introduced by Near Protocol, reduces the data needed to verify transactions, increasing speed and scalability while lowering hardware requirements for validators.
• 📉 Despite Near's technological advancements, its price has been on a downward trend since the spring, raising questions about its future price action.
• 🌟 Near Protocol's roadmap includes milestones such as reducing congestion, introducing a zero-knowledge smart contract engine, and making the blockchain compatible with Ethereum.
• 🤔 Challenges for Near Protocol include adoption beyond its top DApps, maintaining focus amidst multiple projects, and competition in the evolving crypto market.

Q & A

What is the significance of Near Protocol's position as the blockchain with the number one DApp by monthly active users?

Near Protocol's position indicates its potential to become a dominant player in the crypto space, as it hosts the most used DApp, which could lead to increased adoption and recognition of the platform.

How does Near Protocol's chain signature technology work, and what is its impact on the crypto ecosystem?

Chain signatures allow users to sign transactions on any blockchain from Near Protocol's blockchain, eliminating the need to switch between chains and wallets. This promotes interoperability and could reduce reliance on centralized exchanges.

What was the outcome of Near Protocol's co-founder Ilia Polosukhin's appearance with Nvidia CEO Jensen Wang at the GTC conference?

The appearance highlighted Ilia's co-authorship of a significant AI research paper, linking Near Protocol's origins in AI development and potentially influencing its price due to AI-specific catalysts.

What is the role of AI in Near Protocol's development and future plans?

AI plays a foundational role in Near Protocol, as it began as an AI project. The protocol aims to introduce user-owned AI to prevent a dystopian future controlled by a few tech giants, promoting decentralization in AI technology.

How has the expansion from four shards to six impacted Near Protocol's capabilities?

The expansion increased Near Protocol's transaction processing speed from 4,000 to 6,000 transactions per second, enhancing its scalability and ability to handle more users and transactions.

What is the significance of Grayscale creating a trust for Near Protocol's coin?

The creation of a trust by Grayscale suggests institutional interest in Near Protocol, which can lead to increased investment and credibility within the financial industry.

What are the potential price drivers for Near Protocol's coin based on its recent developments?

Near Protocol's potential price drivers include its new cross-chain functionality, institutional interest, and the possibility of becoming the front end for the entire crypto market.

What are the challenges Near Protocol faces in terms of adoption and competition?

Challenges include reliance on a few popular DApps that may not be representative of broader adoption, spreading resources thin across multiple goals, and competition from other blockchains that may not require cross-chain solutions.

What are some of the upcoming milestones and events for Near Protocol that could influence its price?

Upcoming milestones include reducing congestion, introducing a zero-knowledge smart contract engine, and researching blockchain sharding. Events like the Token 2049 conference and the Redacted conference could also serve as catalysts for price movements.

How does the Coin Bureau view Near Protocol's potential in comparison to other large cap cryptos?

The Coin Bureau considers Near Protocol as one of the most underrated large cap cryptos, with strong fundamentals and a unique value proposition in the AI and cross-chain spaces.