NEAR is a smart contract-capable blockchain designed to be the next-generation platform for dapps, with its own unique scaling solution.
Blockchains that can run smart contracts are nothing new. They have been around since 2015 from the launch of the Ethereum mainnet, and there are more than a dozen similar platforms in operation today.
But despite the rapidly growing demand for decentralized applications (dapps) and the increasingly meticulous construction of dapps, several major flaws still limit their adoption.
Do you know?
Decentralized applications (dapps) are applications that run on a decentralized blockchain — like Ethereum or the NEAR Protocol.
NEAR is a new platform that seeks to address the limitations of older systems through a community-managed sharded blockchain platform with interoperability and scalability at its core.
What is Near Protocol?
NEAR is a decentralized development platform designed to provide the ideal environment for dapps by overcoming some of the limitations of competing systems — such as low throughput, low speed, and scalability. Poor cross-compatibility.
It works on top of NEAR Protocol, a developer-friendly PoS blockchain that incorporates several enhancements to increase scalability and reduce costs for developers and end users. Those innovations include sharding and a powerful new consensus mechanism called Doomslug.
It is being built by the NEAR Collective, a worldwide community of researchers, developers, and thinkers who wrote the original code for the NEAR Protocol and continue to support the project by releasing it. fixes, updates, and builds the NEAR ecosystem around. Since the code for NEAR is open source, anyone can join and start contributing to its development.
How does Near Protocol work?
Similar to Ethereum, Cardano, and TRON, NEAR can be described as a “base layer” blockchain. In other words, it is the foundation for building and deploying other applications.
NEAR uses Nightshade technology to achieve massive throughput. The scaling solution exposes sets of individual validators to parallel transaction processing across multiple sharded chains to improve the overall transaction execution of the blockchain. This solution is slightly different from the sharding system used by other blockchains, in that each shard generates a small portion of the next block — called a “chunk”. They are immutably processed and stored on the NEAR blockchain to finalize the transactions contained therein.
Do you know?
NEAR introduces a new consensus mechanism called Doomslug to increase efficiency, and ensures blocks complete within seconds by having validators take turns generating blocks instead of competing directly on on their stakes.
It’s built to simplify things for developers, while providing them with a powerful set of tools to build next-generation apps. Because NEAR uses a contract-based account model, it allows developers who build advanced applications to sign transactions on behalf of users, making agreements without the user needing to be physically present to verify their identity. get action.
What’s special about Near Protocol?
NEAR is designed to be the next generation platform for dapps. To this end, it solves some of the longest-standing problems in the blockchain space, as well as some that have only recently become apparent.
NEAR is extremely fast. It can process about 100,000 transactions per second (tps) and completes transactions almost instantly thanks to a 1-second block beat. According to NEAR, its technology can achieve transaction fees 10,000 times lower than on Ethereum – making them essentially insignificant.
While the technical advantage is arguably the biggest one, NEAR is also designed to reach people with little or no blockchain knowledge. This means that regular users will be able to access dapps built on top of NEAR with the same registration process they experienced. Accordingly, it can help developers reach a wider audience, while also reducing obstacles for those who are new to using dapps.
NEAR provides developers with a range of modular components to help them fast-track their development and quickly complete projects. Includes non-fungible token (NFT) test implementation, token contract, signature book… You can find full examples and their code on the official Github NEAR page.
Who is building on NEAR?
Despite launching the mainnet less than a year ago, there is a large number of projects built on the platform. Some of which include:
- Flux: Decentralized Open Market Protocol Launching on NEAR in August 2020.
- Mintbase: A platform that makes issuing and selling NFTs simple and cheap.
- Paras: The NFT marketplace focuses on high-quality works by selected artists.
The NEAR Foundation currently operates the NEAR Grants Program (NGP), which supports projects that help grow the NEAR ecosystem and its community. A total of $1 million in grants will be awarded in the first half of 2021.
What is NEAR Token?
Like the vast majority of blockchains, NEAR also has its own utility token — named NEAR. It is the token used to incentivize nodes on the NEAR network and is also used to power transactions and many NEAR smart contracts.
As a community-run platform, NEAR token holders can participate in on-chain governance of the NEAR platform or let validators vote on their behalf.
Discussions about the development and marketing of NEAR products and the NEAR ecosystem are currently being held on the governance forum. Users can also submit their suggestions to the NEAR Enhancement Proposals (NEP) repository on Github.
Where and how to buy NEAR?
If you want to join NEAR or start using any dapp built on the NEAR platform then you will need to have some NEAR tokens on hand.
While NEAR can be earned by receiving development bonuses, participating in staking, and running the NEAR community, the simplest way to earn it is to purchase it from a supported exchange platform — such as Binance, Huobi Global or OKEx.
Below, the article will demonstrate how to buy these with USDT on Binance — currently the most liquid exchange for NEAR.
Step 1: Sign up on Binance and fund the account with USDT or another supported asset. Currently, Binance supports NEAR to USDT, BTC, BUSD and BNB conversion.
Step 2: Go to your designed NEAR market on the Binance spot exchange, for example, NEAR/USDT or NEAR/BTC.
Step 3: Here you will find the Binance trading interface. At the bottom of the page, select the “Market” option from the order panel.
NEAR/USDT | Source: Binance
Step 4: Enter the amount of USDT you want to spend and click “’Buy NEAR’ — this will automatically execute your order at the best available price.NEAR will then be deposited into your account. your Binance account, ready to withdraw or trade.
Near Protocol: The Future
Earlier this month, NEAR released its long-awaited Ethereum-NEAR bridge, named Rainbow Bridge. The bridge allows users to connect their Ethereum ERC-20 tokens to NEAR for use in the NEAR dapp ecosystem. This is a big step towards NEAR’s plan to make the platform as accessible as possible.
As for the next step, NEAR is currently working on implementing support for the Ethereum Virtual Machine (EVM – the software stack that Ethereum uses to run decentralized applications). Once done, developers will be able to redeploy their Ethereum dapps on NEAR with little or no change, removing the major barrier to cross-chain launch.
According to Decrypt
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