NEAR Protocol: Blockchain without borders

The blockchain industry is booming, and new startups are emerging every day, and this blog post it’s all about NEAR protocol. It is a decentralized protocol that features a governance model that enables rapid improvements, community input, and protocol oversight. 

To summarize its functions, the NEAR protocol is a new blockchain that aims to increase the security and convenience of online payments. Its founders, Alexander Skidanov and Illia Polosukhin are former Microsoft software engineers.

While a decentralized blockchain has many benefits, it can also incur high costs. In addition to operating profitably, the NEAR protocol has no central authority. Its board oversees it, and a Reference Maintainer, responsible for ensuring the integrity of the network and the blockchain, is selected to carry out technical updates on the NEAR crypto network.

A NEAR protocol has an underlying technology similar to Bitcoin. It uses fragmentation and community consensus to ensure security and scalability. Furthermore, its primary purpose is to act as a community-managed cloud computing platform.

Its native token, NEAR, works to create decentralized applications, and its main function is to be a smart contract-compatible cryptocurrency. This token also operates for transaction and storage fees on the Near crypto platform.

Another exciting feature about this breakthrough is that the NEAR Protocol is a cryptocurrency with a more extensive database than a typical blockchain, thanks to its fragmentation mechanism.

This project is a Layer 1 protocol intended to be user-friendly and developer-friendly. For instance, it incorporates human-readable account names to make it easy for new users to interact with dApps and smart contracts without a wallet.

The NEAR Protocol is a decentralized blockchain that allows developers to create marketplaces based on real-world events. For instance, Flux and Mintbase are two examples of these new projects.

The NEAR Protocol has a decentralized design and cannot be manipulated by third parties

Another interesting fact is that the NEAR network also has a community government that can support and assist in a power outage. Since the NEAR protocol has no permissions, anyone can run a node and validate transactions. However, running a node costs money and time.

Since the network is self-sufficient, nodes are rewarded with a token allocation for their efforts. Furthermore, the NEAR protocol also has a fragmentation strategy, which increases its capacity as more nodes join the network.

Near protocol a decentralized design
NEAR protocol

The NEAR Protocol has a decentralized design and cannot be manipulated by third parties. The NEAR Foundation is a non-profit organization responsible for hiring maintainers and funding ecosystem development.

Its board of directors consists of four members, including co-founder Illia Polosukhin, who makes the decisions about NEAR’s technical updates. These four people are responsible for the overall design of the NEAR platform.

This protocol uses an advanced POS system known as TPOS. In the same vein, this platform uses POS consensus mechanisms to allow autonomous decentralized organizations to operate more smoothly.

On the other hand, the NEAR blockchain is a decentralized exchange; it is a secure and climate-neutral network that allows people to transact in the crypto space. To participate, token holders must stake the platform’s native token.

Currently, it has three underlying networks, including MainNet POA and the community-governed network. Nevertheless, its main network is a highly secure and scalable blockchain that allows users to make payments with a single click.

Moreover, it uses a proof-of-stake consensus mechanism to ensure that no two nodes have the same property. In addition to establishing trustworthy and privacy-protected transactions, the NEAR protocol is a permissionless blockchain. It uses a consensus mechanism called ‘Doomslug’ to secure the network.

The best exchanges to buy the Token

Disclaimer this is not a financial advice.