A new token sale may not seem like an important indicator of a project’s future success, but when you look at it in the right light, this one is more telling than most others. The NEAR Protocol token sale just raised $1.6 million, which isn’t anything to scoff at—especially because they’re only planning to sell that much total.
This article will explore what makes the Near Protocol such an interesting project with the potential for significant growth, as well as how we can predict what sort of price changes might happen before and after the ICO.
The Token Sale
NEAR Protocol is a protocol for data storage and sharing, which will be implemented on the Ethereum blockchain. The NEAR protocol intends to incentivize users to provide storage space for photos, videos, documents and other files. You can think of it as a centralized Dropbox or Google Drive.
The NEAR Protocol ICO is happening now, and they’re accepting a maximum of $3.9 million in ETH. If the project reaches a total amount of $2M, they’ll transfer the fund to their developers and the community will split any remaining funds.
NEAR Protocol has a hard cap of 6M tokens, but pre-sales are already selling out due to high interest (it’s just launched right now). There are 583,298 tokens available for sale in this token sale. The price is set at 1 ETH = 6500 NEAR, which is about 11% above the current market value per token (1 ETH = 0.034504 REF).
The Token Sale
The only translation of a project’s success into a financial outcome is the price of its tokens shortly after it’s launched. Each ICO is different, so there’s no one-size-fits-all script. It’s hard to predict token prices with certainty, but they do have trends that we can examine closely.
NEAR Protocol has an 11% penetration when compared to REF (the market value per NEAR token). This means that the total supply available in this sale + the total project budget = 6M NEAR The price of 1 ETH is about 11% higher than the current market value per token The price of 1 NEAR = 0.
What is the Project’s Purpose?
The NEAR Protocol is a decentralized data storage protocol on the Ethereum blockchain. It lets you share files with others – it operates as a replacement for centralized cloud storage.
They’re targeting users who are tired of the centralized services that dominate this industry and are looking for alternatives that use their own resources to store data. This will let them have full control over their data and how it’s shared.
The company explains on its website: Our open-source protocol aims to establish a trusted network whereby data owners can monetize through sharing their files with others. The data owners are secure in the fact that they have full control over their data and can choose when, where and how it is shared with other parties.”
What Does the Project Do?
The NEAR Protocol is a decentralized data storage protocol, able to be implemented on the Ethereum blockchain. It allows users to store and share data with one another. The protocol will let users store and share files on their own personal computers, hard drives, or other devices using standard protocols such as FTP, SMB, SFTP, etc. This will help them dominate this industry by putting them in control of their own data.
What Are Their Goals?
The developers have an ambitious goal to become the protocol of choice for decentralized data storage, quickly becoming the largest network in this market. They’ll accomplish this by:
Building a strong team that’s capable of building a strong product and delivering on their promises Building an initial user base Networking with other blockchain services to allow users to easily integrate other tokens and coins into this system Growing their community through blogging, forums, social media, etc. Put a significant amount of money behind marketing so that they can reach as many people as possible.
What Are the Token’s Utilities?
The NEAR tokens are the backbone of the NEAR platform. They’re used for all transactions, including registering new users and their storage space. You can use them to pay for storage space or micropayments – this will speed up transactions and save users money. The tokens have smart contracts built-in, which will allow you to automate your payments easily.
