NEAR Protocol mainnet launch

Validators on NEAR Protocol voted to launch the mainnet, ForkLog representatives said.

NEAR has reached a big new milestone!

We are thrilled to announce that the validator vote is complete and NEAR is now fully permissionless, decentralized and community-governed.

Learn more: https://t.co/CsJZydRiMO

— NEAR (@NEARProtocol) October 13, 2020

The voting aimed to lift the ban on token transfers and to activate inflation. The inflation mechanism will take effect after the next update, and transactions can already be executed.

Developers had expected the community to vote for a later launch, but the validators decided otherwise.

The protocol runs on its own Proof-of-Stake algorithm and aims to address scalability by enabling resource-intensive decentralized applications (dapps).

Back in May, NEAR raised $21.6 million from major venture firms, including Andreessen Horowitz.

In an exclusive interview with ForkLog, NEAR cofounder Alexander Skidanov spoke about NEAR’s mission to build the Open Web — the Internet of the future.

NEAR cofounder: Bitcoin security is not needed for most blockchain use cases

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