NEAR Protocol (NEAR) - a smart contract-enabled blockchain that aims to be the next generation platform for DApps with a unique scaling solution. Compared to other blockchains, Near is easier to use, cheaper and faster. Near is also open source - every user can contribute to its development.
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About the NEAR Protocol (NEAR) project
Near — a Proof-of-Stake blockchain that launched its mainnet in 2020. It is a decentralized development platform, designed to provide an ideal environment for DApps (decentralized applications), overcoming some of the limitations of competing systems, such as low bandwidth, low speed and poor cross-compatibility. A developer-friendly blockchain that includes a number of innovations to increase scalability and reduce costs for developers and end users. According to the creators, the application on Near can be launched in just 5 minutes.
Let's look at the founders of the project:
| Alexander Skidanov | Computer scientist who worked at Microsoft and joined memSQL where he became director of engineering. |
| Ilya Polosukhin | Former Engineer Manager at Google's renowned research division, where he and his team research deep learning and natural language technologies, currently used in Google's transfer services. |
NEAR Protocol has an extensive team of experienced developers that includes several gold medalists and winners of the International Student Programming Competition (ICPC).
Protocol feature
NEAR is incredibly fast. It is capable of processing in the order of 100 thousand transactions per second (tps) and achieves transaction completion almost instantly thanks to the 1-second block creation. According to the developers, their transaction costs can be 10,000 times lower than on Ethereum.
Near has a convenient system of accounts and access keys to them. Ordinary users will be able to access DApps, built on NEAR, using the registration process they are used to, users may not even know that they are working with the blockchain. This will help developers to reach a wider audience and reduce the hassle for those already used to using DApps.
Project tokenomics
NEAR – the native cryptocurrency, used in the Near Protocol as the lifeblood of the network, it has several different uses as a native currency, it provides network security, acts as a unit of account and medium of exchange for its own resources and third-party applications. In the long term, it aims to be a store of value, used by individuals as well as contracts and DeFi applications (decentralized finance). The Near economy helps to make the network secure and inexpensive to use, even as it scales.
Apps and accounts, deployed on the Near network, must pay two types of fees:
- paying for data storage by holding a small amount of tokens in your account for every kilobyte of data that this account uses.
- payment for the execution of transactions, for example, the transfer of tokens. These fees are priced, based on the complexity of the transaction, and like other networks, they are priced in a unit of account, called "gas". Unlike other networks, these fees are extremely inexpensive - they are about 10,000 times cheaper than Ethereum.
For the provision of services for the operation of the network, validators get rewards in the form of tokens for each block. The reward amount is proportional to the amount of staked tokens that the validator has in its pool. NEAR is available on Binance, Huobi Global, Mandala Exchange, FTX and OKEx.