What is Near Protocol?

Near Protocol is an open-source blockchain platform focused on creating a fast and scalable infrastructure for decentralized applications, known as dApps. The goal of NEAR is to enable developers to build and deploy dApps easily, which can then compete in terms of speed, scalability, and costs with their centralized counterparts. NEAR Protocol employs advanced technologies to facilitate rapid transactions, making it suitable for both small and large dApps.

How does Near Protocol work?

Near Protocol provides developers with a simple, fast, and cost-effective way to build dApps. NEAR uses a Proof of Stake (PoS) consensus mechanism and innovative sharding technology to achieve high performance and fast confirmation times. Additionally, NEAR offers a web-like development environment for programmers, allowing them to easily build and deploy dApps regardless of the programming language they use. Other unique features include the ability for smart contracts to communicate with off-chain applications and the possibility to create tokens tailored to specific applications.

The NEAR Token

Near Protocol has its own native cryptocurrency, the NEAR token. This is used as fuel for transactions on the network and as a reward for validators and developers. The token has a maximum supply of 1 billion and is distributed through a combination of token sales, mining, and rewards for validators. NEAR holders can also participate in network governance and vote on proposals to improve it. Additionally, developers can use NEAR to build dApps on the network and accept it as payment for their services.

The technology behind NEAR.

It uses a fragmented blockchain architecture designed for scalability and optimal performance. The blockchain is composed of multiple parallel chains, each known as a shard, that manage a portion of the network's processing load. Near Protocol uses a PoS consensus protocol called Nightshade, which increases transaction speed. Additionally, the mechanism provides security against 51% attacks, in which malicious actors attempt to take control of the network and manipulate transactions.

Near Protocol also uses a programming language called Rust, optimized for blockchain applications. Through smart contracts, developers can build different types of dApps on the network.

The Near Protocol ecosystem

The Near Protocol ecosystem consists of several components that work together to provide a scalable and secure blockchain architecture. The main component is the Near protocol itself, designed to optimize blockchain performance and overcome the limitations of previous blockchain architectures. The protocol uses innovative sharding technology to distribute the network load across multiple parallel chains, which enhances processing speed and scalability.

In addition, the Near ecosystem offers various tools and services for developers, including the Near Software Development Kit (SDK) and Near Studio, an online development environment. These tools make it easier for developers to build dApps on the Near protocol.

There are also several native dApps on the protocol, such as Mintbase, a platform for creating and trading non-fungible tokens (NFTs), and Paras, an NFT marketplace. Moreover, the Near ecosystem supports interoperability with other blockchains, allowing users to communicate and transact between different blockchain networks.

The benefits of Near Protocol include:

-Open-source and programmable blockchain.

-Interoperability with other blockchains.

-Low transaction costs.

-High efficiency thanks to sharding technology.

-Well-developed security protocols.

The disadvantages of Near Protocol to consider for investors are:

Direct competition from major players like Ethereum.

Relatively low global adoption.

Relatively high degree of centralization compared to other blockchains.

Who is the founder of Near Protocol?

The founders of Near Protocol are Illia Polosukhin and Alexander Skidanov. They started NEAR.ai in early 2017 to research program synthesis: the field of automating programs from human specifications. This eventually led the team to programmable smart contract and crypto payment platforms.

Polosukhin and Skidanov gathered a team of engineers and formally began building Near Protocol in August 2018. The foundation's vision for the NEAR platform was to provide developers with a straightforward path to build dApps that can scale for mass use.

Expectations for the near future

Experts expect a minimum price of €22.94 in 2026 and a minimum price of €76.13 in 2031.