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The $NEAR token price has risen over 60% year-to-date, and is currently valued around $US6. Its all-time high was in early 2022, when the cryptos value peaked just above $US20. It has a market cap of $US6.9 billion and more than one billion tokens in circulating supply.

Co-founder Illia Polosukhins background is in artificial intelligence (AI) and machine learning research at Google, and he initially launched NEAR in 2017 as an AI company that involved teaching machines to code. Polosukhin said he first looked into blockchain technology as a solution to difficulties he was having making micro-payments to collaborators on the AI project located around the worldand found the transaction fees on Bitcoin and Ethereum were too high.

He and co-founder Alexander Skidanov ended up focusing their efforts on how to solve the problem: How do we build something thats truly scalablecan actually scale to a billion users or abovethat is easy to useand optimised for developers being able to hit the ground running using traditional programming languages.

In 2018, they launched the NEAR Protocol, a public, proof-of-stake blockchain, designed to make it simpler and cheaper for developers to build scalable decentralised applications (Dapps).

The network has been successful in gaining backers. In its early days, NEAR raised more than US$20 million in venture capital from firms such as Andreessen Horowitz and Pantera Capital. In 2022 it completed two successful funding rounds to boost its network, raising $US150 million and $US350 million, which helped to lift its tokens price.

Link:

What is NEAR Cryptocurrency? Forbes Advisor Australia - Forbes