April 19, 2024
NEAR Protocol's 'NEAR DA'
Latest Cryptocurrency News

Near Foundation Introduces Cost-Effective ‘NEAR DA’ Solution for Data Availability

The Near Foundation has entered the competitive pursuit to create a new category of data availability solutions, aiming to alleviate the Ethereum blockchain from the duty of storing and disseminating vast amounts of data.

This non-profit organization, dedicated to supporting the Near Protocol blockchain, has unveiled a new ‘NEAR DA,’ highlighting that the process of posting data on this network could be significantly more cost-effective, approximately 8,000 times cheaper than posting on Ethereum. NEAR DA, much like Celestia, a recently launched network that introduced a buzzy airdrop of new TIA tokens, seeks to offer an alternative platform capable of managing the data generated by a rapidly expanding network of auxiliary blockchains, including ‘layer-2 networks’ built on top of Ethereum. Avail, another competitor in this sphere, is currently conducting tests and plans to launch in early 2024.

In a statement released to the press, NEAR DA is depicted as immediately beneficial for Web3 founders exploring the adaptable landscape of blockchain development.

Among the early adopters of NEAR DA are Starknet’s Madara, Caldera, and Movement Labs. The announcement was made during the Near Foundation’s annual conference, Nearcon, held in Lisbon on Wednesday.

The press release also compared the costs, indicating that while it would cost around $26.22 for an optimistic rollup (a type of layer-2 network) to post 100 kilobytes of calldata on Ethereum, the same amount of data would cost only $0.0033 on the Near Protocol.

Image by freepik

Related posts

Navigating the Crypto Market: The Power of Automated Trading Tools

Bran Lopez

Spanish Regulator Signals Investigation into Fraudulent Crypto Ads on X Platform

Cheryl  Lee

Crypto Exchange Thodex Founder Receives 11,196-Year Prison Sentence

Robert Paul

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More