The same underlying technology also allows participants in the $50B+ virtual goods economy to track, take ownership and trade these goods permissionlessly among themselves. We have already seen the power of this kind of freedom in the financial sector, where decentralized digital currencies like Bitcoin and their underlying blockchain technology have facilitated billions of dollars of peer-to-peer transfers at a fraction of the price of the traditional banking system.
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In the future, we can fix this by using new technologies to re-enable the permissionless innovation of the past in a way which creates a more open web where users are free and applications are supportive rather than adversarial to their interests. As a result, these walled gardens have stifled innovation and effectively monopolized vast sections of the web. Similarly, these massive platforms have enticed applications to build atop their ecosystems before either cutting off access or actively opposing their interests when the applications became too successful. Unfortunately, the lack of freedom for data has resulted in an environment which is actively adversarial to the interests of its participants.Ī small number of companies have enticed vast numbers of users to join by luring them in with network effects and then captured them by holding their data to prevent them from seeking alternatives. The richness of today’s web emerged from the combined efforts of millions of people taking advantage of “permissionless innovation” - the ability to create content and applications without asking anyone first.
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The latest information about the protocol can be found in posts on the blog at, live chat channels at and in the reference code base at.
In fact, one of the hallmarks of the NEAR approach is rapid and pragmatic iteration. It must be noted that, as with all complex systems under active development, the contents of this guide and the technology they explain are both subject to change. Additional depth on technical topics can be found in the relevant topic-specific papers and blog posts. Wherever possible, we will use language that is accessible and we will describe relevant sections starting from first principles, values and design intent before digging into their technical implementation.
The following sections will describe the approach NEAR takes to designing and implementing the core technology of its system. In doing so, NEAR is creating the only community-run cloud strong enough to extend the reach of Open Finance and power the future of the Open Web. To do this, NEAR is built from the ground up to deliver intuitive experiences for end users, scale capacity across millions of devices and provide developers with new and sustainable business models for their applications. It is a complex technology with a simple goal - allow developers and entrepreneurs to easily and sustainably build applications which secure high value assets like money and identity while making them performant and usable enough for consumers to access. NEAR is a decentralized application platform with the potential to change how systems are designed, how applications are built and how the web itself works.
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