Wednesday, August 17

What is NEAR Protocol, the blockchain that makes life easier for developers

NEAR Protocol is a public blockchain that facilitates the development of Decentralized Applications (DApps). Like other blockchains, such as Solana, Algorand or Horizon, NEAR’s goal is to compete with the Ethereum blockchain by offering greater scalability. The main advantage of this platform is its ease of use. The NEAR protocol offers a set of example applications that make it possible to develop a DApp more easily than in other blockchains. The price of NEAR, the platform’s token, rose 30% in the last week and 45% in the last month. As of press time, NEAR’s price is $10,93

What is NEAR Protocol

NEAR’s Blockchain was launched in 2020. However, despite its youth, they are becoming a true competitor to Ethereum. One of the main characteristics of NEAR is that it uses a technique of fragmentation (sharding), known as Nightsade, to avoid slowing down the chain and achieve greater scalability. The goal of this fragmentation is to divide the Blockchain database into smaller sets to make them more manageable. In this way, the blockchain is divided into fragments (shards) and the nodes are divided and work according to the fragment that touches them. This is a fundamental difference with respect to the Ethereum and Bitcoin blockchains, where each node works on the entire chain. Another advantage of NEAR is that thanks to fragmentation, you don’t need as much computational power. The nodes can even work in the cloud.

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Thresholded Proof-of-Stake

NEAR wants to be a fully accessible blockchain for developers and users. To achieve this, apart from the fragmentation system, NEAR uses its own consensus protocol: Thresholded Proof-of-Stake. Like all PoS systems, the validator nodes are randomly selected from among the users who have NEAR and the users with the most reservations are more likely to be chosen to validate the transactions. However, the main difference from the traditional PoS protocol is the reward system. At NEAR, validators instead of receiving rewards from transaction fees, are rewarded from inflation of token supply and storage fees. In this way, NEAR promises fees 10,000 times cheaper than Ethereum.

Easy for developers

The NEAR platform has been designed with a set of tools intended to facilitate the work of developers who want to create DApps. One of these tools is Gitpod. NEAR uses Gitpod technology to accelerate the onboarding process for new developers, providing an integrated online environment that allows developers to easily write, test, and implement smart contracts from a browser. In addition, the NEAR platform includes templates to make the application building process as simple as possible.

Token NEAR

As in almost all public blockchain protocols, the NEAR token is used to incentivize the nodes and so that the owners can participate in the governance of the project. The token’s price has risen 30% in the last week driven by an $ 800 million developer fund. Of this amount, $ 250 million will go to existing platform developers. $ 350 million to new products. $ 100 million, to finance startups and the last $ 100 million to regional funds in Asia, Europe and the United States.

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NEAR chosen by Mintable

Mintable is one of the most popular platforms used by NEAR. Mintable is a platform for the issuance and sale of NFTs, whose main characteristic is that it is not necessary to pay any gas fee when uploading an NFT. Other NFT platforms, such as Paras, or decentralized open markets, such as Flux, have also been developed on NEAR.

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