NEAR Protocol Price (NEAR) $1.09 USD

What Is NEAR Protocol?

NEAR Protocol stands as a groundbreaking force in the world of blockchain technology. It represents not just a blockchain but a visionary concept, nurtured by the NEAR Collective's collaborative spirit. This unique blockchain operates on the NEAR coin, embracing a community-driven ethos while serving as a dynamic, public Proof-of-Stake (PoS) platform. Its mission revolves around hosting decentralized applications (dApps) and challenging established giants like Ethereum, EOS, and Polkadot. The NEAR coin powers transactions and storage within its blockchain, and token holders actively participate in network consensus by staking their NEAR coins.

What truly sets NEAR Protocol apart is its unwavering commitment to user-friendliness. It simplifies interactions with human-readable account names, leaving behind the complexities of cryptographic wallet addresses. Additionally, NEAR eliminates the need for a conventional wallet, making it accessible to newcomers keen on exploring dApps and smart contracts seamlessly.

Within the vibrant NEAR ecosystem, innovation thrives. Projects like Mintbase, a pioneering non-fungible token (NFT) minting platform, and Flux, an ingenious protocol for creating diverse markets, including assets, commodities, and real-world events, exemplify the pioneering spirit of NEAR. Join the NEAR revolution and be part of the future of cryptocurrency.

Who Created NEAR Protocol?

The Genesis of NEAR Protocol can be attributed to the brilliant minds of Alex Skidanov and Illia Polosukhin. Alex Skidanov, previously the director of engineering at MemSQL, and Illia Polosukhin, a significant contributor to Google's AI advancements and search engine products, united their expertise to breathe life into NEAR.

The trajectory of NEAR has been nothing short of extraordinary, securing over $20 million in funding from esteemed venture capital firms like Andreessen Horowitz and Pantera Capital. This substantial backing underscores the immense promise and confidence in the future of NEAR.

Early-stage investors have played a pivotal role in propelling NEAR's growth, with approximately 35% of the initial supply of 1 billion NEAR tokens being entrusted to forward-thinking visionaries.

NEAR Protocol transcends being merely a blockchain; it is a living testament to the power of innovation and collaboration. Join us as we collectively shape the future of cryptocurrency and blockchain technology.

NEAR Protocol Technology

In the realm of decentralized applications (dApps), scalability is a paramount challenge. Scalability denotes a blockchain's capacity to process transactions quickly and cost-effectively. Ethereum, a major player, grapples with scalability due to its high demand. While some propose Layer-2 solutions for Ethereum, NEAR Protocol offers an alternative approach.

NEAR's visionary solution is sharding, dividing the network into fragments or "shards." This allows parallel processing, enhancing scalability as the network grows. NEAR employs Proof-of-Stake (PoS) for consensus, where validators stake NEAR tokens to participate. Validators are selected through an auction system, with larger stakes conferring more influence.

Validators manage "chunks" of transactions, while others create blocks containing data from all shards. "Fishermen" monitor for misconduct, ensuring network integrity. NEAR Protocol isn't just a blockchain; it redefines scalability in the crypto world. Join us in embracing this groundbreaking advancement.

NEAR Token Economics

The NEAR blockchain ecosystem, serves as currency for transaction fees and collateral for secure data storage. Beyond these roles, it fuels a dynamic rewards system, with transaction validators earning 4.5% of the total NEAR supply annually. Developers receive a share of transaction fees from their smart contracts, with the rest being burned to boost token scarcity.

NEAR's forward-thinking approach includes a protocol treasury, allocated 0.5% of the total NEAR supply yearly, to fuel ongoing ecosystem development. Additionally, NEAR effortlessly accommodates tokens from other chains, including NFTs, and provides a bridge to Ethereum for seamless ERC-20 token transfers.

Why Does NEAR Have Value?

NEAR Protocol thrives on its native token, NEAR, a cornerstone of its value. NEAR isn't just a crypto coin; it's a versatile currency that facilitates transactions, powers applications, and covers storage expenses.

Within the NEAR ecosystem, applications pay storage and computation fees, with a twist – a fraction of these tokens gets "burned," a unique feature that bolsters NEAR's scarcity.

Validators play a crucial role, ensuring the accuracy and security of NEAR transactions. In recognition of their vital service, 90% of newly minted tokens (increasing by 5% annually) are rewarded to these validators, while the rest fuels the blockchain's development treasury.

Discover NEAR's intrinsic worth and join the dynamic NEAR Protocol community.