Launched in 2019 with unrealized plans to increase transaction speeds by dividing its network into parallel processors (sharding), NEAR launched Phase 1, or the “Nightshade” playbook facilitated by NEAR participant Pagoda. This phase sees the introduction of “stack-only validators” that feed into the sharding mechanism but are easier to set up than full nodes.
Alongside an 86% reduction in collateral requirements for all participants of the proof-of-stake chain, the changes aim to radically lower the barrier to entry for NEAR validators.
“The more users the network gets, the more decentralized the network becomes. “This provides the ability to continue adding more validators as there is more demand for the network,” said co-founder Illia Polosukhin.
Pagoda estimated in a press release that the changes could lead to 200 additional validators joining the 100-strong network. Polosukhin was tougher, stating in an interview with CoinDesk that will go from “100 to 300 active” validators.
Sharding is a chaining mechanism that N-E-A-R uses to raise the output of the network. According to Polosukhin, dividing the chain into smaller chains allows the network to process transactions more efficiently.
NEAR’s plan to smash the network will be accomplished through a four-stage program called Nightshade. Earlier this year, it started Phase 0 of the network allocation and will complete the next phases of the upgrade in 2023.
Polosukhin said that while the chain has been “compatible” with Ethereum since its development in 2018, NEAR’s vision is “not presented in terms of scalability.” NEAR aims to create a scalable, efficient network for those interacting in the ecosystem. upgrades.
“NEAR’s vision is that you don’t have limited business volume,” said Polosukhin. “You should be able to continue expanding demand by adding more capacity.”