NEAR Protocol is a Layer 1 blockchain platform that uses a sharding Proof of Stake mechanism, helping to scale and optimize costs for decentralized applications.
NEAR is designed as a community cloud, ensuring the safety of valuable assets while providing high performance, supporting the development of the Open Web and a user-friendly experience.
MAIN CONTENT
NEAR applies sharding technology and the Nightshade algorithm to accelerate processing and expand the network.
NEAR Token functions for transaction fees, voting rewards, and providing liquidity.
The founding team has extensive experience, supported by many prestigious global investment funds.
What is NEAR Protocol?
NEAR Protocol operates on a public blockchain platform with a Proof of Stake mechanism, dividing the network into multiple parallel shards to enhance performance. This platform enables developers to build DApps with low costs, high speed, and ensures the security of digital assets and user identities.
The CEO of NEAR once stated: "NEAR aims to empower the Open Web directly to users, enabling fast and secure processing of complex transactions on the blockchain."
What core technologies power NEAR?
NEAR uses sharding to distribute processing loads across many parallel shards, combined with the unique Nightshade consensus algorithm to improve transaction speed while ensuring network security. Additionally, the Validator selection mechanism based on game theory incentivizes nodes to operate accurately and honestly.
This is demonstrated by performance allowing for up to 100,000 transactions per second, thousands of times higher than many other blockchains (according to NEAR's official report, 2023).
"Thanks to sharding and Nightshade, NEAR is one of the fastest and most efficient blockchains today."
Alexander Skidanov, Technical Director of NEAR, 2023
What are NEAR's standout strengths?
NEAR possesses advanced sharding technology, allowing for flexible network expansion and cross-chain interactions. The flexible account mechanism supports many complex types of DApps. The development team consists of engineers who have worked at major corporations like Google, Microsoft and have won global ICPC awards.
A diverse ecosystem with over 300 Validators on MainNet and more than 100 global collaborators promoting sustainable development. Fast transaction processing speed and low gas fees help reduce costs and improve performance for users.
NEAR is also known for its user-friendly interface, suitable even for newcomers to cryptocurrency.
What characteristics and utilities does NEAR Token have?
NEAR Token is a utility and governance Token, with a total supply of 1 billion NEAR, circulating approximately 595 million. The Token is used to pay transaction fees, rewards for staking, and governance voting rights in the network.
Staking NEAR is not only a requirement to become a Validator but also helps ensure security and decentralization for the network.
How is NEAR Token allocated?
Classification Percentage (%) Investment Funds (Backers) 17.6 Community Programs (Community Grants, Program…) 17 Core Developers 14.5 Early Ecosystem 13.3 Operation Grants 11.5 Community Sale 10 Foundation Endowment 10 Small Backers 6.1
Who makes up NEAR's development team and what are their standout features?
NEAR Protocol was founded in 2017, with over 200 members, including many experts who previously worked at Facebook, Google, Microsoft, and Consensys. Two prominent founders are Alex Skidanov and Illia Polosukhin, both with outstanding achievements in technology and artificial intelligence.
Alex Skidanov won the ACM ICPC gold medal in 2008 and was a lead engineer at MemSQL, while Illia Polosukhin was a key contributor to Google TensorFlow and has many prominent research papers in the field of AI.
"We aim to build a blockchain platform that is both highly secure and friendly to developers and new users."
Illia Polosukhin, Co-founder of NEAR Protocol, 2023
Who are the important investors and partners of NEAR?
NEAR has raised over $533 million in 8 funding rounds, with top investment funds like a16z, Pantera, Coinbase, Libertus Capital, Fabric Ventures, and Electric Capital. These partners help NEAR expand its ecosystem and reach global users.
The investment commitment from major funds shows the potential for sustainable development and feasibility of NEAR in the global cryptocurrency market.
On which platforms can NEAR be stored and traded?
Users can store NEAR Token on popular wallets like Binance Chain Wallet, Trust Wallet, MetaMask, Math Wallet, or cold wallets like Ledger Nano S, Trezor for maximum security.
Regarding transactions, NEAR has been listed on many major exchanges including Binance, OKX, Huobi, Coinbase, Kraken, making it convenient for investors to buy, sell, and trade.
Frequently asked questions about NEAR
On which exchanges can NEAR coin be traded?
NEAR is currently traded on reputable exchanges such as Binance, Huobi, OKEx, KuCoin, Gate.io with stable liquidity and diverse trading pairs.
What utilities does NEAR Token have?
NEAR Token is used for transaction fees, staking to become a Validator, participating in governance voting, and providing liquidity in the ecosystem.
What are the standout features of the NEAR development team?
The team consists of over 200 experts who have worked at major corporations like Google, Microsoft, with two renowned founders Alex Skidanov and Illia Polosukhin who have excellent international qualifications and experience.
What technology does NEAR apply to enhance performance?
NEAR uses sharding and the Nightshade consensus algorithm, allowing for network expansion and rapid processing of a large number of transactions, reaching up to 100,000 transactions per second.
What does NEAR's partner ecosystem look like?
NEAR partners with many wallet service providers, custodians, and leading blockchain projects to expand application scope and connect global users.
Source: https://tintucbitcoin.com/near-protocol-near-la-gi/
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