NEAR Performance
Q5. How does NEAR stock up to other L1s in terms of speed and performance? How fast is NEAR, and compare it with other blockchain speeds in terms of transactions per minute and percentage of transactions that fail.
What is NEAR Protocol?
Near Protocol is a layer 1 blockchain network. It provides a platform on which developers can build decentralized applications (dapps). The most successful layer 1 blockchain is Ethereum, so protocols like Near are seen as challengers.Near Protocol is faster and cheaper than Ethereum. The network can handle up to 100,000 transactions per second besides offering instant block creation in 1 second.
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The last 12 months was an incredible year for the NEAR community. The ecosystem grew at a phenomenal clip, bringing in new developers, projects and users. The NEAR Protocol was also successfully upgraded to Phase 0 of Simple Nightshade, making the blockchain faster and more robust, while keeping it carbon neutral.
On January 20, NEAR Foundation kicked off the new year with its first Town Hall of 2022. NEAR Protocol recorded the highest number of transactions in January 16th.
May was a groundbreaking month for user growth on the protocol, with NEAR surpassing the 10 million wallets created mark. Flament noted that since the partnership announcement with move-to-earn project Sweatcoin, over 6 million wallets have been created.
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