Key Takeaways
- Alexander Skidanov, co-founder of NEAR Protocol, holds a Master’s in Computer Science and has a background in software development.
- He started at Microsoft as a Software Developer and then became the Director of Engineering at MemSQL before co-founding NEAR Protocol in 2017.
- NEAR Protocol uses sharding to improve blockchain scalability. By dividing the network into smaller parts, sharding allows for more efficient transaction processing.
Who Is Alexander Skidanov?
Alexander Skidanov is a software engineer and entrepreneur who co-founded the NEAR protocol, a blockchain platform for creating and running decentralized apps (dApps) and smart contracts.
NEAR protocol is popular for its speed, low costs, and ease of use. Skidanov completed his Master’s in Computer Science at Izhevsk State Technical University (ISTU), where he gained the skills that helped him succeed in the blockchain world.
Early Career at Microsoft
Alex Skidanov started his career as a Software Developer at Microsoft from October 2009 to April 2011. At Microsoft, he improved his software skills and helped with different projects.
Work at SingleStore
In May 2011, Alex moved to a new job as Senior Software Developer at SingleStore, formerly known as MemSQL, a company that focuses on database management. He kept developing his skills there, and in 2013, he became Director of Engineering. He stayed in this role until July 2016, leading the progress of MemSQL’s products and helping the company grow.
Co-founding NEAR Protocol
In 2017, Alex made an important career move by co-founding NEAR Protocol with Illia Polosukhin. The project was first called “Near.ai.” NEAR Protocol was created to solve a big problem in the blockchain industry: scalability. Many blockchain networks struggle to manage a lot of data and transactions, which makes it hard for them to grow. NEAR Protocol’s new idea, sharding, helps solve this issue.
Sharding and Scalability
Sharding is a method that splits a blockchain network into smaller, easier-to-manage parts called “shards.” This lightens the workload on each node, as each one only handles the data for its shard. By allowing multiple shards to work simultaneously, the network can process more transactions at once, making it easier to grow.
This method helps NEAR Protocol solve scalability problems that many traditional blockchain networks face, improving performance and making it easier to expand as more users and apps join.
Phase 2 of Sharding
On January 30, 2024, NEAR Protocol announced the start of testing for Phase 2 of Sharding, marking an essential step in the network’s growth. Phase 2 brings key upgrades to the protocol’s core design, aiming to improve scalability and decentralization.
A critical feature of this update is ‘stateless validation,’ which helps the blockchain update its data more efficiently. As the network grows, these changes ensure that the NEAR Protocol can expand without losing performance or decentralization.
The Role of the $NEAR Token
The $NEAR token is the primary cryptocurrency of the NEAR Protocol and is important for the network’s operations. It is mainly used to pay transaction fees and store information on the blockchain. People who hold $NEAR tokens can stake them, which means they help check transactions and agree on decisions for the network.
By staking their tokens, they help keep the network secure and decentralized while earning rewards. The $NEAR token is also used to process transactions and store data, helping decentralized apps on the NEAR blockchain run smoothly.
Near and Delphi Labs
The NEAR Protocol and Delphi Labs have partnered to create the AI Accelerator, helping new projects in crypto and AI. They worked with eight teams, offering support to improve their ideas and plans. By combining NEAR’s blockchain knowledge with Delphi Labs’ focus on AI, the partnership helped these teams grow.
As a result, some teams received investments, showing the potential of bringing together AI and blockchain. This partnership showed the exciting opportunities of combining these two technologies.
NEAR Protocol’s Ecosystem
NEAR Protocol is built for developers, focusing on simplicity and long-term use. Its ecosystem offers tools and resources to help developers quickly create decentralized applications (dApps). With a user-friendly experience and support for multiple programming languages like Rust and AssemblyScript, NEAR makes it easy for developers to build scalable applications.
NEAR’s Impact on DeFi
NEAR Protocol greatly impacts decentralized finance (DeFi) by offering a fast and scalable platform for building DeFi applications. Its low transaction fees and quick processing make it an excellent choice for DeFi developers.
NEAR supports various DeFi apps, like decentralized exchanges, lending platforms, and stablecoins. By supporting these innovations, NEAR plays a key role in developing and adopting DeFi in the financial world.
Skidanov’s Vision For Blockchain
Alex Skidanov sees NEAR Protocol as a platform that helps developers create fast and easy-to-use decentralized applications (dApps) for a more secure and user-controlled online world. He wants to solve blockchain scalability problems and make NEAR a key part of the Web3 movement and decentralized finance (DeFi). He aims to make blockchain technology more accessible and efficient, helping it grow across different industries and create a fairer digital future.
Final Thoughts
Alexander Skidanov is a skilled software engineer and entrepreneur who co-founded NEAR Protocol in 2017. He helped create NEAR to solve blockchain scalability problems using sharding, which makes transactions faster and more efficient. NEAR Protocol is known for its easy-to-use platform, low costs, and support for decentralized finance (DeFi).
Skidanov aims to make blockchain technology more accessible and secure, helping developers build better decentralized apps. His work with NEAR is helping shape a more open and efficient digital future.
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