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HomeNewsNEAR Foundation Takes a Leap Towards the Open Web's Vision

NEAR Foundation Takes a Leap Towards the Open Web’s Vision

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  • NEAR Foundation is reducing its team by 40% to concentrate on high-impact activities, affecting primarily marketing, business development, and community teams.
  • Despite the reduction, the NEAR Protocol remains robust with a strong treasury, ensuring continued growth and decentralization of the ecosystem.

In a bold move reflecting the dynamic nature of the blockchain industry, the NEAR Foundation, a pivotal entity in the development of the Open Web, announced a significant restructuring of its team and focus. This announcement, made on January 11, 2024, by Illia Polosukhin, CEO of the NEAR Foundation, marks a strategic shift designed to enhance the efficiency and impact of the Foundation’s activities.

A Focused Approach to Open Web Development

The NEAR Foundation’s primary vision is to facilitate the creation of a truly Open Web, emphasizing user empowerment in terms of data control, privacy, and governance. In pursuit of this vision, the NEAR Protocol, a cornerstone of the Foundation’s work, has made remarkable strides. It now hosts three of the top ten applications in Web3, has seen a surge in daily users, and is increasingly collaborating with the Ethereum community, demonstrating a growing influence in the blockchain space.

However, feedback from within the ecosystem has highlighted areas for improvement. The Foundation, at times, has been perceived as overextended and slow in its operations. In response, the NEAR Foundation Council (NFC) undertook a comprehensive review, resulting in a decision to significantly streamline the Foundation’s team. This realignment entails a 40% reduction in personnel, primarily affecting marketing, business development, and community sectors, impacting 35 colleagues.

Sustaining Growth and Decentralization

Despite these changes, the core NEAR Protocol Engineering Team at Pagoda remains unaffected, ensuring the continuous development and innovation of the NEAR Protocol. The Foundation is committed to providing support to the affected team members, assisting them in finding new opportunities within the NEAR ecosystem and the broader Web3 industry.

Crucially, the NEAR Foundation maintains a robust financial position. With over $285 million in fiat, 305 million NEAR tokens (valued over $1 billion), and $70 million in investments and loans, the Foundation is well-equipped to sustain the growth and further decentralization of the NEAR Protocol and its ecosystem.

The Foundation’s move towards a more focused and efficient operation aligns with the evolving landscape of the blockchain industry. This strategic consolidation is expected to enhance the NEAR Foundation’s ability to drive forward chain abstraction, user-owned AI, and mainstream adoption of the Open Web, marking a new chapter in its pursuit of a decentralized and user-empowered digital world.

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Nikita Dmitrievich
Nikita Dmitrievichhttps://www.ethnews.com/
Nikita, a young and ambitious crypto investor who has been actively involved in the cryptocurrency world for the past 6 years. With a keen interest in blockchain technology, Nikita has been investing in various cryptocurrencies and has seen significant returns on his investments. He is passionate about educating others on the potential of cryptocurrencies and frequently shares his insights on social media platforms. Nikita believes that cryptocurrencies are the future of finance and is constantly researching new projects to invest in. With his dedication and knowledge, Nikita is quickly becoming a prominent figure in the crypto community. Business Email: info@ethnews.com Phone: +49 160 92211628
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