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In this dashboard, we compare the number of transactions per minute of NEAR with flow, osmosis, and ethereum.
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Introduction
Summary
NEAR Protocol is a decentralized application (dApp) platform and Ethereum competitor that focuses on developer and user-friendliness. Its native NEAR tokens are used to pay for transaction fees and storage on the Near crypto platform. NEAR is a Proof-of-Stake blockchain that uses sharding technology to achieve scalability.
Contents
NEAR Protocol is a smart contract capable, public Proof-of-Stake (PoS) blockchain that was conceptualized as a community-run cloud computing platform. Built by the NEAR Collective, NEAR was designed to host decentralized applications (dApps), and strives to compete with Ethereum and other leading smart contract-enabled blockchains like EOS and Polkadot. NEAR’s native token is also called NEAR, and is used to pay for transaction fees and storage. NEAR tokens can also be staked by token holders who participate in achieving network consensus as transaction validators.
NEAR Protocol is focused on creating a developer and user friendly platform. To accommodate this mission, NEAR has incorporated features like human-readable account names as opposed to only cryptographic wallet addresses, and the ability for new users to interact with dApps and smart contracts without requiring a wallet at all.
Projects building on NEAR include Mintbase, a non-fungible token (NFT) minting platform, and Flux, a protocol that allows developers to create markets based on assets, commodities, real-world events, and more.
NEAR Protocol Technology
As dApps have grown in popularity, the crypto community has faced a growing scalability problem. Scalability in this context refers to a blockchain’s ability to handle a large number of transactions with reasonable speed and cost. Ethereum has particularly faced scalability challenges due to the high demand for its usage, and while some people advocate for scaling solutions to be built on top of Ethereum (Layer-2 solutions), other projects like NEAR have decided to build entirely new blockchains with different architecture.
NEAR Protocol’s proposed solution to this scalability problem is the implementation of sharding. Before diving into what this means, it’s useful to identify the three main functions of blockchain nodes: they process transactions, communicate validated transactions and completed blocks to other nodes, and store the state and history of the entire network. As network congestion increases, these tasks become more and more demanding for the nodes.
Sharding lessens the computational load by splitting or partitioning the network into shards (or fragments). With this tactic, every node is not required to run all of the network’s code — just the code that’s relevant to its shard — so shards can conduct computation in parallel with one another, thereby scaling the network’s capacity as the number of nodes in the network increases.
To achieve consensus among the nodes in the network, NEAR uses a PoS system. With PoS, nodes who wish to become transaction validators must stake their NEAR tokens to be considered for participation. Token holders who do not want to operate a node can delegate their stake to validators of their choice. NEAR uses an auction system to choose validators every epoch (approximately every 12 hours), and validators who have larger stakes have more influence in the consensus process.
Some validators are responsible for validating “chunks” — an aggregation of transactions from a shard — while others are tasked with producing blocks, which contain chunks from all the shards. Other nodes, called “fishermen,” observe the network and detect and report malicious behavior. If a validator behaves badly, their stake will be slashed.
NEAR Token Economics
The NEAR token is primarily used to pay transaction fees and as collateral for storing data on the blockchain. NEAR also rewards several stakeholders in the blockchain with NEAR tokens. For their services, transaction validators receive a NEAR token reward every epoch that amounts to 4.5% of the total NEAR supply on an annualized basis.
Additionally, developers who create smart contracts receive a portion of the transaction fees that their contracts generate. The remainder of each transaction fee is burned, increasing the scarcity of the NEAR token. NEAR has also established a protocol treasury, which receives 0.5% of the total NEAR supply annually, for the purpose of reinvesting in the development of the ecosystem.
NEAR Protocol is capable of supporting tokens that are “wrapped” from other chains in addition to NFTs. Likewise, NEAR has constructed a bridge with Ethereum, allowing users to transfer ERC-20 tokens from Ethereum to NEAR.
NEAR Platform Governance
Resources allocated to the protocol treasury are distributed by the NEAR Foundation, a Switzerland-based non-profit dedicated to protocol maintenance, ecosystem funding, and guiding the governance of the protocol. Technical upgrades to the NEAR crypto network are carried out by the Reference Maintainer, which is selected by the NEAR Foundation board, though all nodes in the network must consent to updates by upgrading their software. Eventually, oversight of the Reference Maintainer will be conducted by community-elected representatives.
NEAR Protocol aims to pull ahead in the crowded race to provide the infrastructure for Web 3.0 and has sought to distinguish itself through its unique developer and user friendly features.
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Method
- To answer this question, I separated the days from the date, counted the daily transactions and grouped them according to status, then divided the number of daily transactions by 1440 to get the number of transactions per minute.
- The hard part was just separating the transaction status from the tx_receipt column, which was done by
substr(tx_receipt[0]:"outcome":"status",3,7)query. - Do this with flow, osmosis, and ethereum networks. I did too
- The information is taken from April 20, 2022 because there was no transaction in the flow tables before this date
- In the comparison of transactions per minute vs. transactions that fail Observations show that from the April 20, 2022 until now, the number of transactions per minute has been below 800 transactions per minute on average in near .
- It seems that the transaction per minute in flow is more than other L1s such as osmosis and near ,
- The number of fail transactions in near has increased since May 8, and it seems that in the second week of May, it even exceeded the number of transactions per minute.
- The number of transactions per minute in near reached its highest on May 6, 2022
- The number of transactions per minute in ethereum does not fluctuate much and on most days it is above 600 transactions per minute
- The number of transactions per minute in flow, unlike ethereum, is highly unstable
- The percentage of failed transactions in near was below 30% on most days of 2022, but it was affected by the fall of Terra in May and even reached more than 54% on May 10.
- This is while the percentage of failed transactions has reached 83% in flow and 84% in osmosis!
- Interestingly, this month, both osmosis and flow have been affected, but ethereum has been the same as before.
- The percentage of failed transactions in near is less than osmosis, but it seems to be more than flow and ethereum
- It can still be said that the percentage of failed transactions in ethereum is more stable than others and even less
- Only 3.94% of ethereum transactions have failed and it can be said that it is the fastest blockchain in our comparison.
- The next place is related to flow, where 11.7% of its transactions have failed
- near is placed in the third position in this comparison and 20.9% of its transactions have failed
- Our last place is osmosis, which has failed more than 1 quarter of 30.7% of its transactions
Conclusion
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Ethereum is the fastest and least failed blockchain in our comparison.
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Next is flow, which can be said to have taken the second place from near since June 8
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In comparison, we found that near is faster than osmosis and has fewer failed
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transactin per minute : Ethereum >flow>near >osmosis
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transactions failed percentage : osmosis > near > flow>Ethereum
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These graphs show the daily transaction per minute and the percentage of completed transactions for all chain
The point is that until June 8, transactions per minute in flow were less than near in daily value, but since this date, transactions per minute in near have gradually decreased, and transactions per minute in flow are sometimes even 3 times higher than near. has been I feel this is the reason why near is in third place.