Near Protocol and Elrond: Comparing Features

Near Protocol and Elrond are layer-1 blockchains. Cryptocurrencies of both platforms — NEAR and EGLD are used to support their networks. These are two promising projects, which are also called “Ethereum killers.” They have another feature in common — a firm focus on development. In this article, we will look at the modern Near Protocol and Elrond projects in more detail, as well as the price trends of NEAR and EGLD.

How Does Near Protocol Work?

NEAR Protocol is an innovative contract platform for building decentralized applications. It uses Nightshade for scalability. Sharding is one of the main features of NEAR. This is an opportunity to divide the blockchain into separate segments so that the data processing process is much more efficient. This mechanism also ensures the integrity of the blockchain.

To transfer ERC-20 tokens, NFTs, and stablecoins between the NEAR and Ethereum blockchains, NEAR uses the Rainbow Bridge. It offers developers low fees and high throughput on the NEAR Protocol.

Such blockchain scaling solutions will benefit both developers and users.

How Does Elrond Work?

Elrond is a blockchain focused on scalability, efficiency, security, and interoperability. Sharding is implemented in the architecture of this platform.

The project’s primary goal is to create a new digital economy that is accessible to everyone without restrictions and to become a top platform with high speed and low cost of transactions.

With the help of Adaptive State Sharding technology, the registry database is optimized using horizontal partitioning. This allows you to significantly speed up the process of processing information by splitting and merging shards as the number of users decreases and increases.

Another feature of the project is Secure Proof of Stake. The consensus algorithm guarantees reliable protection against hacker attacks. Using this mechanism reduces network latency and allows nodes to determine who will be in the consensus group at the beginning of each new cycle.

NEAR vs EGLD: Price Trends

The rapid growth of the NEAR rate began back in 2021, as this time was the time of growth for the entire cryptocurrency market. In almost a year, the cryptocurrency exchange rate rose from $1.36 to $12.72 and continued to grow. The price reached its historical maximum in January 2022 — $20.18. After getting the peak, the cryptocurrency rate began to decline, and now it is about $1.6. Despite this, there is still room for growth. Projected price until the end of 2022 — $4.210.

EGLD managed to achieve significant growth even in the bear market. The cryptocurrency fell by about 32%. After that, there was a recovery, and the cryptocurrency raised its rate to $57.5. This was a turning point when it was possible to forecast the EGLD price further. Since this mark dropped to 40.3 dollars, we can talk about a short-term fall in the exchange rate, but with the prospect of recovery.

If you want to stay up to date with the latest events, then it is better to follow the rate of these cryptocurrencies here —

Which Should You Invest In?

Choosing between NEAR and EGLD is as difficult as comparing Dogecoin to Bitcoin. After all, both blockchains have shown to be strong and competitive and offer different advantages. Near has significant benefits thanks to the developers working on creating decentralized applications for Near. But the advantage of Elrond is the prospect of launching new projects, which may lead to higher prices for EGLD. So, leaving space in your digital portfolio for both cryptocurrencies is a wise decision.

Near Protocol and Elrond: Comparing Features was last updated May 30th, 2023 by Olha Kvasnytsia