Validator Vote Transitions NEAR Protocol to Proof-of-Stake Mainnet

The Andreessen Horowitz-backed blockchain project successfully transitioned to Phase 2 of Mainnet after a suprise validator vote.

AccessTimeIconOct 13, 2020 at 8:13 p.m. UTC
Updated Sep 14, 2021 at 10:08 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Decentralized application blockchain NEAR Protocol is live following a six-month release roadmap begun in May, according to the developer team.

The Andreessen Horowitz-backed blockchain project successfully transitioned to phase 2 of Mainnet today, Oct. 13, following an unexpected vote from the network’s validators, NEAR Protocol co-founder Illia Polosukhin told CoinDesk in a phone interview.

“It is now possible for anyone to send or receive tokens, to create accounts, to participate in validation, to launch applications or to otherwise use the network,” the team said in a release shared with CoinDesk.

Polosukhin said the project’s “liquid democracy” function that allows token holders to delegate governance to validator pools unexpectedly led NEAR Foundation members to launch the network earlier than expected.

The network was previously operating under a limited Proof-of-Authority (PoA) model. The Ethereum Virtual Machine (EVM)–compatible blockchain is now operating under its own “Threshold” Proof-of-Stake (PoS) consensus algorithm.

NEAR Foundation CEO Erik Trautman told CoinDesk the project took longer to vet over the summer months than originally intended as “edge case” performance issues were being addressed. He said some 1,000 delegations occurred ahead of the vote that launched NEAR on Tuesday.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.