NEAR PROTOCOL VS ETHEREUM 2.0

These two layer-1 technologies born out of the purpose of unlocking the true potential of blockchain share many characteristics like constantly improving its transaction costs, its speed, and increasing vast blockchain adoption however their differences set them apart. In this article, you will learn about ETH 2.0, the NEAR protocol, and why the NEAR protocol is the best choice for you.

WHAT IS NEAR PROTOCOL AND ETH2.0

NEAR Protocol is a climate neutral, high speed, and low gas fee layer 1 technology. It is built to be simple, secure, and scalable, It provides a platform on which developers can build decentralized applications (Dapps) and it primarily focuses on usability among developers and users. It is also smart-contract capable and a proof-of-stake (PoS) blockchain.

Ethereum is a decentralized global software platform powered by blockchain technology. It is most commonly known for its native ether (ETH) cryptocurrency. Ethereum 2.0 is a major upgrade for the Ethereum network, shifting the network to proof of stake (PoS) from the proof-of-work (PoW) model. Ethereum 2.0 aims to improve the network’s scalability, accessibility, and security. The upgrade also adds sharding, which allows transactions to be processed simultaneously across smaller chains.

SIMILARITIES OF ETH2.0 AND NEAR PROTOCOL

1. They both use sharding technology
2. They execute their smart contract on WASM virtual machine
3. They can be used to build apps

DIFFERENCES BTW NEAR PROTOCOL AND ETH2.0

1. NEAR protocol has infinity sharding while Eth2.0 doesn’t.This is due to NEAR’S Nightshard’s unique ability of code fragmentation and distribution to a larger number of nodes without the sacrifice of speed and performance
2. Smart contracts on NEAR are written on Rust and assembly script for easy developer experience while on Eth, It’s written on solidity and vyper
3. Near protocol has named account system feature for their users making it easy to organize and manage smart contracts with sub-accounts while ETH2.0 doesn’t
4. Near protocol is faster and cheaper than ETH 2.0.

WHY YOU SHOULD SWITCH TO NEAR PROTOCOL

Though ETH possesses thousands of innovative applications spanning from gaming to Defi, they haven’t breached the gap of mainstream adoption of the app built on it. Near protocol has solved this problem by focusing on the usability of both developers and users through NEAR’s progressive security model which consists of simple onboarding, easy subscription, familiar usage styles, predictable pricing, familiar developer languages, and so on. NEAR protocol also has advanced shading technology called night shading that allows unlimited scalability, making near protocol transactions cheap(less than a penny) and fast(1–2 seconds).NEAR protocol also undergoes constant evolution and development to meet up with the demands of its users. NEAR also offers an innovative way of incentivizing developers by giving them a portion of the fee generated by their contracts, thereby enabling them to gain from their creation without going through the stress of creating ill-advised tokens of their own.

CONCLUSION

ETH2.0 and NEAR protocol share a lot of similarities, however, they differ in terms of their cost, speed, scalability, and developer friendliness. Near protocol has seen the future Eth2.0 strives to build and also the limitations it faces and has therefore worked to eliminate such limitations from its blockchain and that’s why I believe NEAR protocol is the best choice for you.

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REFERENCES

1. https://bernardmarr.com/blockchain-a-very-short-history-of-ethereum-everyone-should-read/
2. https://blocking.net/17444/the-trade-off-of-fragmentation-technology-near-protocol-vs-ethereum-2-0/
3. https://ethereum.org/en/developers/docs/smart-contracts/languages/
4. https://near.org/papers/the-official-near-white-paper/
5. https://originstamp.com/blog/what-is-ethereum-and-what-are-its-use-cases/
6. https://www.coindesk.com/learn/what-is-near-protocol-and-how-does-it-work/