Smart Contract Platform NEAR unveils mainnet launch schedule

NEAR Protocol, a smart contract platform with a focus on high performance, has unveiled its mainnet could launch as soon as tomorrow. The entire mainnet rollout is a multi-month process stretching across three stages.

• The first phase could arrive between Apr. 22-27, and it will feature a Proof of Authority (PoA) network in which the NEAR Foundation, the non-profit organization supporting protocol development, operates the only nodes.
• NEAR expects the second stage to launch between Jun. and Aug. depending on the feedback from the PoA version. Phase two will start to introduce external validators and token delegation, but token transfers will remain restricted.
• The final, permissionless version of NEAR will launch a few weeks after token holders vote in favor of unlocking token transfers. This vote will require participation from two-thirds of the total staked amount and 35% of the total supply.

Why it matters:

• NEAR is one of many emerging blockchains in the smart contract platforms market. Its features are similar to the Ethereum 2.0 design, incorporating a sharded architecture and Proof of Stake (PoS) consensus. The lack of differentiation could present a problem in terms of adoption since Ethereum has a far more robust user base and existing application ecosystem.

• NEAR will not have any inflation until the final phase. Therefore, investors should not expect to earn staking rewards until the training wheels come off. As for validators, the network will support only one shard at launch. Additional shards will require a hard fork based on a community vote. But an increase in shards will place more stress on validators, requiring them “to run more powerful hardware or split their stake between multiple computers.”

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