Near Protocol (NEAR): What is it?
Near Protocol by Crypto Nation – 20 October 2021
By Crypto Nation – 20 October 2021
Near Protocol crypto card summary:
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Fundamentals of the NEAR Protocol
- Name: NEAR Protocol
- Symbol: NEAR
- Type: Payment, Smart Contracts, Enterprise solutions
- Consensus: Proof of Stake (PoS), Nightshade
- Year of creation: 2018
- Founders: Illia Polosukhin and Alex Skidanov
- Homepage: near.org
- Mainnet: Yes – explorer.near.org
- Whitepaper: near.org/papers/the-official-near-white-paper/
- Code: github.com/near/nearcore
- Twitter: @NEARProtocol
Near protocol market data
Below are the basic market informations regarding this cryptocurrency:
- Price: It is expressed in dollars ($). There is also its percentage change (%) over the last 24 hours.
- Rank: Ranking of this cryptocurrency among all those referenced on CoinMarketCap. This is done according to the market cap.
- Market cap: Market capitalization represents the total dollar ($) value of all coins in circulation.
- Volume: It represents the total dollar ($) amount of the cryptocurrency in question traded over the last 24 hours.
What is the goal of the NEAR Protocol project?
Near is a platform for decentralized applications.
Its blockchain works under a modified Proof of Stake consensus, called Nightshade, aiming to offer low and evolutionary fees.
Its protocol was developped to be easy to use and to allow the apps to be used on the internet.
The origins of the project
The Near Protocol was created by Illia Polosukhin and Alex Skidanov. These two developers are known to have great experiences in the field of programation.
In july 2018 they decided to cooperate on project whose aim is to allow developpers to create and launch easily applications on the internet. This is how the protocol is born.
The team of the project counts now aroung fourty employees, including a huge amount of ex-developpers of Google.
What is its utility?
The platform NEAR allows to stock and calculate informations of high value assets while offering maximum security.
Near uses a partitioning technique which consists in fractioning the network. Thus the calculations can be executed in parallel and the network speed increases by each new node.
The token is primarely used to:
- Pay the transaction and data storage fees.
- Execute validator nodes on the network by staking NEAR tokens.
- The voting and the governance, to determine how the ressources are allocated.
Management of the economy (update: 08/07/2021)
In April 22nd 2020, 1 000 000 000 NEAR tokens were created. There is no real limit about the maximum amount, neither real precise predictions. Roughly 450 000 millions are currently in circulation.
Validators receive 90% of the ~5% of the total annual inflation. Therefore, the first year, validators received ~45 000 000 NEAR tokens as a reward.
30% of the transaction fees are given as discount to the contracts interacting with a transaction, whereas the remaining 70% are burned.
Diagram of the evolution of the cryptoasset
Where to store your cryptocurrency
If you prefer to take your cryptocurrencies out of centralized exchanges, you can store your NEAR via various solutions:
- Trust Wallet, bought by Binance, it has become the benchmark mobile wallet.
- Ledger, very secure wallet hardwares, the best known being the Ledger Nano S.
- Metamask, the benchmark decentralized wallet.
More details on the different types of cryptocurrency wallets on our dedicated page, accessible by clicking here.
Our opinion on the project
For those who follow our social medias, especialy our Discord server, “NEAR is under priced”. And now, there we are, with a price of almost + 1000%!
Indeed, on the crypto market, price doesn’t realy reflect the fundamentals of a project, but Near, is an ultra performing blockchain, with a small ecosystem building itself in the shadows. It’s the kind of project which, we know it, will make itself a name in the ecosystem and will, as fast as its transaction time, take over.
In fact, on the paper, the Near Protocol has everything to please! A transaction speed at level with big leaders, followed by fees which we could qualify as zero. Finaly, just follow closely this project who merits very special attention.