Cryptographic space variability has made it easier to earn wealth in the 21st century. All you need to do is invest low and make a profit high, but we know that nothing can be as easy as this. Anyway, you are looking for coins that can be purchased from over 10,000 cryptocurrencies already on the market and you can plan your retirement. Fortunately, you were able to get to the list.
However, stay away from the coins on the list. Get interested in the NEAR protocol. Therefore, consider these five reasons before taking a big step. Before that, let’s talk about the basics of the Near Protocol.
NEAR protocol Is a 3rd generation blockchain launched by Alexander Skidanov and Illia Polosukhin in 2017. Initially it was a machine learning platform. It is now a network that rewards computers by manipulating the platform. It was created to speed up transaction rates, increase throughput, and aid compatibility.
This is the base layer where you can create decentralized applications. Compared to other blockchains, it is sustainable, interoperable, secure, cost-effective, friendly and practical for users. The NEAR protocol aims to revolutionize the system and influence the way users commonly use the Web.
1. The NEAR protocol is accessible and available
The NEAR protocol is a community-operated decentralized platform that supports the development and operation of dApps. It is a distributed database, a serverless computing platform. This makes it easier for engineers and innovators to use it to create a variety of products while servicing a pool of users. We are expanding the scope of Open Finance and paving the way for Web 3.0.
You can use the NEAR protocol to create user-friendly applications that require little or no privileges. NEAR is based on a usability-first approach. In other words, apps created on the network reflect apps on the web platform while ensuring security. Predictable pricing and usage styles that users are accustomed to make it easy to onboard and subscribe to projects.
In essence, both users and developers experience seamlessness on the platform. It’s easier to create an account with a domain name that everyone can understand. Eliminates the need for Ethereum name services.
2. The NEAR protocol uses a fragment of that data
The NEAR protocol uses a sharding approach that allows data to be split. This improves scalability and allows you to execute more transactions. This approach is called nightshade. This allows you to grow your network as the number of nodes increases.
Sharding allows each node to store a small subset of the platform’s data. Due to the high network utilization, the computing work is divided among the nodes. These nodes process the data processing and add the resulting information to the mainchain. This improves network security by reducing potential single points of failure as each node monitors part of the network.
It also helps solve the blockchain trilemma. In addition to sharding, we have developed dynamic re-sharding. This allows the number of shards to be adjusted periodically and dynamically based on the user’s request. This improves transaction throughput and reduces transaction costs.
Unlike other blockchains that use this approach, all shards are part of the main chain. There is also a Doomslug. This allows the validator to sequentially generate blocks once per epoch based on the stake. It takes about 1 second to create the block.
3. NEAR protocol uses eco-friendly consensus algorithm
Unlike Pioneer’s blockchain, the NEAR protocol uses a special proof of stake algorithm, the thresholded proof of stake. This allows unauthorized interaction between the node operator and the network, increasing decentralization. Eliminates the validator’s pooling ability and allows node operators to participate ubiquitously. This guarantees a fair and predictable consensus.
This will allow more nodes to participate and promote growth. Developers and innovators can also make money from projects. You can allocate a fee when you create a contract and the developer can withdraw it.
Unlike other Proof of Stakes, the delegated token is not lost when the validator is slashed due to malicious behavior. Only the reward will be lost.
4.NEAR protocol has a bridge
Blockchain improves interoperability by creating links with other blockchains. The NEAR protocol has several bridges to serve this purpose. Compatible with Ethereum virtual machines via the Aurora bridge. This allows developers to easily transfer their apps to a fast, low cost, scalable NEAR.
We also partner with Terra to bridge Terra’s assets and platforms. There is also a Rainbow Bridge that supports the transfer of funds between NEAR and Ethereum. In addition, there is the Octopus Network, a network that enables interoperability with blockchains such as Bitcoin, Polkadot, and Cosmos. This ensures compatibility with NEAR-based tokens and inter-blockchain communication protocols.
These bridges increased transaction throughput (721,061) in January 2022.
5. The NEAR protocol has an expanding ecosystem
With its futuristic features and developer community, we have witnessed the exponential growth of the ecosystem in the last two months. It is currently ranked as the third fastest growing platform for developers. We plan to combine community creativity with accurate decision making and execution. We also want to help the protocol improve quickly through community oversight and input.
It aims to provide a platform for the birth of Web 3.0. The Flux protocol, Mintbase, and Paras are some of the popular projects in the ecosystem.
Investing in the NEAR protocol is to buy its native token, NEAR. NEAR is used as a reward for node operators and validators. It is used to pay for transactions, run applications, and reserve storage units for applications. It is also burned as a measure against deflation. To earn more NEAR, you can place bets, take part in prizes, win NEAR hackathons, run a community, create on the network, and become an active community member. ..
As of today, NEAR is ranked 22nd and has a market capitalization of $8.5 billion. The current price is $13.77 and peaked at $20.44 in January 2022. Of the total supply of 1 billion, 618.4 million are currently in circulation. It is currently traded on Binance, MEXC Global and Huobi Global.
If you can already imagine the world of Web3.0, don’t hesitate to get NEAR. However, the decision is up to you. After all, it will be your loss or profit. As always, this is not financial advice. Do your research and deal wisely.