Since it first appeared, Near Protocol (NEAR) has become a project that has attracted attention. NEAR is a blockchain platform that aims to address some of the main challenges faced by blockchains today, such as scalability, high costs, and complexity of application development.
This article will comprehensively discuss NEAR, starting from the history of NEAR to the technology used and its future potential.
What is Near Protocol (NEAR)?
NEAR Protocol is a blockchain platform founded in 2018 by Ilia Polosukhin and Alex Skidanov. They aim to create a blockchain platform that allows developers to build decentralized applications easily and efficiently, without having to face the technical obstacles commonly associated with blockchain development.
NEAR uses a different approach to consensus and decentralization compared to other blockchains. NEAR uses a Proof of Stake (PoS) consensus called “Nightshade”, which is designed to increase scalability and transaction speed without sacrificing security.
Additionally, NEAR uses a “ Sharding ” design model to divide the network into smaller parts, called “shards”, to increase scalability. This allows NEAR to process more transactions in parallel, making it faster and more efficient than traditional blockchains.
NEAR has great potential to shape the future of the blockchain ecosystem. With innovative technology, a focus on scalability and low costs, and a commitment to supporting decentralized application development, NEAR could become one of the most reliable and important platforms in the blockchain space.
History of Near Protocol (NEAR)
The history of Near Protocol (NEAR) began in 2018 when Ilia Polosukhin and Alex Skidanov led a team of developers in founding the NEAR Protocol project. Both of them had a vision to create a blockchain platform that could address the main problems faced by blockchain technology at the time, such as scalability, high costs, and the complexity of application development.
The NEAR Protocol team began working hard to develop innovative technology and solutions that could overcome these challenges. They worked on a Proof of Stake (PoS) consensus design called “Nightshade” and adopted a “Sharding” design model to improve network scalability.
In 2019, NEAR Protocol released its first whitepaper and began to attract attention from the blockchain community. They also have support from a number of prominent investors in the crypto industry.
In 2020, NEAR Protocol launched its mainnet network, allowing developers to begin building and running decentralized applications on top of the NEAR platform. This marks an important milestone in NEAR Protocol's journey towards wider adoption.
Since then, NEAR has continued to grow and expand its ecosystem. They have attracted interest from a wide range of blockchain developers and projects interested in NEAR's innovative technology and ability to handle decentralized applications at scale.
By continuing to drive innovation and develop its ecosystem, NEAR Protocol continues to be a major player in the blockchain industry, bringing significant changes to the way we understand and use blockchain technology.
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How Does Near Protocol (NEAR) Work?
Near Protocol (NEAR) is a blockchain platform designed to provide developers with a robust infrastructure for building decentralized applications (dApps) with low costs and high scalability.
With innovative technology, Near Protocol enables developers to build decentralized applications that can handle large numbers of users with low costs and high scalability. This opens the door to the development of new and revolutionary applications in various fields, including finance, gaming, digital identity, and more.
Here is how Near Protocol works.
1. Konsensus Proof of Stake (PoS)
Near Protocol uses PoS consensus to reach agreement on the order of transactions in the network. The validators in the Near network are responsible for validating transactions and reaching agreement on the state of the network.
PoS consensus allows the Near network to be more efficient than some other blockchains, with lower transaction costs and higher speeds.
2. Sharding
Near Protocol uses a "sharding" design model to improve network scalability. Sharding divides the network into smaller parts called “shards”, each of which is responsible for processing a portion of the transactions in the network. This allows Near Protocol to process more transactions in parallel, increasing network capacity and reducing processing time.
3. Smart Contracts
Near Protocol supports the use of smart contracts, which allow developers to create decentralized applications that run automatically without the need for intermediaries. Smart contracts in Near Protocol are written using the Rust programming language, which is known for its security and performance.
4.Bridge
Near Protocol supports integration with other blockchains through a feature called “bridge”. This allows assets to be transferred between Near Protocol and other blockchains, increasing network interoperability and flexibility.
Advantages and Disadvantages of Near Protocol (NEAR)
By considering both the advantages and disadvantages of Near Protocol, users and developers can make a more informed decision about whether NEAR fits their needs and goals in the blockchain ecosystem.
The following are some of the advantages and disadvantages of using Near Protocol (NEAR).
Advantages of Near Protocol (NEAR)
1. High Scalability
Near Protocol uses a "sharding" design model to increase its scalability. This allows the network to process more transactions in parallel, thereby increasing overall capacity and performance.
2. Low Cost
NEAR offers low transaction fees, making it more affordable for users and decentralized application developers.
3. Ease of Development
Near Protocol provides a developer-friendly development environment with comprehensive tools and documentation. This makes it easier for developers to build decentralized applications quickly and efficiently.
4. Konsensus Proof of Stake (PoS)
NEAR uses efficient PoS consensus, allowing users to participate in network management and earn rewards by locking their tokens.
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Disadvantages of Near Protocol (NEAR)
1. Tight Competition
The blockchain industry is a highly competitive environment, with many projects competing to attract users and developers. Near Protocol will have to compete with other projects to gain wider adoption.
2. Technical Risk
As a relatively new blockchain project, Near Protocol still has technical risks associated with the development, launch, and operation of its network. Technical issues such as security vulnerabilities, bugs, or network outages may impact the user experience.
3. Adoption Rate
Although Near Protocol offers many advantages, its success also depends on widespread adoption and use by users and developers. Without strong adoption, NEAR may not reach its full potential.
4. Technological Limitations
Although Near Protocol offers high scalability, there are also technological limitations that need to be overcome. For example, there are limits on the size of the shard or the number of transactions per second that can be processed.
How to Buy NEAR on Bittime
After knowing what NEAR is and how it works, are you interested in buying and investing in this crypto asset? You can do it at Bittime. The NEAR token is available on Bittime in the NEAR IDR pairing.
Below is a guide on how to buy NEAR tokens on Bittime.
- Register an account at Bittime using an active email.
- Complete the identity verification process.
- Once the account is verified, open the Bittime application.
- Select the Market menu or click the graphic icon.
- Select the IDR pairing to buy NEAR with Rupiah.
- Click 'Buy'.
- Select the order type to use. Limit orders, market orders and stop orders are available.
- Enter the nominal rupiah to buy NEAR.
- Click the 'Buy NEAR' button.
- A notification pop up will appear. Read it carefully and click 'Confirm'.
- Enter the six digit Transaction PIN.
- The application will display a successful order notification.
Complete guide on how to buy NEAR, click here .
Apart from buying NEAR tokens, you can also buy various crypto assets such as BTC, ETH, SOL, ADA, AVAX, DOGE, and many others. Don't forget, keep monitoring ORDI, BTC, ETH, SOL price chart movements today to find out crypto market trends on Bittime.
Crypto asset buying and selling transactions on Bittime are easy, safe and instant. Bittime is officially registered and supervised by Bappebti and Kominfo.
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DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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