What Is NEAR Protocol ?
NEAR Protocol is a decentralized blockchain platform designed to be developer-friendly, scalable, and secure. The platform provides a foundation for decentralized applications (dApps) that can handle high transaction throughput with low latency and low fees. NEAR Protocol is a proof-of-stake (PoS) blockchain that uses sharding technology to achieve scalability. The NEAR blockchain is also designed to be modular, so that different components can be updated independently of each other.
NEAR Protocol was founded in 2018 by Alexander Skidanov and Illia Polosukhin. Skidanov previously worked as a software engineer at Microsoft, and Polosukhin was a software engineer at Google. The two co-founders worked together on a Google project called TensorFlow, an open-source machine learning framework.
NEAR Protocol uses a new consensus algorithm called Nightshade, which is a version of sharding that allows the network to process transactions in parallel, greatly increasing its throughput. This means that NEAR can handle more transactions per second than other blockchains like Ethereum. The NEAR blockchain is also designed to be more user-friendly than other blockchains, with features like easy wallet creation and intuitive smart contract development tools.
One of the key advantages of NEAR Protocol is its low transaction fees. Unlike other blockchains like Ethereum, which have experienced high transaction fees during periods of high demand, NEAR has been designed to keep fees low even during times of high traffic. This makes it an attractive option for developers looking to build dApps that require high transaction throughput without incurring significant costs.
Another advantage of NEAR Protocol is its focus on developer adoption. The platform offers a range of developer tools and resources, including a user-friendly smart contract programming language called AssemblyScript, and a suite of development tools called NEAR Studio. This makes it easier for developers to build and deploy dApps on the NEAR blockchain.
NEAR Protocol also has a strong community of developers and supporters. The platform has been backed by a number of prominent investors, including Andreessen Horowitz, Pantera Capital, and Electric Capital. The NEAR Foundation, which oversees the development of the platform, also runs an active grants program to support the development of new dApps and infrastructure on the network.
NEAR Protocol is a blockchain platform that offers high transaction throughput, low fees, and a range of developer-friendly features. Its focus on developer adoption and community building make it an attractive option for those looking to build and deploy decentralized applications.
Who Are The Founders of NEAR?
NEAR Protocol was co-founded by four individuals:
- Alexander Skidanov: Alexander is the co-founder and CEO of NEAR Protocol. Prior to NEAR, he worked at MemSQL and Microsoft. He is an expert in distributed systems and has extensive experience in building scalable systems.
- Illia Polosukhin: Illia is the co-founder and CTO of NEAR Protocol. Before founding NEAR, he was a research scientist at Google, where he worked on machine learning and natural language processing. He is also the author of the TensorFlow library.
- Erik Trautman: Erik is the co-founder and Chief Ecosystem Officer of NEAR Protocol. He previously co-founded the blockchain education platform, Disruptor Daily. He is also an adjunct professor of blockchain at Carnegie Mellon University.
- Evgeny Kuzyakov: Evgeny is the co-founder and lead blockchain engineer at NEAR Protocol. He has experience in building scalable systems and was a software engineer at MemSQL before joining NEAR.
Together, the founders bring a diverse set of skills and experience to the NEAR team, with expertise in blockchain, distributed systems, machine learning, and ecosystem development.
How Does NEAR WORK?
NEAR Protocol is a decentralized platform that uses sharding to process multiple transactions simultaneously across its network. Here’s a simplified overview of how it works:
- Network Sharding: NEAR divides its network into smaller shards, each with its own unique validator set. This allows for faster processing times as each shard can process transactions in parallel.
- Proof of Stake: NEAR uses a proof-of-stake consensus mechanism, where validators are chosen based on their stake in the network. Validators are responsible for confirming transactions and adding new blocks to the blockchain.
- Account Model: NEAR uses an account-based model, similar to Ethereum, where each account has its own balance and state. This allows for more complex applications to be built on the network.
- Contract Execution: NEAR supports smart contracts written in Rust, which are compiled to WebAssembly (WASM) and executed on the network. This provides a secure and efficient way to run code on the platform.
- Bridge Protocol: NEAR has developed a bridge protocol that allows for interoperability with other blockchains, such as Ethereum. This allows assets to be transferred between NEAR and other networks, enabling cross-chain functionality.
NEAR’s architecture is designed to provide a scalable, secure, and developer-friendly platform for building decentralized applications.
It’s worth noting that NEAR’s technical design and functionality is quite complex, and this is just a simplified overview of how the network operates.
Advantages of NEAR?
NEAR Protocol has several advantages, including:
- Scalability: NEAR Protocol uses sharding, which allows for higher transaction throughput and scalability without compromising on security.
- User-friendly: NEAR Protocol is designed to be user-friendly, with a focus on ease of use and accessibility for developers, businesses, and end-users.
- Low fees: NEAR Protocol has lower transaction fees compared to other blockchain platforms, making it more affordable for users.
- Interoperability: NEAR Protocol is built to be interoperable with other blockchain networks and traditional systems, making it easier to integrate with existing infrastructure.
- Governance: NEAR Protocol has a built-in governance system that allows stakeholders to vote on proposals and make decisions about the network’s future development.
- Sustainability: NEAR Protocol has a sustainable economic model that incentivizes validators, developers, and users to participate in the network and contribute to its growth and development.
NEAR Protocol aims to provide a fast, secure, and user-friendly platform for building decentralized applications and services.
Where Can You Buy NEAR?
NEAR Protocol (NEAR) can be purchased on various cryptocurrency exchanges, some of which are listed below:
- Binance: Binance is one of the largest cryptocurrency exchanges in the world in terms of trading volume. NEAR can be purchased on Binance by trading Bitcoin, Ethereum, or other cryptocurrencies for NEAR.
- Huobi: Huobi is a cryptocurrency exchange that allows users to trade NEAR for Bitcoin, Ethereum, and other cryptocurrencies.
- OKEx: OKEx is a cryptocurrency exchange that supports the trading of NEAR for Bitcoin, Ethereum, and other cryptocurrencies.
- Gate.io: Gate.io is a cryptocurrency exchange that allows users to trade NEAR for Bitcoin, Ethereum, and other cryptocurrencies.
- KuCoin: KuCoin is a cryptocurrency exchange that supports the trading of NEAR for Bitcoin, Ethereum, and other cryptocurrencies.
- BitMax: BitMax is a cryptocurrency exchange that allows users to trade NEAR for Bitcoin, Ethereum, and other cryptocurrencies.
- Bitfinex: Bitfinex is a cryptocurrency exchange that supports the trading of NEAR for Bitcoin, Ethereum, and other cryptocurrencies.
It is important to note that the availability of NEAR on these exchanges may vary based on your geographical location. Additionally, it is recommended to store your NEAR in a secure wallet that supports NEAR, such as the NEAR Wallet, for maximum security.