NEAR Protocol is a platform focused on the effortless creation and deployment of innovative decentralized applications. The native cryptocurrency of the NEAR Protocol project is NEAR. In this article, we will look for answers to questions such as what is NEAR Protocol (NEAR), what does NEAR Protocol (NEAR) do, what are the advantages of NEAR Protocol (NEAR).
What is NEAR Protocol (NEAR)? What Does It Do?
Near Protocol (NEAR) describes itself as an operating system for the open web. It also focuses on the effortless creation and deployment of innovative decentralized applications. Compared to Ethereum, it stands out in terms of scalability and usability and focuses on accelerating the development of decentralized applications. In doing so, it aims to create a community for all. NEAR Protocol’s large-economy design is positioned on four pillars: usability, scalability, convenience and sustainable decentralization.
Since applications built on NEAR Protocol are not controlled by any central authority, developers and users are free to operate. Near Protocol seeks to differentiate itself from mainstream decentralized applications by overcoming the challenges of a small user base, the ability to host a large community, and the capability and security challenges that will limit them at scale. NEAR Protocol’s functionality is not limited to offering a wide range of modular components to accelerate project development on the network. With NEAR Protocol, it is also possible to debug the browser and use popular programming languages.
Moreover, instead of using cryptographic wallets, users on NEAR Protocol use account names created directly by humans. At this point, users can interact with decentralized applications (dApps) and smart contracts without using any wallet.
In addition, South Pole, which develops and implements comprehensive emission reduction projects and strategies that turn climate action into long-term business opportunities for companies, governments and organizations worldwide, has certified that the NEAR Protocol is fully carbon neutral.
NEAR, the native cryptocurrency of the NEAR Protocol, is used to pay transaction and storage fees, reward stakers and gain a voice in governance processes.
What Advantages Does NEAR Protocol (NEAR) Offer?
Scalability
NEAR Protocol has a design based on parallel processing and uses multiple processors to speed up transaction processes on the blockchain. In this way, it aims to overcome scalability issues by offering more processing capacity.
Low Transaction Fee
NEAR Protocol aims to keep transaction fees low. It can handle more transactions at a lower cost thanks to parallel processing and efficient blockchain design. This provides a more cost-effective experience for users and developers.
Ecosystem Integration
NEAR Protocol makes it easy to integrate with other blockchains and services. The protocol can interact with other blockchains through various bridges and protocol layers and support integration with existing services. This enables NEAR to be connected to a wider blockchain ecosystem and offers the potential for greater use and adoption.
User Friendly
NEAR Protocol aims to enable users to use applications without having to deal with complex blockchain operations. It offers a user-friendly experience by facilitating account creation, cryptocurrency management and other similar operations.
Developer Tools
NEAR Protocol provides developers with the tools and resources needed to develop applications. Developers can create smart contracts on NEAR Protocol, build decentralized applications and deploy them on the blockchain. In addition, the NEAR Protocol ecosystem offers various programs and tools to provide support and resources to developers. In this way, developers can use their Web2 coding habits to develop applications in Web3.
Flexibility and Adaptability
NEAR Protocol offers an adaptable structure to different use cases and business requirements. This allows developers and organizations from different industries to customize NEAR Protocol to their needs and run their applications on the blockchain.
How NEAR Protocol (NEAR) Works
The scalability problem is common among older blockchains such as Bitcoin and Ethereum. NEAR Protocol tries to solve this problem by using a different architecture.
The NEAR Protocol is in favor of solving the scalability problem through sharding. On the NEAR Protocol side, this method is known as Nightshade. Blockchain nodes have 3 main functions: processing transactions, transmitting verified transactions and blocks to other nodes, and maintaining the state and history of the network.
It should be recognized that nodes are in charge of organizing and validating transactions. As the user base increases, so does the network traffic. It therefore becomes difficult for nodes to complete these two tasks. Sharding partitions the network, reducing computational overhead. This way of working requires each node to execute only the code related to its part. As a result, chunks are computed in parallel and as the number of nodes increases, the network capacity increases simultaneously.
It is worth underlining that NEAR Protocol can handle more than 100,000 transactions per second. At the same time, if we compare this protocol with Ethereum, we should know that it allows transactions thousands of times cheaper. NEAR Protocol’s horizontal scaling approach, combined with the Doomslug consensus mechanism, helps to give it a versatile identity as a dApp development platform.
Near Protocol uses a Proof-of-Stake (PoS) system. Nodes interested in becoming trade validators stake NEAR cryptocurrency to be considered for participation. NEAR cryptocurrency holders can also transfer their shares to the validator of their choice if they do not wish to operate a node. In general, corroborators with larger shares have more influence on the consensus process. Validators in the NEAR Protocol are selected through an auction system, usually on a 12-hour cycle for each semester.
Decentralized application development on NEAR Protocol is made possible by NEAR Protocol’s cloud infrastructure that combines serverless computing with decentralized data storage. NEAR Protocol is known to operate using hundreds of servers located globally.
Who are the Founders of NEAR Protocol (NEAR)?
NEAR Protocol was founded in 2017 by Illia Polosukhin and Alexander Skidanov and launched in 2020.
Illia Polosukhin is co-founder of NEAR Protocol. After completing his master’s degree in applied mathematics and computer science at the Kharkiv Polytechnic Institute of the National Technical University, he started his career as a software engineer at Salford System. Later, after working as an engineering manager at Google Research, NEAR Protocol was born.
Alexander Skidanov is the other co-founder of the NEAR Protocol project. He holds a master’s degree in Computer Science from Izhevsk State Technical University. Looking at his career history, it is seen that he worked as a software developer at Microsoft and then worked as MemSQL at Bay Area company.
What Other Things to Know About NEAR Protocol (NEAR)?
To find out a little more about the NEAR Protocol (NEAR), it is useful to look at the answers to some of the following questions.
Is NEAR a token? Or is it a coin?
Coin is a cryptocurrency created on its own blockchain. A token is a cryptocurrency that does not have its own blockchain and is created on an existing blockchain. NEAR is a coin that runs on its own blockchain.
Which blockchain is NEAR coin on?
NEAR coin is built on Near, its own blockchain network.
Is NEAR coin being mined?
NEAR is not mined. However, users who stake cryptocurrency assets are rewarded.
How to buy NEAR coin?
To buy NEAR coins, it is sufficient to create a membership on ICRYPEX. Once the membership process is complete, it’s fast, easy and secure to trade NEAR coin and other cryptocurrencies.
How to Become a Member of ICRYPEX?
After visiting www.icrypex.com from a browser, you can click on the “SUBSCRIBE” button at the top right of the page, fill in the required information and you can easily create your membership.
From mobile devices, primarily;
Android users can download our app by clicking here, Apple users by clicking here and HUAWEI users by clicking here. After logging in to the application, you can click on the menu icon at the top left, then click on “SUBSCRIBE” to fill in the required information and easily create your membership.
