Decentralized & Composable Frontends with BOS (Blockchain Operating System) | Bangkok Blockathon 2023 [Recap]
🗝️Key takeaways:
- BOS acts as a gateway to access and compile these components, providing a unified user experience.
- Examples of BOS components and gateways are mentioned, including linear (liquid staking) and Burrow (lending platform).
- The focus is on improving user experience (UX) and providing a single entry point to decentralized applications (DApps).
- BOS (Blockchain Operating System) is introduced as a layer on top of existing applications to bring composability and decentralization.
Introduction:
Blockchain technology has revolutionized the way we think about finance, and decentralized finance (DeFi) has emerged as one of its most promising applications. NEAR Protocol, a sharded blockchain built for scalability and usability, is at the forefront of this revolution. In a recent session conducted by Proximity Labs, the DeFi arm of NEAR, the power of NEAR Protocol, and its innovative solutions were showcased, highlighting the immense potential for decentralized finance. Let’s delve into the key highlights and takeaways from this insightful session.
NEAR Protocol Overview:
NEAR Protocol sets itself apart with its sharded blockchain architecture, proof of stake consensus mechanism, and low transaction costs. Its scalability and ease of use have attracted a growing number of developers and users. With over a million accounts and millions of daily transactions, NEAR Protocol is establishing itself as a robust blockchain solution.
Proximity Labs and its Role:
Proximity Labs, the DeFi-focused division of NEAR, plays a crucial role in fostering innovation and collaboration within the DeFi ecosystem. The team works closely with DeFi founders, liquidity providers, and venture capitalists, providing grants, investments, strategic guidance, advisory services, and infrastructure support. Their dedication to empowering DeFi projects has made them a trusted partner for startups and entrepreneurs seeking to leverage the NEAR ecosystem.
Blockchain Operating System (BOS):
One of the highlights of the session was the introduction of BOS, the Blockchain Operating System. BOS acts as a common layer for browsing and discovering open web services compatible with any blockchain. It provides a unified user experience and enables seamless integration with existing smart contracts. BOS unlocks the potential for composability and decentralization, allowing developers to build decentralized front-ends and applications on NEAR Protocol easily.
Ref.Finance Demo:
During the session, a remarkable demo called Ref.Finance was showcased, illustrating the capabilities of NEAR Protocol and Proximity Labs. Ref.Finance leverages the NEAR ecosystem to create a decentralized finance platform that facilitates borrowing, lending, and yield farming. This demonstration served as a testament to the power of NEAR Protocol in enabling sophisticated DeFi solutions with user-friendly interfaces and robust security.
Orderly Network Liquidity Layer:
Another significant aspect discussed during the session was the Orderly Network liquidity layer. This specialized infrastructure layer focuses on building on-chain liquidity, addressing a crucial need in the DeFi ecosystem. By providing secure, scalable, and efficient liquidity solutions, Orderly Network aims to enhance the DeFi experience and support the growth of decentralized applications.
The session conducted by Proximity Labs shed light on the transformative potential of NEAR Protocol and its innovative solutions for DeFi. With its sharded blockchain architecture, low transaction costs, and user-friendly infrastructure, NEAR Protocol is paving the way for mainstream adoption of decentralized finance. Proximity Labs’ dedication to supporting DeFi projects through grants, investments, and strategic guidance demonstrates their commitment to fostering innovation within the ecosystem.
BOS and Orderly Network are two notable initiatives that showcase the cutting-edge capabilities of NEAR Protocol. BOS enables seamless integration of decentralized applications, while Orderly Network addresses the liquidity challenges faced by DeFi platforms. As the DeFi landscape continues to evolve, NEAR Protocol and Proximity Labs are poised to play a significant role in driving innovation, collaboration, and the democratization of finance.
To explore the opportunities presented by NEAR Protocol, Proximity Labs, and the broader NEAR ecosystem, readers are encouraged to dive deeper into the resources available. The future of decentralized finance is bright, and NEAR Protocol is leading the way with its scalable, secure, and user-friendly blockchain solution.
