If there was a way to create decentralised applications without worrying about the cost and complexity of setting up your network, what would that be like? Near Protocol is a new blockchain ecosystem that allows developers to do just that.
With NEAR, users gain the advantage of building decentralised applications (Dapps) on a secure and scalable network, making it easy for anyone to launch their Dapp without worrying about the infrastructure. So, what exactly is Near Protocol (NEAR)? As Zatrun.com, we will answer this question in this article.
What is Near Protocol and How Does It Work?
Near Protocol is a decentralised application (Dapp) platform that focuses on ease of use for developers and users. As a competitor to Ethereum, Near Protocol is a Proof-of-Stake (PoS) blockchain that uses smart contract technology. This platform also uses “sharding” technology, which allows for better scalability than its competitors.
NEAR coin, the blockchain’s native token, is used for transaction fees and storage on the crypto platform. NEAR token holders can be staked by those who want to be transaction validators, which ensures the sustainability of the network. The platform was built by NeaCollective and designed to host decentralised applications. It’s a community-managed cloud computing platform. It’s also designed to be developer and user-friendly, so it adopts human-readable account names instead of complex wallet addresses.
Near Protocol uses sharding technology to solve the common scalability problem. This technology divides the blockchain into small and more manageable parts. Sharding reduces the computational load and reduces the network load, which leads to an increase in transaction volume. NEAR also operates on the PoS mechanism, and token holders can earn rewards by staking as network validators.
Near Protocol also values interoperability and is compatible with blockchains like Ethereum, Cosmos, and Polkadot. Dapps can be built on Near just like on Ethereum. This is made possible by Near’s cloud infrastructure that combines serverless computing with decentralised data storage. The platform achieves decentralisation by using hundreds of servers located around the world.
What is NEAR Token? Is It a Good Investment?
NEAR token is the native token of Near Protocol, which is an energy-efficient, scalable, and Web3-focused blockchain. With this altcoin, users can access features like staking and governance. Token holders become network validators by locking their NEAR coin assets into the platform. In return, they passively earn rewards. The altcoin also allows you to have voting rights in the platform’s governance.
Users can use Near Protocol to make fast, secure, and low-cost transactions. They choose the platform because of its unique sharding technology. There are also developers who choose the project to develop high-performance applications. Similarly, developers who want to switch from Ethereum to Near can use the project’s layer-2 solutions. NEAR coin investors can invest in an innovative sharding solution for their investment portfolio.