Tag: near foundation

NEAR Foundation Sets Up a Regional Hub in Kenya, Boosting Blockchain Innovation in Africa

To trigger talent development, education, and blockchain innovation on African soil, NEAR Foundation, has launched a regional hub in Kenya in collaboration with Sankore, an African-focused blockchain community.

As a Swiss non-profit in charge of the NEAR protocol, the NEAR Foundation sees the hub as a stepping stone towards more blockchain growth in Africa.

Marieke Flament, the CEO of NEAR Foundation, noted:

“We are excited by the potential avenues throughout Africa for blockchain solutions, which come from innovation in development, education and talent. This hub represents a unique opportunity to partner with local talent not only for the opportunities that we know exist today but also for the opportunities yet to be created in the future.”

The hub will consist of an incubation program, events, a Sankore Bounty ecosystem, and an academy. It seeks to bring together Africa’s most talented blockchain developers and support from international investors. 

Kevin Imani, Sankore’s founder, pointed out:

“We are thrilled to be working with NEAR to educate and nurture talented individuals to become world-class blockchain developers.”

With Kenya being ranked fifth in 2021’s Global Crypto Adoption Index, NEAR saw the nation as ideal for setting up the hub.

Imani added:

“Our dream is to lead the way in blockchain innovations in providing solutions to Africa’s biggest problems. The NEAR Protocol allows tomorrow’s brightest developers to build custom solutions with scalability, security, and transparency and this hub is the next step in turning our shared vision into reality.”

The African continent continues to gain more limelight in the crypto/blockchain space. 

For instance, leading crypto exchange Binance is bridging the financial Gap in Francophone Africa by offering blockchain education, Blockchain.News reported. 

Near Foundation Launches New $100m Web3.0 Fund

Near Foundation, the Switzerland-based Non-Profit in charge of the Near Protocol has launched a new $100 million Web3.0 fund.

As announced by the firm, the new fund is being floated in partnership with Caerus Ventures, a new Venture Capital fund whose primary focus is hinged on creators, talents, and IP owners.

With a plan to strengthen new protocols with seed rounds that could be as high as $100 million, the Near Foundation said it would inject the largest chunk of this targeted fund with $50 million. 

“Our cultural passions for live sport, film, or music have historically been leveraged to on-ramp billions of consumers to new technologies. The creators, talent, and franchises with reach and influence spearheaded that growth and will now drive the adoption of blockchain at scale. But this time, they and their fans will have greater access to the value created,” said Marieke Flament, CEO of the NEAR Foundation.

Near Protocol is a major blockchain network currently the 23rd largest digital currency by market capitalization. At $4.97 and a market cap of $3.88 billion, the NEAR coin has been tagged as one of the most resilient cryptocurrencies since the crypto onslaught started. 

With the Near Foundation notably pushing the frontlines of the blockchain’s ecosystem, more relevance is now being attached to the protocol as a whole. While it is not immediately clear if the new Web3.0 fund spinoff will focus entirely on creators building on the Near Blockchain, the fund administrators said these and more modalities are yet to be finalized.

Earlier in April, the Near Protocol, for the second time, raised the sum of $350 million in funding from investors that was led by Tiger Global. The funding rounds were aimed at bolstering the Near ecosystem.

Wintermute Accuses Near Foundation and Aurora Labs of Failing to Honor USN Redemptions

Wintermute, in an unexpected public disclosure, has raised a serious allegation against the Near Foundation (NF) and Aurora Labs regarding the redemption process of the USN stablecoin. In a series of tweets, Wintermute’s CEO, Evgeny Gaevoy, criticized the entities for not honoring their public and private commitments to redeem USN tokens for USDT, leading to substantial financial repercussions for Wintermute and possibly setting a detrimental industry precedent.

USN’s Troubled Journey

Initially launched as an algorithmic stablecoin similar to Terra’s UST, USN underwent a transformation to a non-algorithmic model backed by USDT amid the market’s instability. Despite the changes and a subsequent collateral deficit, NF announced the USN Protection Programme, assigning Aurora Labs to oversee its operation. However, the program has since been marred by a failure in implementing redemption promises.

The Unresolved Transaction

Wintermute, in its role in asset liquidation for the FTX bankruptcy estate, sold 11.2 million USN, expecting to redeem the tokens for over $11M for FTX creditors. This expectation was based on NF’s assurances and Aurora’s private confirmations. The subsequent refusal to redeem these tokens has left Wintermute in a state of limbo, with negotiations leading to a disappointing offer from NF amounting to only a fraction of the original value.

The Path Forward

Highlighting the lack of accountability and clarity from NF and Aurora, Wintermute is preparing to take legal steps. Gaevoy’s disclosure is not only a call for resolution but also a signal to the industry about the importance of corporate responsibility and transparency. The company is reaching out to others similarly impacted and is firm on its stance to switch to an adversarial mode if their calls for redemption continue to be ignored.

The unfolding scenario raises questions about trust and integrity in the crypto market, as prominent entities like NF and Aurora Labs face scrutiny. Wintermute’s commitment to transparency and the industry’s ethical standards is evident as they navigate through this challenging episode.

Illia Polosukhin Appointed CEO to Lead NEAR's Open Web Drive

Illia Polosukhin, who was one of the original founders of the NEAR Protocol, has been given the position of chief executive officer of the NEAR Foundation. Polosukhin is going to put his forward-thinking vision into reality by spearheading the effort to create a broad open web.

Polosukhin’s history with NEAR has been foundational, his leadership and foresight guiding the ecosystem from its inception. Now that he is the CEO of NEAR, his position is essential to fulfilling the promise of the open web architecture in a way that is more practical and has a greater effect.

