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What is Near currency? | Introducing Near Protocol

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The Near protocol is a decentralized application platform (DApp) that competes with Ethereum. This platform prioritizes the convenience of the app developer and the user who uses it. Today we are going to introduce you to Near currency. So stay with us.


How does the Near currency platform work?


Today, decentralized applications are booming in the digital currency community. However, scalability remains a major problem in most blockchains. The issue of scalability is common among blockchains, especially among older blockchains such as Bitcoin and Ethereum. These challenges are mainly due to blockchain’s inability to handle a large number of transactions at high speeds and low costs.

Projects like the Near currency seek to solve this problem by building an entirely new blockchain using a different architecture. Near’s solution to this problem is to implement sharing. By using a sharding strategy, Near can divide the blockchain into smaller manageable chunks. This reduces the computational load on the network and thus increases the throughput of transactions.

As mentioned, Near uses a PoS system. Nodes interested in validating a transaction consider their NEAR tokens for participation. Token holders can also transfer their stake to a validator of their choice if they don’t want to run a node.

In general, creditors with larger stakes have more influence in the consensus process. Validators on the Near currency network are selected through an auction system in each period, usually 12 hours apart. Meanwhile, DApps can be built on Near just like Ethereum because the Near infrastructure is a cloud infrastructure. An infrastructure that combines serverless computing and decentralized data storage. Near has more than 100 active servers around the world that it works with.

Who are the founders of Near currency?


The NEAR protocol was launched by an entrepreneur named Eric Trautman. He is an experienced Wall Street entrepreneur. Another founder of this cryptocurrency is Ilya Polosukin, who has more than ten years of experience in the crypto industry. The next founder to mention is Alexander Skidanov, a computer scientist who worked at Microsoft and then joined memSQL, where he became director of engineering. NEAR Protocol has an extensive team of experienced developers who have won several gold medals and won the International Academic Programming Competition (ICPC). The team claims to be experienced in building some real-world related systems. This is the solution that the protocol follows to improve blockchain scalability.

What are the unique features of Near currency?

  1. Sharding strategy


Nodes, in any blockchain, usually have three main functions, including processing transactions, communicating valid transactions and completed blocks with each other, and storing the history of network transactions. As a network grows and becomes more congested, it becomes more difficult for nodes to manage these functions.


The Near currency uses a sharing approach that enables the network to grow even as more nodes join. The high use of the network causes the network nodes to be dynamically divided into several pieces. Then, the calculations on these parts are parallelized and reduce the computational load required for each node.


By using sharding technology, nodes no longer need to execute the entire network code. Near Protocol assumes that transactions touch multiple fragments. This is the default behavior for most smart contracts.

  1. Decentralization


To maintain true decentralization, a network must be permissionless; This means that nodes do not need to obtain permission to join the network. Near uses the proof-of-stake threshold, a staking technique that is considered both fair and predictable. This prevents the consolidation of powerful lenders and encourages large-scale participation among network members.

  1. Applicability priority approach


Near Protocol takes a usability-first approach that follows a “security-first” model that allows developers to create a web-like user experience for the user. Near understands the need for usability first and foremost, because developers are likely to only create apps that provide value and usability to their users. Near offers users convenient sharing, easy login, price prediction and more.

  1. Governance


The Near currency governance feature makes this platform rapidly improve. This is while entering the community and monitoring it is maintained and the protocol can continue to operate independently. Part of Near’s goals is to preserve community creativity through efficient implementation, decision-making, and adequate representation in the network.


Why should we use Near Protocol?


Users are usually attracted to the Near protocol because of its unique sharing technology that facilitates fast and secure transactions at lower fees. In addition, developers choose Near to build applications that require a high volume of activity.

Likewise, Ethereum developers who plan to build bridges for their application to Near can use Layer 2 solutions.

use it too. Near Protocol investors can also add it to their investment portfolio and not worry about the speed of transactions with Near’s unique solution for scaling i.e. sharding.

There are various wallets for safe storage of Near digital currency. Among these, Metamask and TrustWallet can be mentioned as two well-known options. It should be noted that Near also has its own wallet, which you can create an account and use the Near wallet by entering wallet.near.org.


What is the future of Near currency?


The future of the NEAR protocol is highly dependent on the overall performance of the crypto industry. This type of investment is not suitable for those with an asymmetric risk profile. However, it is still an excellent investment for those with a high risk tolerance and good financial standing. Although volatile in nature, NEAR offers a universal technology that has a lot of room for growth and is rapidly advancing.

Near currency price prediction from 2023 to 2030

Price forecast year

2023 minimum price $3.79, average price $3.90, maximum price $4.39

2025 minimum price is $7.78, average price is $8.00, high price is $9.41

2030 minimum price $49.60, average price $51.29, high price $57.84