Two ex-Google and ex-Microsoft engineers decided that every blockchain had terrible user experience and set out to build one that normal humans could actually use. Near Protocol uses human-readable account names instead of 42-character hexadecimal addresses, which sounds like a small thing until you realize it's the reason your mom will never use Ethereum. Near is the blockchain for people who think "0x7a250d5630B4cF539739dF2C5dAcb4c659F2488D" is not a reasonable thing to ask users to remember.
Founded
2018
HQ
San Francisco, California
Total Raised
$530 million
Founder
Illia Polosukhin and Alexander Skidanov
Status
Active
Website
near.orgTHE ORIGIN STORY
Illia Polosukhin and Alexander Skidanov met while working on AI and machine learning. Polosukhin is notably a co-author of the "Attention Is All You Need" paper (2017) — the research paper that invented the Transformer architecture powering ChatGPT, Gemini, and every modern AI model.
After leaving Google, he pivoted to blockchain because he saw parallels between decentralized AI and decentralized computing. Skidanov, formerly at Microsoft, shared the vision.
They started Near as an AI project, pivoted to blockchain when they realized the infrastructure wasn't ready for decentralized AI, and launched the mainnet in 2020.
WHAT THEY ACTUALLY DO
Near Protocol is a Layer 1 blockchain designed for usability. Transaction fees are paid in NEAR tokens.
Near Inc. (the company) earns from grants, ecosystem development, and enterprise partnerships.
The protocol uses a sharding mechanism called Nightshade that splits the network into parallel processing chunks — allowing it to scale theoretically without limit. NEAR tokens are also staked by validators who secure the network and earn rewards.
The Blockchain Operating System (BOS) initiative aims to make Near the default frontend layer for all blockchains.
THE PRODUCTS
Near Protocol (Layer 1 blockchain), Nightshade Sharding, NEAR Wallet, Near BOS (Blockchain Operating System), Aurora (EVM compatibility layer), Calimero (private sharding), NEAR AI (decentralized AI initiative).
HOW THEY GREW
Near grew through developer experience and ecosystem grants. Their approach: make it ridiculously easy for developers to build on Near with JavaScript/TypeScript support (most chains require learning new languages like Solidity or Rust).
The chain abstraction strategy — letting users interact with any blockchain through Near without knowing which chain they're on — is the current growth thesis. AI integration is the newest angle, with Near positioning itself as the chain for decentralized AI applications, leveraging Polosukhin's AI research credentials.
THE HARD PART
Near has struggled with adoption despite strong technology. The TVL (total value locked in DeFi) has been significantly lower than competitors.
The FTX collapse hurt — FTX Ventures was a major Near investor, and the contagion damaged confidence. Near's pivot toward AI integration and chain abstraction is promising but still early.
The "best technology doesn't always win" dynamic is real — Solana and Ethereum have stronger network effects despite arguably inferior UX.
MONEY TRAIL
Seed
2019 · Led by
$12M raised
Series A
2020 · Led by
$21M raised
Growth Round
2022 · Led by
$350M raised
Strategic Round
2022 · Led by
$150M raised
WHO BACKED THEM
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