NEAR Protocol is a proof-of-stake blockchain that offers extreme scalability and developer-friendliness. Founded in San Francisco in 2018, NEAR’s blockchain launched in April 2020 and its official version was released in October 2020. The company claims that developers can create decentralized apps (DApps) on NEAR’s platform in just five minutes.
NEAR’s Delegated Proof of Stake (DPOS) mechanism allows users to vote on delegators who will process the next block on the network. Validators stake their NEAR tokens in a staking pool, and the validators with the most votes get to process the next block, earning NEAR rewards that are divided among themselves and the delegator.
NEAR uses the Nightshade sharding mechanism, which divides the blockchain into multiple shard chains. Each shard is run by its own group of validators, allowing NEAR to process around 100,000 transactions per second.
To use NEAR Protocol, you need to create a NEAR Wallet, which enables you to stake your tokens and send transactions. Developers can use the resources available on NEAR’s website to create DApps on the network.
NEAR’s blockchain was created by borrowing the best elements from other blockchain projects. The company has built a strong social media presence, with experts in the cryptocurrency industry hosting its YouTube videos to explain blockchain technology in detail.
NEAR tokens are valuable for the network’s governance, staking, and transaction fees. They can be traded for various cryptocurrencies on many exchanges, and analysts see them as a good long-term investment due to NEAR’s innovative technologies. However, the crypto market is volatile, and it’s best to invest only the amount you’re willing to lose.
NEAR tokens are available for trading on various exchanges, and the best place to store them is in the NEAR Wallet. Transaction fees on the network are low and depend on the recent activity of the network.
NEAR is considered safe to use by the crypto community, and the platform has yet to suffer from a serious attack, but as with any cryptocurrency, there is always a risk of a hacking attack. It’s essential to do your own research and take necessary precautions while using the NEAR platform.
At present, the price of one NEAR token is $2.27, and there are currently 1.00 billion NEAR tokens on the market, with 115.57 million tokens available. While not many exchanges offer the option to exchange NEAR tokens for fiat currencies, they can be traded for Bitcoin or Ethereum and then converted into your preferred fiat currency.
The best third-party software wallet for storing NEAR tokens is Math Wallet, while Ledger is the recommended hardware wallet. If you’re new to the cryptocurrency space, it’s best to learn about the legal status of cryptocurrencies in your country before getting involved with NEAR.
In conclusion, NEAR Protocol is an innovative blockchain project that offers extreme scalability and developer-friendliness. Its Delegated Proof of Stake and Nightshade sharding mechanisms are some of the best elements borrowed from other blockchain projects. NEAR tokens are valuable for the network’s governance, staking, and transaction fees, making them a good long-term investment option. However, as with any cryptocurrency, it’s essential to do your research and invest only the amount you’re willing to lose.