Blockchain is evolving, and NEAR and SKALE are at the forefront. See how they compare to Ethereum and why their disruption is worth watching.

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Two blockchain networks, NEAR and SKALE, are making waves as significant disruptors within the ever-changing industry. These innovative platforms challenge the norms and push the boundaries of what’s possible, making them worthy of our undivided attention. By offering unique value propositions and tackling some of the industry’s most pressing challenges, NEAR and SKALE are positioning themselves as key players in driving mass adoption of decentralized applications (dApps) and ushering in a new era of scalability and user-friendliness.

Let’s start with SKALE, a gas-less, Ethereum Virtual Machine (EVM)-compatible blockchain designed specifically for secure and efficient Ethereum scaling. In an industry plagued by high transaction fees and network congestion, SKALE’s innovative AppChain model has proven to be a game-changer. With over 103 million total transactions processed in Q1 2024 alone and an impressive average of over 30 million transactions per month, SKALE has demonstrated its ability to handle high transaction volumes without the burden of gas fees. This remarkable achievement has attracted diverse projects spanning sectors such as gaming, AI, metaverse, and more, all seeking to leverage SKALE’s unparalleled scalability and cost-efficiency.

But SKALE’s impact extends far beyond mere transaction throughput. In Q1 2024, SKALE saved its users $3.1 billion in gas fees, solidifying its position as a true disruptor in the blockchain space. To put this figure into perspective, the combined gas fees on the BNB Chain and Avalanche (AVAX) networks amounted to over $330 million in March alone, paling compared to the savings SKALE provided. With an impressive average uptime of 99.9% across its 20 SKALE chains, SKALE has proven its resilience and reliability, making it an attractive choice for developers and businesses seeking a robust and stable platform for their decentralized applications.

What is Skale Network — SKL Explained. Source: kkay technologies on YouTube.

On the other hand, NEAR Protocol has emerged as a formidable force, challenging Ethereum’s dominance with its innovative approach to scalability and user experience. Recent data shows that the number of unique accounts on the NEAR network was 2.2 million as of April 22nd, 2024. This remarkable surge in user adoption can be attributed to NEAR’s unique chain abstraction stack, which provides a superior user experience and enables faster, cheaper transactions without the need for layer-2 solutions.

NEAR’s momentum is further fueled by its impressive price performance, outshining Ethereum’s price action in recent months. As of April 22nd, 2024, NEAR’s price stood at an impressive $7.03, representing a staggering 39.06% increase over the previous seven days. In contrast, Ethereum’s price experienced a 6.02% decrease during the same period, underscoring NEAR’s growing appeal among investors and traders alike.

Beyond its impressive price performance and user adoption, NEAR has also garnered attention for its role in the burgeoning AI narrative. With its powerful scaling capabilities and low transaction costs, NEAR has become an attractive platform for AI-powered applications, further cementing its position as a disruptive force in the industry. Despite once being overshadowed by industry leaders, NEAR’s skyrocketing market capitalization has earned it a spot among the top 20 cryptocurrencies.

What is NEAR Protocol? NEAR Explained with Animations. Source: Whiteboard Crypto on YouTube.

While NEAR and SKALE have undoubtedly made significant strides, it’s important to note that Ethereum’s development activity remains strong, with a higher level of code committed to new features and security enhancements. However, this does not diminish the impact and potential of NEAR and SKALE, which have carved out their niches and addressed specific pain points within the blockchain ecosystem.

The disruptive potential of NEAR and SKALE cannot be ignored. By offering innovative solutions to longstanding challenges, such as scalability, high fees, and user experience, these networks are laying the groundwork for the widespread adoption of decentralized applications across various industries. Whether it’s SKALE’s gas-less infrastructure or NEAR’s unparalleled scalability and user-friendly features, both networks are poised to play pivotal roles in shaping the future of blockchain technology. As the industry continues to evolve, we must pay close attention to these trailblazers, for they may very well hold the keys to unlocking the true potential of decentralized systems and driving mass adoption. The time to embrace disruptive innovation is now, and NEAR and SKALE are leading the charge.

SKALE is ingeniously crafted as an elastic network, serving as a Layer 1 and 2 solution for Ethereum. Its innovative architecture not only eliminates gas fees for end-users — by shifting these costs to developers who rent SKALE chains for their dApps — but it also supports a staggering transaction throughput. Imagine processing up to 2,500 transactions every second on each chain! Additionally, it’s packed with features like on-chain file storage, an Ethereum interoperability protocol, and the ability to mint items like NFTs at zero cost. On top of that, the Levitation Protocol within SKALE introduces cutting-edge zero-knowledge scalability solutions, boosting both privacy and scalability.

NEAR operates primarily as a Layer 1 blockchain, employing a sharded, proof-of-stake consensus mechanism designed to enhance scalability and provide user-friendly features. It streamlines the creation of decentralized applications, emphasizing simplicity and improved interoperability within its ecosystem. Focused on fostering a developer-friendly environment, NEAR incorporates features like human-readable account names and progressive UX design. These attributes make it especially appealing to developers seeking an accessible blockchain experience.

• Architecture and Interoperability: SKALE stands out with its hybrid layer approach. It’s crafted to boost Ethereum’s scalability through auxiliary chains that share security and handle a high volume of transactions. NEAR, on the other hand, uses a sharded network to optimize processing times and transaction fees, operating independently from Ethereum.

• Transaction Costs: SKALE’s zero gas fee model for end-users is a game-changer, transferring the cost burden to developers. NEAR, while aiming to cut costs through its design, doesn’t fully eliminate them for users.

• Focus and Usability: SKALE is laser-focused on amplifying the Ethereum ecosystem, catering mainly to applications that demand high transaction speeds, such as gaming and DeFi. NEAR prioritizes usability and developer accessibility, striving to demystify blockchain technology for a wider audience.

• Technological Innovations: SKALE’s rollout of the Levitation Protocol, featuring zero-knowledge proofs, underscores its dedication to privacy and scalability — crucial for enterprise-level applications. NEAR’s strategy leans more towards user-friendliness and seamless integration within its ecosystem, aiming for a smoother user experience.

Both platforms bring distinct strengths to the blockchain arena. SKALE zeroes in on boosting Ethereum’s performance with notable enhancements, while NEAR opts for a more user-centric approach, offering an easy-to-navigate blockchain solution.

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