What Is Near Protocol?

Near Protocol (NEAR) is a blockchain-based decentralized application platform. Its developers designed it to be permissionless, highly functional, and secure enough to provide a strong and decentralized data layer for the future web.

Near Protocol is a decentralized application platform that has the potential to:

  • revolutionize systems
  • generate apps
  • transform how people interact with the web in general

It is solving the following issues:

  • slow transaction rates
  • limited throughput
  • poor compatibility
How Does Near Protocol Work?

Although NEAR Protocol supports sharding, its method differs slightly from that of other blockchain systems like Polkadot. On the NEAR platform, all shards are considered to be part of the same blockchain. All of this is the result of a process known as Nightshade.

Nightshade only uploads a snapshot of each shard’s current state to the blockchain. Each shard has its own set of validator nodes. It broadcasts the shard’s status whenever a block is created. To put it another way, a shard operation may be considered as an intersection. Each road is a segment of a NEAR blockchain, and the intersection itself is a NEAR blockchain. Furthermore, because the transactions do not overlap, NEAR shards can run simultaneously. This significantly improves the platform’s overall efficiency.

The project’s developers created NEAR Protocol to provide end-users:

  • easy interactions
  • scale capacity over millions of devices
  • new and sustainable payment strategies for their apps

As a result, NEAR is building the world’s first community-run cloud, capable of expanding the scope of Open Finance and securing the Open Web’s future.

Why Use Near Protocol?

Unlike other blockchain-based platforms, the project’s developers intented NEAR Protocol, from the ground up, to be the most user-friendly in the world for developers and their end users. Also, it delivers the scalability and security required to service those users. The design of NEAR, in particular, makes it easier to:

  • create decentralized apps even if you’re only familiar with “traditional” web or app ideas
  • provide a smooth user experience
  • scale your application with ease

When it comes to second and third-generation blockchains, the dApp ecosystem that grows on top of them is what truly determines their innate value. The issue with current platforms is that they lack the sophistication required to host high-quality apps.

There is also another issue to consider in this case. When it comes to application usability, speed is critical. Before a program hits critical mass, developers require a certain number of users to use it regularly. This is why a scalable blockchain platform, such as NEAR, is essential for the general use of blockchain and smart contracts.

NEAR enables developers to simply deploy their projects without worrying about how the infrastructure behind them functions or scales. It is similar to how current clouds such as Amazon AWS, Google Cloud Platform, or Azure run almost all of today’s web applications.

NEAR Token

The NEAR token is the ecosystem’s primary native asset, and it is available to all accounts. The community uses the token, a unique digital asset, to:

  • complete transactions and store data; although you must make a payment to the system
  • taking part in the staking operation to run a validating node as part of the network
  • participating in governance procedures. It can have an impact on network resource distribution and the network’s technological direction in the future.

The NEAR token allows for cost-effective network synchronization as well as innovative behaviors among applications developed on top of the network.

You can earn NEAR tokens by:

  • participating in development bounties
  • running a community that allows people to build on NEAR
  • winning a NEAR hackathon
  • or simply being an active member of the community

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