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There are a lot of questions about the Near Protocol

Near Protocol is a decentralised application platform and Ethereum competitor that prioritises developer and user convenience.

What is the Near protocol blockchain and how does it work?

Near Protocol is a decentralised application (DApp) framework that prioritises developer and user convenience. NearProtocol, a competitor to Ethereum, supports smart contracts and is a proof-of-stake (PoS) blockchain.

Near achieves scalability by the use of sharding technology, which will be detailed later. The Near crypto platform’s native coin, NEAR, is used for transaction fees and storage. NEAR tokenholders who want to become transaction validators and help achieve network consensus can stake their tokens.

The NeaCollective created Near, which was conceived as a community-run cloud computing platform for hosting decentralised applications. It was also designed to be developer and user-friendly, with features such as human-readable account names (instead of cryptographic wallet addresses).

What is the Near Protocol and how does it work?

In the crypto world, decentralised applications (DApps) have exploded, with DApps ranging from games to financial services. However, it has become clear that scalability is still an issue in the majority of blockchains.

Scalability is a prevalent problem with blockchains, especially older ones like Bitcoin and Ethereum. The difficulties stem mostly from blockchains’ inability to handle huge amounts of transactions at rapid speeds and at reasonable rates.

Near is a project that aims to solve this problem by creating a totally new blockchain with a different architecture. Implementing sharding was Near’s answer to the problem.

Near is able to break up the blockchain into smaller, more manageable portions by employing the sharding approach. This eases the pressure on the network by reducing computational demand, resulting in higher transaction throughput.

As previously stated, the Near protocol employs a PoS scheme. To be considered for participation, nodes interested in becoming transaction validators must stake their NEAR tokens. If a token holder does not want to run a node, they can delegate their stake to a validator of their choice.

Validators with larger stakes tend to have more clout in the consensus process. Validators on Near are chosen using an auction method at each epoch, which is usually a 12-hour interval.

DApps, like Ethereum, can be created on Near in the meantime. Near’s cloud infrastructure, which mixes serverless computing and decentralised data storage, makes this possible. Hundreds of servers throughout the world are used by Nea.

Near Protocol’s distinguishing features

Strategy for splintering

Processing transactions, communicating valid transactions and finished blocks with each other, and maintaining the network’s transaction history are the three basic functions of nodes in any blockchain. These functions become increasingly difficult for nodes to manage as a network grows and becomes more congested.

Nea employs sharding, which allows the network’s capacity to expand even as more nodes join. Due to high network utilisation, network nodes divide dynamically into many shards. The computation is then distributed across many shards, lowering the computational load on each node.

Nodes are only required to run the code relevant to their shards through sharding, rather than the full network’s code (as is the case with Bitcoin nodes). The Near Protocol anticipates that transactions would cross several shards, as is the case with most smart contracts.

Concentrate on decentralisation

A network should be permissionless to preserve real decentralisation, which means that potential node operators should be able to join at any time (as opposed to incentivizing pooling).

Near employs threshold proof-of-stake, a kind of staking that is both fair and predictable. This prevents powerful validators from pooling and encourages network users to participate on a large scale.

An method that prioritises usability

The Near Protocol takes a usability-first approach, employing a “progressive security” architecture that allows developers to construct user interfaces that are similar to those found on the web.

Near recognises the importance of usability first and foremost, as developers will most likely only design apps that are valuable and easy to use. As part of its endeavour to promote user-centricity, Near provides users with simple subscriptions, simple onboarding, predictable pricing, and familiar usage styles.

Governance

Near Protocol’s governance also enables for rapid protocol improvement while yet providing beneficial input and oversight to the community in order to maintain the protocol’s independence.

One of Near’s goals is to keep community-driven creativity alive by ensuring fast execution, decision-making, and adequate representation across the network.

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What are the Near-based projects?

Here are a some of the most popular Near projects:

 

Mintbase

Users can create and sell Nearnonfungible tokens on Mintbase (NFTs). Crypto art, event tickets, and other items are among the assets available. On the platform, users can mint these assets as NFTs and sell them through their NearNFT marketplace or other NFT markets.

Miners can use a smart contract to limit the transferability of newly created tokens, preventing fraud and illegal transfers. Unlike other platforms that specialise on a single area, Mintbase supports the creation of a variety of digital products.

Mintbase migrated from Ethereum to Near, gaining another point for NEAR in the Near vs. Ethereum argument. The only reason for the switch was Ethereum’s exorbitantly high gas rates as a result of network congestion.

Mintbase abandoned Ethereum after store setup costs soared into the hundreds of dollars, encouraging customers to wait for gas prices to fall before launching their stores.

Paras

Paras was created to offer a one-of-a-kind alternative for validating and exchanging old traditional collector cards. Paras verifies ownership via Near via quick, low-cost transactions.

Simply put, it’s a Near-based digital card marketplace that aims to relieve collectors of the effort of maintaining their collections by ensuring that they don’t wear out over time. The digital collectibles market is also open to artists and collectors for free.

NPunks

Near Protocol’s version of very successful initiatives such as CryptoPunks, Tpunks, and SolPunks is NPunks. 10,000 unique NPunks will have their own rarity traits, just like the original Punks project. There will be 111 bots, 88 zombies, 24 apes, and 9 aliens in the collection.

Everyone has the opportunity to purchase an NPunk, ensuring fair participation. Purchases are made at random, and the identity of the buyer is kept hidden until the transaction is completed. After the NPunk has been coined, users can sell it on the secondary market.

Why would you want to use the Near Protocol?

Near is popular among users because of its innovative sharding technique, which allows for faster and more secure transactions at reduced prices. Furthermore, Near is the platform of choice for developers who want to create apps that require a lot of activity.

Similarly, Ethereum developers that want to connect their applications to Near can use Near’s layer-2 solutions. Near Protocol investors can add it to their portfolio and rely on Near’s one-of-a-kind scalability solution: sharding.

Near Protocol’s native asset, the NEAR token, has a variety of applications. Each token is a carbon copy of Ether (ETH) and can be used for the following purposes:

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Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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