“I’m honored and excited to officially join the NEAR Foundation and continue working together with the ecosystem to build towards our shared vision of an open web,” Polosukhin told reporters. His primary concentration is still on managing a decentralized ecosystem that is built on iteration and collaborative development, with the end goal of improving the efficiency with which verticals that fall within the purview of NEAR are constructed.

His capacity to unify and direct the ecosystem’s key players has been a cornerstone of NEAR’s progress. As a result of his leadership, NEAR is strengthening its reputation as a gateway to an open online, increasing the development of the ecosystem, and simplifying operations in order to accelerate the transition to this new web paradigm.

In conjunction with the nomination of Polosukhin as Chief Executive Officer, Chris Donovan will be transitioning into the post of Chief Operating Officer to handle the day-to-day operations of the Foundation while concurrently maintaining his participation on the Council. The transformation of NEAR to a structure driven by its founders has been significantly aided by Donovan’s involvement.

NEAR is on the verge of making a daring leap into the vast expanse of the open web because it has a crystal-clear vision, strong leadership, and a community that is passionately working towards a common objective. The forthcoming NEARCON event, which will take place in Lisbon, is poised to be a momentous occasion. Community members will be invited to witness ground-breaking announcements, project demonstrations, and incisive conversation from the Web3 industry over the course of three days of intensive cooperation and celebration at the NEARCON event.

NEAR and Polygon Partner to Launch zkWASM

The NEAR Foundation and Polygon Labs have announced a collaborative effort to develop a zero-knowledge (ZK) prover for Web Assembly (WASM) blockchains. This initiative, termed “zkWASM,” is poised to bridge the gap between WASM-based chains and the Ethereum ecosystem, as revealed in a joint announcement on November 8, 2023.

zkWASM stands as a revolutionary prover in the realm of blockchain technology. It aims to enable WASM-based networks to integrate seamlessly into the Polygon ecosystem, marking their first-ever participation. The primary motivation behind the creation of WASM, a binary instruction format, was web browsers. However, its utility has expanded to potentially serve as a compute engine for blockchain networks, offering an alternative to the Ethereum Virtual Machine (EVM).

The integration of zkWASM into Polygon’s Chain Development Kit (CDK) is a pivotal aspect of this collaboration. The CDK empowers developers with tools to create customized blockchain networks based on their specific needs. With the inclusion of zkWASM, developers will gain the capability to design WASM networks and incorporate them into the broader Polygon ecosystem, which includes the Ethereum mainnet itself.

This partnership signifies a major step for NEAR in its integration with the Ethereum network. Illia Polosukhin, co-founder of NEAR Protocol, emphasized that “NEAR is integrating more with Ethereum by innovating in new research frontiers, and the shared expertise of NEAR and Polygon will expand the ZK landscape and defragment liquidity across chains.” This approach is expected to improve liquidity for users and enhance the overall efficiency of the NEAR network.

One of the most significant advantages of the zkWASM prover is its impact on NEAR validators. By employing the zero-knowledge proof method, the computational overhead involved in confirming a shard is significantly reduced. This reduction in computational demand is projected to lead to “better scalability and increased decentralization” for the NEAR network, according to the joint statement.

Polygon is concurrently working on developing a multichain ecosystem, known as “Polygon 2.0.” This new system will feature bridges operating on zero-knowledge proof-based transition mechanisms, facilitating the transfer of assets across different chains.

The development and expected launch of zkWASM next year marks a significant leap towards creating a more secure, interoperable, and scalable Web3 ecosystem. This partnership between NEAR and Polygon exemplifies the collaborative spirit in the blockchain community, driving innovation and integration across different platforms and technologies.

NEAR Foundation Announces 40% Workforce Reduction in Strategic Realignment

The NEAR Foundation has announced a reduction of its workforce by approximately 40%, impacting 35 team members across various departments, primarily marketing, business development, and community teams. This decision, as revealed in the Foundation’s latest update, comes as a part of a broader realignment strategy aimed at refining its focus on high-impact activities and further decentralizing the ecosystem.

Strategic Realignment and Workforce Reduction

The NEAR Foundation’s decision to reduce its team size is part of a calculated move to streamline operations. The move reflects a commitment to consolidating the Foundation’s efforts, focusing on a narrower set of activities that promise higher impact. This reduction is also in line with the Foundation’s long-term vision of decentralization, as the ecosystem matures and various nodes drive more activity across the network.

Impact on the NEAR Foundation Team

The workforce reduction will primarily affect the marketing, business development, and community teams. However, the NEAR Protocol Engineering Team at Pagoda will continue its operations unaffected. The Foundation has pledged support to the affected colleagues during this transitional period, aiding them in finding new opportunities within the NEAR ecosystem, the broader Web3 industry, or elsewhere.

NEAR Foundation’s Financial Health

Despite the workforce reduction, the NEAR Foundation’s treasury remains robust and well-managed. With over $285 million in fiat, 305 million NEAR tokens (worth over $1 billion), and $70 million in investments and loans, the Foundation is well-positioned to continue supporting the growth, development, and further decentralization of the NEAR Protocol and ecosystem.

Future Focus and Commitment

The NEAR Foundation reiterates its dedication to advancing key areas such as chain abstraction, user-owned AI, and mainstream adoption of the Open Web. This strategic shift is seen as a step towards more focused, efficient, and rapid progress in these areas.

Conclusion

The NEAR Foundation’s decision to reduce its workforce is a strategic move aimed at aligning the organization’s structure with its long-term objectives of decentralization and high-impact activities. While this decision brings a significant change, the Foundation’s strong financial standing and commitment to its vision of an Open Web suggest a continued positive trajectory for the NEAR ecosystem.

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