NEAR Protocol is a decentralized application platform designed to simplify the building and deployment of decentralized applications (DApps). NEAR combines the best of blockchain and cloud technologies to offer high performance, low costs, and user-friendly experiences for developers and users. By using a unique sharding technology called Nightshade, NEAR can handle a significant number of transactions per second, enabling faster and cheaper transactions than many other blockchain networks.
NEAR is the native cryptocurrency of the NEAR Protocol platform. It is used to pay transaction fees, reward network validators, and maintain the network's security through staking. NEAR tokens can also be used to participate in the protocol's governance process, giving token holders the ability to influence future development and upgrades of the network. NEAR plays a central role in supporting and driving the growth of decentralized applications on the platform.
NEAR Protocol uses an innovative sharding technology called Nightshade to enhance scalability and performance. Sharding divides the blockchain network into smaller segments, or "shards," allowing for parallel processing of transactions. This increases the network's capacity and reduces transaction costs. NEAR also employs a consensus mechanism based on Proof-of-Stake (PoS), where validators stake NEAR tokens to secure the network and are rewarded for verifying transactions. The platform's design is both user-friendly and developer-friendly, making it easy to build and use decentralized applications.
Why does NEAR Protocol exist?
NEAR Protocol was created to address the limitations found in many existing blockchain platforms, such as low scalability, high transaction costs, and complex development environments. By offering a scalable, cost-effective, and user-friendly platform, NEAR aims to enable the mass adoption of decentralized applications and services. The protocol also seeks to promote a more inclusive and decentralized economy by providing developers and users with the tools they need to create and interact with blockchain technology simply and efficiently.
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NEAR Protocol's website: https://near.org/
NEAR Protocol's white paper: https://pages.near.org/papers/the-official-near-white-paper/
NEAR Protocol's Wikipedia: https://wiki.near.org/overview/getting-started