BlockBill : The Blockchain-Powered Paperless Billing Solution
By partitioning the network into smaller sub-networks , each shard can process a subset of the total transactions , improving the network ' s overall transaction throughput . In addition , NEAR supports cross-shard transactions that enable the transfer of tokens and data between different shards . This allows for the creation of specialized shards that can handle specific use cases , such as gaming or social media , while still being able to interact with the broader NEAR network .
The network must permit permissionless participation from potential node operators and not reward pooling to sustain true decentralization . To overcome these issues NEAR employs a staking method known as " Thresholded Proof of Stake ," which was created to be generally fair and deterministic to discourage the pooling of large validators and promote widespread node involvement . As a result , the nodes don ' t need a lot when demand is large enough to warrant it out of processing power to verify the network ' s transactions . Additionally , it implies that programmers can scale linearly and entirely dispersed among millions of nodes . Consequently , it is theoretically possible to validate several billion transactions .
Decentralizing the network is only one benefit of lowering entry barriers for nodes . The more nodes that can join in a system that scales horizontally , like NEAR ' s , the more it can scale as well .
NEAR also supports cross-chain interoperability through its Rainbow Bridge , which enables the transfer of assets and data between NEAR and other blockchain networks . These features enable NEAR to tackle horizontal scaling by allowing the network to expand within and outside its own ecosystem .
The figures below show the comparison of NEAR blockchain with various other blockchain with respect to Block Time and rate of Transactions per second :
Figure 6-1 : Bar Graph comparing block time of various blockchains .
110 April 2023