NEAR sets $4M for infrastructure boost with new committee

The NEAR Foundation has announced a very important step towards solidifying its infrastructure: establishing the Infrastructure Committee with a pledge of $4 million for upgrading the blockchain’s basic functions. The initiative was prompted by a continuous user and transaction increase in NEAR, highlighting the need for a powerful architecture to support the project’s expansion.

The advanced Committee must enhance the significant aspects of NEAR’s infrastructure, which comprises RPC nodes, relayers, indexers, bridges, wallets, and load balancers. Moreover, NEAR aims to meticulously maintain its listing by decentralized exchanges and provide quick responses in case of refined reports and emergencies.

The Committee, to be made up of ecosystem leaders and partners drawn from the core of NEAR organizations, will be working hard to ensure that they have decentralized decision-making, enhance their critical infrastructure, which is needed for the smooth running of operations, and have a well-prioritized program. The team is to set up this process by having the cryptocurrency community members air their views in a synchronous manner. Multiple Request For Proposals (RFPs) will be planned to provide solutions to some of the challenges in the system.

So far, the Committee has financed 5 fundamental proposals and is handling ongoing projects such as Aurora RPC SpeedUp and MyNEARWallets maintenance. The Committee has distributed more than half of the allocated budget and is now actively accepting innovative projects that could further improve the funding of NEAR’s infrastructure.

NEAR community members, which include founders, developers, and enthusiasts, are engaged to provide insights and suggestions to build a technologically robust NEAR ecosystem. Currently, the committee staff includes many people from NEAR Foundation and its related projects, all working in teams to monitor the progress and implementation of the project development.

The Infrastructure Committee has outlined an interim proposal and funding process, which explains how community members can submit their projects for review. To maintain transparency and promote public participation, the Committee has made the proposal tracking documents and meeting notes open to the public, allowing people to discuss and collaborate on the proposed infrastructure improvements.

The Infrastructure Committee intends to implement an Incident Management System and a Value Stream Optimization App run through a Blockchain Operating System (BOS)- based application. All these activities center on sustaining NEAR’s growth and ensuring the blockchain is functionally well-configured to handle the ever-increasing demand.

While the Infrastructure Committee’s role is becoming increasingly essential as NEAR’s ecosystem expands, the team plays a crucial part in ensuring that the network is resilient and scalable, enabling the blockchain’s performance and reliability. 

Through collaboration and community involvement, the Committee has the potential to become a growing force that will bring about considerable positive changes in NEAR and serve as a base for future developments.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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