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What Is NEAR Protocol (NEAR)?

NEAR Protocol is a layer-one blockchain that was designed as a community-run cloud computing platform and that eliminates some of the limitations that have been bogging competing blockchains, such as depleted transaction speeds, broken throughput and poor interoperability. This provides the ideal environment for DApps and creates a developer and user-friendly platform. For example, NEAR uses human-readable report names, unlike the cryptanalytic wallet addresses coarse to Ethereum. NEAR besides introduces unique solutions to scaling problems and has its own consensus mechanism called “ Doomslug. ” NEAR Protocol is being built by the NEAR Collective, its residential district that is updating the initial code and releasing updates to the ecosystem. Its declare goal is to build a platform that is “ plug adequate to manage high prize assets like money or identity and performant adequate to make them utilitarian for casual people. ” Flux, a protocol that allows developers to create markets based on assets, commodities, real-world events, and Mintbase, an NFT mint platform are examples of projects being built on NEAR Protocol.

Who Are the Founders of NEAR Protocol (NEAR)?

NEAR Protocol was founded by Erik Trautman, an entrepreneur with have on Wall Street and founder of Viking Education. His co-founders were Illia Polosukhin, who has more than ten years of industry know, including three years at Google, and Alexander Skidanov, a calculator scientist that worked at Microsoft and went on to join memSQL, where he became the director of mastermind. NEAR Protocol has an across-the-board team of experienced developers that includes several International Collegiate Programming Contest ( ICPC ) amber medalists and winners. The team claims to have people with have of building some of the only real-world sharded systems at scale, a solution the protocol is pursuing to improve blockchain scalability .

What Makes NEAR Protocol (NEAR) Unique?

NEAR uses its Nightshade technology to improve transaction throughput massively. Nightshade is a variation of sharding, in which person sets of validators action transactions in twin across multiple sharded chains, improving the overall capacity of the blockchain. In contrast to “ regular ” sharding, shards in Nightshade produce a fraction of the following stuff, called “ chunks. ” In doing so, NEAR Protocol is able to achieve up to 100,000 transactions per second gear and achieve near-instant transaction finality thanks to a one-second blockage cadence while simultaneously keeping transaction fees at virtually zero. NEAR Protocol besides improves upon the byzantine onboarding process of other blockchains by having human-readable addresses and construct decentralized applications with similar adjustment flow to what users have already experienced. furthermore, it provides developers with modular components, helping them begin projects like token contracts or NFTs more quickly .

Near Protocol Ecosystem Fund

On Oct. 25, 2021, NEAR announced a $ 800 million in ecosystem fund initiatives, following in the footsteps of diverse Layer-1s blockchains like Avalanche, Fantom and Celo. The fund will be used to bankroll initiatives that will focus on accelerating growth in the NEAR protocol ecosystem. The fund includes $ 350 million in fund from Proximity Labs. Out of the total fund, $ 250 million will be used to help existing projects scale, and $ 100 million will be allocated to the Startup Grant Pools, where 20 startups will be given $ 5M each. NEAR will focus on fund Decentralized Finance ( DeFi ) focused teams that are “ actively revolutionizing and reimagining the way we interact with money. ” NEAR is besides actively looking for projects building on NFTs, DAOs and gaming. On a discriminate note, NEAR recently raised $ 150 million in seed investment led by Three Arrows Capital, with extra engagement from Mechanism Capital, Dragonfly Capital, a16z, Jump, Alameda, Zee Prime and more. This will be used to accelerate the adoption of Web3 technologies .

Check out Iota ( MIOTA ) – Another blockchain for the Internet of Things. Check out Ethereum ( ETH ) – The most popular blockchain for fresh contracts.

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How Many NEAR Protocol (NEAR) Coins Are There in Circulation?

The sum add of NEAR is 1 billion tokens, according to the following token distribution :

  • 17.2% – Community Grants
  • 11.4% – Operation Grants
  • 10% – Foundation Endowment
  • 11.7% – Early Ecosystem
  • 14% – Core Contributors
  • 17.6% – Backers
  • 6.1% – Small Backers
  • 12% – Community Sale

NEAR Protocol launched its mainnet on April 22, 2020 with 1 billion NEAR tokens created at genesis. 5 % of extra issue is issued each year to support the network as epoch rewards, of which 90 % goes to validators ( 4.5 % total ) and 10 % to the protocol treasury ( 0.5 % total ). 30 % of transaction fees are paid out as rebates to contracts that interact with a transaction, while the remaining 70 % are burned. The NEAR token is used for :

  • Fees for processing transactions and storing data.
  • Running validator nodes on the network via staking NEAR tokens.
  • Used for governance votes to determine how network resources are allocated.

How Is the NEAR Protocol Network Secured?

NEAR uses a pas seul of the proof-of-stake consensus mechanism called Doomslug. Doomslug is based on two rounds of consensus, where a barricade is considered finalize adenine soon as it has received the beginning communication round. This allows for near-instant finality by having validators take turns producing blocks rather than competing directly based on their stake.

The NEAR Foundation is a Swiss-based non-profit dedicated to protocol maintenance, ecosystem fund, and guiding the protocol ‘s government. The protocol has besides built a bridge to Ethereum, allowing users to transfer ERC-20 tokens from the Ethereum blockchain to NEAR .

Where Can You Buy NEAR Protocol (NEAR)?

NEAR is available on Binance, Huobi Global, Mandala Exchange, FTX and OKEx. Cryptocurrency newcomer ? You can read more about how to enter the grocery store and how to buy NEAR or any other token in the CoinMarketCap department of education portal — Alexandria .

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