I never knew it will be possible to send or receive crypto across different blockchain networks without bridging or switching accounts till I learned about @NEARProtocol’s vision for the open web at the #SheFiCohort10NearClass. If you are curious to know how the NEAR Protocol is working on this, here is a summary that captures that and everything I learned from the Near Class facilitated by Maggie and @idapandur In this thread (summary), you will learn about ♦️ NEAR ♦️NEAR’s consensus Mechanism ♦️NEAR's ecosystem and it's features ♦️NEAR's economic model ♦️Difference between Near and other Blockchain networks like Ethereum ♦️Future Plans ♦️NEAR NEAR is a layer 1 Blockchain founded in 2017 by IIIia Polosukhun & Alexander Skidanov that is designed to be scalable, simple and user friendly. ♦️Consensus Mechanism A consensus mechanism is a system Blockchain networks uses to have all of the nodes to agree to the things that happen on the Blockchain. NEAR uses the Night Shade Consensus Mechanism because it enhances scalability and performance. A night shade consensus mechanism is a type of Mechanism that involves the use of proof of staking (POS) and Sharding. Sharding refers to the breaking down of Blockchain into smaller chains called shards for faster processing. Think of sharding like dividing tasks among a team. Sharding breaks the blockchain into smaller sections for faster processing. ♦️The NEAR ecosystem The NEAR ecosystem is made up of impactful applications, a growing community and a governance system 🟨Impactful applications The NEAR ecosystem is made up of impactful applications that cuts across different fields but are solving real world problems. 🟨A growing community It is also made up of a vibrant growing community with resources and support useful for developers and non developers 🟨A governance system The Near ecosystem is governed by the community. Proposals are submitted for changes and improvements in the ecosystem. Decisions are taken on a community basis. Participation is inclusive and open to all NEAR Token holders. Anyone, just anyone can hold a NEAR token. ♦️NEAR's economic model On NEAR, the NEAR Tokens are the lifeblood that powers the activities that take place in the NEAR ecosystem. They are used for transactions, governance and network security. Transactions fees are paid for, using the tokens. Rewards are also distributed with the tokens. Further, a part of the transaction fees is allocated to developers. This serves as an incentive to the developers for the value they provide to the ecosystem. The developers are the ones who create and maintain valuable applications on Near. ♦️Difference between NEAR and Ethereum NEAR is a layer 1 Blockchain while Ethereum is a Layer 2 Blockchain NEAR has less validators than Ethereum NEAR uses the Night shading consensus Mechanism while Ethereum uses POS ♦️Future plans So NEAR envisions a web that is secure, that allows users to own their data and experience Web3 without having to go through the stress and technicalities involved with Web3. They plan to achieve this through Chain abstraction. Chain abstraction refers to the idea of making Blockchain easy to use by hiding complex processes like switching accounts or asset bridging. Imagine using one wallet to send crypto to any network, just like sending an email from your Gmail to an outlook email!” With one wallet address you can send and receive funds or NFTs from any network without having to bridge your assets or switch accounts to the network you want to interact with. Near is seriously working towards an open web. Follow and join @NEARProtocol to be part of this change. Also, follow @sheisnear23, @NEARProtocol and @idapandur. #SheFiCohort10NearClass.