- Category: Smart Contract Platform
- Coin Launched: April, 2020
- Resources: White Paper
- Official Website: Near
- Reddit: Near
NEAR History / Information / Buying / Staking
Illia and Alex gathered a team of engineers and formally started building NEAR Protocol in August 2018. The founding vision for the NEAR platform was to offer developers an easy path to building decentralized applications that can scale to mass usage. To achieve these goals, NEAR adopted a Proof-of-Stake (PoS) mechanism to support transaction verification and block production. NEAR combines a horizontal scaling approach with a new consensus mechanism that splits the network into parallel shards and dynamically distributes the computation to increase the network's processing capacity. The network launched in April 2020, became community-operated in September 2020, and passed a vote to enable token transfers in October 2020.
HOW NEAR WORKS
NEAR Protocol is a smart contract capable, public Proof-of-Stake (PoS) blockchain that was conceptualized as a community-run cloud computing platform. Built by the NEAR Collective, NEAR was designed to host decentralized applications (dApps), and strives to compete with Ethereum and other leading smart contract-enabled blockchains like EOS and Polkadot.
BENEFITS OF USING NEAR
Some of the benefits of using Near are:
Gas fees are lower than that of Ethereum
The protocol supports the ability to receive a percentage of fees for transactions which pass through the smart contracts of the application.
OPEN SOURCE AND DECENTRALIZED
NEAR allows developers and other users to build, deploy, and manage DApps seamlessly
CAN YOU STAKE NEAR
NEAR Protocol uses Proof-of-Stake (PoS) consensus to secure and validate transactions on the blockchain. The blockchain is run by a decentralized network of Validators, a community of operators who run the servers needed to keep the network operational. Validators earn NEAR Token rewards for producing new blocks in the form of a static inflation rate of 4.5% each year.
Token holders who are not interested in being a Validator themselves can stake to a Validator’s staking pool and earn a portion of token rewards too. This incentivizes token holders to stay involved with the community and support Validators who are keeping the network running smoothly.
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