Developers can now create decentralized applications easily and at low cost thanks to the NEAR Protocol blockchain. In this article, let’s find out what NEAR Protocol is, information about the NEAR token and whether to invest in NEAR Protocol with 5ROI!
1. What is the NEAR Protocol?
Near Protocol is a decentralized application (dApp) platform that focuses on developer and user usability. Near Protocol, competitor of Ethereum, is a proof-of-stake (PoS) blockchain that supports smart contracts.
Near achieves scalability by the usage of sharding technology, which will be explained further below. On the Near crypto platform, the native token, NEAR, is used for transaction fees and storage. Tokens can also be staked by NEAR token holders who want to become transaction validators and contribute to network consensus.
NEAR was created by the NeaCollective as a community-run cloud computing infrastructure for hosting decentralized applications. It was also designed to be both developer and user friendly, with features such as human-readable account names (instead of cryptographic wallet addresses).
2. How does NEAR Protocol work?
Decentralized apps (DApps) have exploded in the crypto community, with DApps ranging from games to financial services. However, it has become clear that scalability remains a challenge in the majority of blockchains.
Scalability is a recurring concern among blockchains, particularly older ones like Bitcoin and Ethereum. The difficulties stem mostly from blockchains’ inability to handle huge quantities of transactions at rapid speeds and manageable costs.
Near, for example, seeks to overcome this issue by constructing a totally new blockchain based on a different architecture. Implementing sharding was Near’s answer to the problem.
Near is able to break up the blockchain into smaller, more manageable portions by employing the sharding approach. This minimizes the network’s stress by reducing computing demand, resulting in enhanced transaction throughput.
3. Unique features of Near Protocol
- Sharding Strategy: The NEAR system can distribute computation across multiple shards in parallel together.
- Focus on decentralization: Near uses threshold proof-of-stake, a staking technique considered both fair and predictable.
- Usability-first approach: The Near Protocol has a usability-first approach, following a “progressive security” model that allows developers to create a user experience resembling web experiences.
4. Information about NEAR Token
NEAR is the token of the Near Protocol platform. There are the following main functions:
– Staking Token NEAR allows delegating tokens for full nodes to participate in platform governance and receive distribution rewards.
– Tokens to pay for the platform, exchange, and trade used as payment fees for DeFi applications.
- Token name: Near
- Ticker: NEAR
- Token type: Utility + Governance
- Total Supply: 1,000,000,000 NEARh
5. Future of NEAR
According to WalletInvestor, NEAR Protocol’s price could rise to $20.867 in a year. The platform predicts that the NEAR Protocol currency will be worth $60.283 in five years.
Gov.capital forecasts an even more positive NEAR Protocol price for 2022, predicting that the coin would break the $30 level in November. According to the site, the coin could be worth $44.56 in a year and $351.65 in five years.
In a more cautious forecast, DigitalCoinPrice believes the NEAR Protocol price could be $15.71 in 2022 before rising to an average of $17.31 in 2023. The NEAR Protocol price prediction for 2025 is $22.90, according to the website.
You can start investing in NEAR on a reputable exchange platform like 5ROI Global. With the advantage of simple and easy transactions, you can quickly own NEAR here.
For investors, trading digital assets is both an opportunity and a challenge with outstanding profit potential. 5ROI Global only provides useful information for investors to grasp, refer to and not provide financial investment advice of any kind.
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