NEAR Protocol Explained

NEAR is a simple-to-use layer-1 blockchain that is super secure and infinitely scalable. It does this by using a breakthrough piece of technology called nightshade. And this allows the NEAR blockchain to record and verify transactions just like other networks only more – faster, cheaper, and secure. 

The NEAR protocol is built by the NEAR collective, a worldwide community of developers, researchers, and scientists. 

Role of Validators

Validators secure the network by locking up their tokens in escrow and earning rewards as a result. But if the validator tries to cheat the system, they can lose their stake, or the community can vote them out. For regular users, they can delegate their tokens to a validator to earn rewards too. 

Better Than Bitcoin?

Unlike Bitcoin, NEAR does not require giant power-hungry machines to secure the network. 

And this makes it a more eco-friendly platform than its rivals.

To make NEAR super fast, it uses a technology called sharding. With rainbow bridge and aurora, developers building on Ethereum can take advantage of NEAR’s speed and scalability without the need to leave the network. 

Whereas, the Octopus network allows – anyone to build their version of any application-specific blockchain. And then connect it to NEAR’s mainnet for speed, scalability, and security. 

NEAR Wallet

The platform is great for users. Its simple wallet allows anyone to get started within seconds. 

The wallet is free to use with no ads and unnecessary pop-ups. And it is almost effortless to use one. 

Meet The Team

Alexander Skidanov(former Microsoft employee) and Ilya Polosukhin(developer) are the founders of the NEAR protocol. They wanted to create a network that was easy to use for developers and so for users. So, they created NEAR using Proof-of-stake. It is a blockchain consensus method that differs from the traditional proof-of-work method used on Bitcoin. 

Should You Invest?

Underneath the slick and simple extractor, there lies a ton of features. And this helps developers to create a seamless user experience whenever they interact with it’s ecosystem. With multiple use cases, an ever-growing network, and multiple protocols – all on the same platform, NEAR is a cryptocurrency that can show good growth in the coming years.

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