Bittime - NEAR Foundationannounced that a rollup protocol designed to scale AI applications on NEAR, NEAT has received 1 million $NEAR token staking delegates. All NEAR token rewards from these delegates will be redistributed to $NEAT stakers, resulting in an APY of around 120–200%.
This funding is part of the NEAR Foundation's efforts to support AI and blockchain projects at NEAR, as well as to promote the use and integration of AI with blockchain technology more broadly.
As the first rollup protocol to receive official support from the NEAR Foundation, NEAT will leverage these funds to attract a wider user base into its ecosystem.
What is NEAT?
NEAT is a scaling rollup solution built on the NEAR inscription standard, specifically designed to facilitate AI and machine-learning applications in NEAR. NEAT offers an innovative approach to rollups built on NEAR.
With off-chain indexer nodes for execution and NEAR L1 as the data availability layer, NEAT eliminates the need for rollups to deploy smart contracts or run verification logic on L1.
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This efficient process drastically reduces transaction costs for rollups, making NEAT especially suitable for compute-intensive applications such as AI and gaming.
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How Does NEAT Work?
NEAT works by using off-chain indexer nodes to power execution and leverages NEAR L1 as a data availability layer.
This eliminates the need for rollups to deploy smart contracts or run verification logic on L1, which in turn reduces transaction costs significantly.
Additionally, NEAR Catalog, powered by NEAT, is currently developing advanced indexers aimed at providing projects and applications in the NEAR ecosystem with cost-effective and flexible indexing and data retrieval capabilities.
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NEAT Token and Its Benefits
The $NEAT token comes in two forms, NRC-20 and NEP-141, with a total supply of 42 million tokens. $NEAT token offers the following benefits:
1. Staker $NEAT-NEP141 will receive staking rewards generated from 1 million $NEAR tokens provided by the Foundation. A portion of these staking rewards will also be allocated to support exploration of AI integration with NEAT.
2. $NEAT-NEP141 stakers will receive a share of fees generated from wrap/unwrap operations (currently set at a fee rate of 1%) and a portion of fees from the NRC-20 market.
3. Once the decentralized indexer is operational, part of the indexing fees will be distributed to $NEAT-NEP141 stakers.
4. Holders of $NEAT-NRC20 tokens will be eligible to receive an airdrop of newly minted NRC-20 tokens.
5. $NEAT serves as a utility token in the NEAT ecosystem, enabling service/asset payments, DeFi integration, AI governance, and more.
AI Revolution with NEAT Decentralized Indexing
NEAT is building a fully customizable decentralized network of indexers, allowing any project to easily store data on the NEAR blockchain.
It applies custom indexing logic on a decentralized set of indexing nodes, and achieves verifiable execution via zero-knowledge proofs. This approach aims to address the points of failure and potential attack vectors associated with centralized indexers.
One of the most interesting use cases for decentralized indexing is in the field of artificial intelligence. With NRC-20 and NEAT Indexers, it becomes possible to store AI data, parameters, algorithms, models, and outputs as on-chain inscriptions and integrate them with off-chain execution via zero-knowledge proofs .
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For example, we could imagine creating a completely open-source AI-powered game, where users participate in shaping the game's narrative, and its history is stored permanently on-chain via inscription.
AI agent models, parameters, and decisions can be represented as inscribed NFTs, and their training and model parameters can be stored on-chain.
The combination of blockchain transparency and off-chain computational efficiency allows AI to be truly accessible and open to everyone, contributing to the development of a truly open network.
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