NEAR Protocol accomplishes $30 Million Raise via its Token Sale

NEAR Protocol declared that it has successfully concluded its token sale, with a huge response from users. It predicts a raise of $30M via its token sale.

By · Aug 13, 2020 . 7min read

Near Protocol funding

Today, NEAR Protocol declared that it has successfully concluded its token sale. They got an excellent response from the users. NEAR is a decentralized application platform supported by a public blockchain optimized for programmability. Additionally, developers can quickly build, test, and deploy applications that handle a wide range of digital assets. It anticipates a raise of approximately $30 and $35 million, owing to the community’s overwhelming response. Moreover, it declined to comment about the transactions. CoinList is currently auditing the token sale held.

NEAR Protocol tweets about the conclusion of its token sale

NEAR Protocol also recently cautioned the users to analyze the token sale properly. However, some users criticized the NEAR Protocol, saying that if CoinList cannot function, the team should look for another digital asset management company. Additionally, NEAR Protocol also warned its users about the operation of a fake telegram group acting as the official group.

Earlier, NEAR Protocol, declared it had raised $12.1M in a venture round led by Metastable and Accomplice and participation from Pantera Capital, Electric Capital, and Amplify Partners. Other investors involve Multicoin Capital, Coinbase Ventures, ACapital, Scalar Capital, IDEO Colab Ventures, and Ripple’s Xpring. Famous angel investors comprise Naval Ravikant, Andrew Keys, and Balaji Srinivasan.

Exploring NEAR Protocol

NEAR’s mission is to allow community-driven innovation to profit people across the globe. NEAR’s platform provides decentralized storage. Technically speaking, this Protocol is a public, proof-of-stake blockchain created utilizing a novel consensus mechanism called Doomslug. 

The Near team includes competitive programming champions and veterans from various major technological companies, like Facebook, Google, and Niantic. YC alum and CEO Alex Skidanov were the first employees at the sharded database company, MemSQL. CTO Illia Polosukhin was a core contributor to Google’s TensorFlow machine learning library while serving at their prestigious research division.

NEAR Protocol employs a technique named “sharding,” which divides the network into various pieces so that the computation is done in correspondence. Additionally, parallelism boosts throughput and enables the system to scale up as the number of nodes on it progresses. Moreover, with NEAR, there isn’t a hypothetical limit on the network’s capacity.

Conclusively with the token sale coming to an end, users await the next step. With fake groups forming on telegram security of NEAR Protocol seems to be threatened. We anticipate how NEAR Protocol will boost and enhance the community with prospective projects.

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