NEAR is the token of the Near Protocol platform. There are the following main functions:

• Staking Token NEAR allows to delegate tokens for full nodes to participate in the governance of the platform and receive distributed rewards.
• Tokens to pay for the platform, exchange and trade used as payment fees for DeFi applications.
• Payment of fees for transaction processing and data storage systems.

Basic Information NEAR

What is NEAR Protocol?

• Is a community-run, highly scalable, low-cost cloud platform for developers to create decentralized applications with ease.
• Secure enough to manage high-value assets like money or identities, and efficient enough to make them useful, putting the power of Open Web in the hands of users.
• Not a side chain, not even a token of ERC, BSC or a specialized blockchain. Simply a 1-layer (1-layer) protocol designed to independently support the Open Web…

What problems does NEAR solve?

NEAR Protocol’s foundation and organization is specifically structured to deal with system design issues with a focus on creating scalable, usable Dapps and frameworks Structuring the organization to administer operations and develop the protocol continuously so that it does not become obsolete.

The community-run NEAR Protocol cloud platform uses a new consensus algorithm and scalable sharding architecture to achieve high-level design goals.

Solution of NEAR Protocol

Near Protocol uses a sharding structure in the network. This system design is quite similar to Polkadot’s Parachain structure and the future is Ethereum 2.0, here we can translate Sharding as sharding protocol. This structure allows network nodes to run their own network, where each validator is responsible for validating blocks and transactions for its own network (shard) and connecting to each other via parallel sharding protocol. .

Cross-Shard Transaction occurs when there is a money transfer from two different shards. If in the same shard, blocks will self-validate and save on their shard. Near Protocol’s Cross-Shard Transaction is a transaction data validation protocol that collects statements from multiple Validators of each Shard to sign the transaction.

NightShard consensus mechanism, is a consensus structure in which some Validators can be anonymized in order to limit network attack through vulnerabilities when creating fault sharding protocols. The Shard Chains block generation process includes many Validators that can be randomly selected to participate in signing transactions.

Highlights of Near Protocol

With the above structure, Near Protocol is a set of SDKs for building blockchain networks as a Layer 1 solution. This allows the network to:

• Easy to use, soft experience
• Easily compatible with other PoS networks
• Easily extensible and decentralized
• Fast data validation, low cost
• Allows cross-chain interactions
• Easily compatible with Web 3 and cross-platform applications.

Development team

The NEAR team consists of many talents from around the world. Technically, the developers are seasoned with many years of experience working in technology corporations such as Google, Microsoft, Mozilla, Firefox, Facebook, MemSQL…. In particular, some people have won ICPC (International Collegiate Programming Competition) gold medals. In terms of marketing and operations, NEAR also owns many individuals who have worked in famous Wall Street hedge funds.

See more details at: https://near.org/team/

Investor

NEAR has many investors behind to support future development, some prominent investment institutions such as a16z, Coinbase Ventures, Libertus Capital, etc.

Token Allocation

Initial circulation supply

Much of the initial supply of NEAR tokens is subject to a long-term lockup. So, the initial circulating supply is made up of terms for a community sale, future distribution, a handful of community contracts, etc. All supply exists. in genesis are unlocked after 5 years.

The graph shows the increase in circulating supply as tokens are unlocked and new tokens are created (mint):

Circulation supply by item details as follows:

Token release schedule

NEAR has had its first fundraising from backers since 2017 and the detailed token payment time is as follows:

Community grants & programs: (community programs and supports): Used to sponsor, contribute to building the community from education, awareness raising, events through giveaway or selling to the community. Tokens will be issued to this group over 60 months.

Core team: Lock-up 4 years with 12 months of full benefits after launch.

Early ecosystem: Lock-up 6 or 12 months. About the expected unlock, there is still no announcement about this program.

Operation Grants: Expected to be distributed in the first half in the second half of 2020 and early 2021.

Community sale: Up to 100 million NEARs are distributed to the community through community sale. But only 25 million NEARs will be unlocked and the rest will be locked-up from 12 to 24 months.

Token Sale

2.5% NEAR token equivalent to 25 million NEAR was opened for sale on 12/08/2020.

NEAR Archives

Since Near is a utility token of the Near Protocol platform and is built on the NEAR blockchain, it is possible to store NEAR with Near wallet and store it in the account of an exchange that is supporting NEAR such as Binance, CoinTiger…

Roadmap

Technical analysis

Near at the current price has broken out of the old peak and created a strong uptrend. Investors who bought Near at a good price can stay in the big wave.

Long-term vision

In the extremely strong development of DeFi, the weakness of Ethereum transaction processing speed and gas fees create quite a big problem for users. This could be the impetus to create other blockchains that are more disruptive. NEAR is one of the emerging names that confidently claim to be able to solve these problems.

Currently, blockchain technology is only being applied in the supply chain and cross-border payments, there is still a lot of room for growth in the mainstream industries that NEAR is aiming for.

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