What is near protocol?
NEAR is a smart contract-enabled blockchain that was developed as the next generation platform for Dapps with its own unique scaling solution.
Blockchains that can execute smart contracts are nothing new. It’s been around since the Ethereum mainnet launched in 2015, and today more than a dozen similar platforms are in operation.
But despite the rapidly growing demand for decentralized applications (dapps) and the increasingly careful design of dapps, several major flaws still limit their acceptance.
Decentralized applications (dapps) are applications that run on a decentralized blockchain – such as Ethereum or the NEAR protocol.
NEAR is a new platform that seeks to overcome the limitations of older systems through a community-managed shard blockchain platform with interoperability and scalability at its core.
What is near protocol?
NEAR is a decentralized development platform that provides the ideal environment for dapps by overcoming some of the limitations of competing systems – such as low throughput, slow speed, and scalability.
It works on the NEAR protocol, a developer-friendly PoS blockchain that contains several enhancements to increase scalability and reduce costs for developers and end users. These innovations include sharding and a powerful new consensus mechanism called Doomslug.
It is being developed by the NEAR Collective, a worldwide community of researchers, developers, and thinkers who wrote the original code for the NEAR Protocol and continue to support the project by making it public. Since the code for NEAR is open source, anyone can participate and contribute to its development.
How does Near Protocol work?
Similar to Ethereum, Cardano and TRON, NEAR can be described as a “base layer” blockchain. In other words, it’s the foundation for building and deploying other applications.
NEAR uses Nightshade technology to achieve tremendous throughput. The scaling solution exposes sets of individual validators to parallel transaction processing across multiple shard chains to improve overall transaction execution on the blockchain. This solution differs slightly from the sharding system used by other blockchains, as each shard generates a small part of the next block – a so-called “chunk”. They are immutably processed and stored on the NEAR blockchain to complete the transactions contained therein.
NEAR introduces a new consensus mechanism called Doomslug to increase efficiency and ensure blocks are completed within seconds by having the validators take turns generating blocks rather than competing against each other directly.
It’s designed to make things easier for developers while also giving them a powerful set of tools for building next-generation apps. Because NEAR uses a contract-based account model, developers building advanced applications can sign transactions and make agreements on behalf of users without the need for the user to be physically present to review the transaction.
What is special about the Near Protocol?
NEAR was designed as the next generation platform for Dapps. To that end, it solves some of the longest standing problems in the blockchain space, as well as some that have only recently emerged.
NEAR is extremely fast. It can process around 100,000 transactions per second (tps) and closes transactions almost immediately thanks to a 1-second block blow. According to NEAR, its technology can achieve 10,000 times lower transaction fees than Ethereum – making it essentially insignificant.
While the technical advantage is arguably the biggest, NEAR is also designed to reach people with little or no blockchain knowledge. This means that regular users can access Dapps built on NEAR with the same registration process they experienced. Accordingly, it can help developers reach a wider audience while reducing barriers for those new to using dapps.
NEAR offers developers a wide range of modular components to help them accelerate their development and complete projects quickly. Includes a test implementation for non-fungible tokens (NFT), a token contract, a signature book … Full examples and their code can be found on the page Github NEARBY officially.
Who builds on NEAR?
Although the mainnet started less than a year ago, there are a large number of projects that have been built on the platform. Some of these include:
- Flux: Decentralized Open Market Protocol starts on NEAR in August 2020.
- Mintbase: A platform that makes issuing and selling NFTs easy and cheap.
- Paras: The NFT marketplace focuses on high quality works by selected artists.
The NEAR Foundation currently operates the NEAR Grants Program (NGP), which supports projects that contribute to the growth of the NEAR ecosystem and its community. A total of $ 1 million in funding will be awarded in the first half of 2021.
What is NEAR token?
Like the vast majority of blockchains, NEAR also has its own utility token called NEAR. It is the token that is used to motivate nodes on the NEAR network and is also used to run transactions and many NEAR smart contracts.
As a community-operated platform, NEAR token holders can participate in the on-chain governance of the NEAR platform or have validators vote on their behalf.
Discussions about the development and marketing of NEAR products and the NEAR ecosystem are currently underway Forum Administration. Users can also submit their suggestions to the NEAR Enhancement Proposals (NEP) repository on Github.
Where and how can you buy NEAR?
If you want to join NEAR or use a Dapp based on the NEAR platform, you will need to have some NEAR tokens on hand.
While NEAR can be earned by receiving development bonuses, participating in staking, and running the NEAR community, the easiest way to earn it is to buy it from a supported exchange platform – like Binance, Huobi Global, or OKEx.
Below the article will show how you can buy these with USDT on Binance – currently the most liquid exchange for NEAR.
Step 1: Log into Binance and fund the account with USDT or another supported asset. Binance currently supports the conversion of NEAR to USDT, BTC, BUSD and BNB.
Step 2: Go to your designed NEAR market on the Binance Spot Exchange, e.g. NEAR / USDT or NEAR / BTC.
Step 3: This is where you can find Binance’s trading interface. At the bottom of the page, select the “Market” option from the Orders window.
NEAR / USDT | Source: Binance
Step 4: Enter the USDT amount you wish to spend and hit the “BUY NEAR” button – this will automatically fill your order at the best available price. NEAR will then be deposited into your account.
Near Protocol: The Future
Earlier this month, NEAR released its long-awaited Ethereum-NEAR bridge called it Rainbow bridge. The bridge allows users to connect their Ethereum ERC-20 tokens to NEAR for use in the NEAR-dapp ecosystem. This is a big step towards NEAR’s plan to make the platform as accessible as possible.
As a next step, NEAR is currently working on implementing support for the Ethereum Virtual Machine (EVM – the software stack that Ethereum uses to run decentralized applications). Once that’s done, developers can redeploy their Ethereum dapps to NEAR with little or no changes, removing a huge barrier to cross-chain launch.