In our commitment to continually broaden our offerings, we are introducing a new project addition: Near Protocol. Near Protocol is a decentralized network of independent, scalable, and interoperable blockchains that enables seamless communication and value exchange between different blockchain ecosystems.
In this article, we will explore the Near Protocol, discussing how it works and learning about Near Open Web, along with its native token, NEAR. We'll examine the NEAR token utilities, its tokenomics, statistics, and the features of Near Protocol. Finally, we'll conclude by providing a step-by-step guide on how to purchase NEAR.
What Is Near Protocol?
Near Protocol, also referred to as The OS for an Open Web, introduces the Blockchain Operating System (B.O.S) to effortlessly create and distribute decentralized applications across any blockchain. Near Protocol represents a decentralized platform designed to revolutionize system architecture, application development, and the overall functioning of the web. The fundamental objective is to empower developers and entrepreneurs to construct applications that secure high-value assets like money and identity, ensuring both performance and usability for end-users. NEAR achieves this by prioritizing intuitive user experiences, scalable capacity across millions of devices, and offering developers sustainable business models for their applications. The ultimate aim is to establish a community-run cloud capable of extending the reach of Open Finance and driving the future of the Open Web.
Near Protocol is designed to be permissionless, performant, and secure, providing a decentralized data layer for the new web. Near Protocol acts as a platform for applications with access to a shared and secure pool of money, identity, and data owned by users. Unlike traditional cloud services like Amazon's Web Services and Microsoft's Azure, Near Protocol global community-run cloud eliminates single points of failure, ensuring transparency, security, and resistance to censorship, modification, or theft of user data.
NEAR Protocol addresses the limitations of existing blockchain platforms like Bitcoin and Ethereum by combining partition-resistant networking, serverless compute, and distributed storage into a new, more advanced platform. It serves as an evolution beyond previous decentralized application platforms, offering solutions to key challenges such as usability, scalability, and security. NEAR's technical design focuses on creating the world's most usable and scalable decentralized platform, while its organization and governance structure enable rapid development and continuous evolution, ensuring long-term relevance.
The unique features of Near Protocol include its emphasis on usability, scalability achieved through a sharding approach, and efficient development and evolution facilitated by a strong team of engineers and a governance structure that balances community oversight with development efficiency. Near’s community-operated cloud infrastructure enables the deployment and operation of decentralized applications, combining decentralized database features with serverless compute capabilities. The platform's token facilitates interaction between applications and allows developers to create censorship-resistant back-ends for applications dealing with high-stakes data. The Near Protocol platform's economics and governance processes ensure decentralized decision-making and proper behavior among node operators through a Proof of Stake staking process.
Near Open Web
NEAR Open Web stands as a pioneering framework tailored for the creation of decentralized applications (dApps) within the NEAR Protocol ecosystem. This unique and robust platform distinguishes itself through its remarkable features, emphasizing speed, scalability, and security. Notably, NEAR Open Web harnesses Near Protocol's innovative sharding technology, delivering near-instant transaction finality and fast throughput. This positions the platform as an ideal solution for the development of high-performance decentralized applications, offering a seamless user experience by ensuring efficient processing across the network.
NEAR Open Web is built on Near Protocol’s secure proof-of-stake consensus mechanism and prioritizes the integrity and security of decentralized applications. Near Open Web guarantees a secure environment for developers to build applications that handle sensitive data and high-value assets with confidence. Near Open Web commitment to user-friendliness is evident through the provision of developer tools and libraries that simplify the creation of dApps, catering to both technical and non-technical users.
Furthermore, the openness and composability of NEAR Open Web Application, being an open-source framework compatible with other NEAR Protocol projects, facilitate seamless interactions between different dApps. This interoperability enhances the collaborative potential within the NEAR ecosystem, allowing developers to create interconnected and versatile applications that contribute to the platform's vibrant and dynamic ecosystem.
What Is the NEAR Token?
The NEAR token serves as the foundational native asset within the NEAR ecosystem, granting functionality to all associated accounts. Comparable to Ether, each NEAR token represents a distinct digital asset with versatile applications:
- Transaction and Data Processing: NEAR tokens can be utilized to compensate the system for processing transactions and storing data.
- Network Validation: Holders of NEAR tokens can actively participate in the network's staking process, allowing them to run a validating node and contribute to the network's security.
- Governance Participation: NEAR token holders play a crucial role in governance processes, influencing how network resources are allocated and contributing to decisions regarding the platform's future technical direction.
The NEAR token's significance extends beyond mere functionality; it facilitates economic coordination among all participants involved in operating the network. It introduces new possibilities and behaviors within applications built upon the NEAR network, contributing to the overall dynamism of the ecosystem.
Market Capitalization: $1.9 Billion
Total Supply: 1 Billion NEAR
Circulating Supply: 1 Billion NEAR
Trading Price: $1.94
Features of Near Protocol
Near Protocol provides a range of features, including:
- Sharding Technology: Near Protocol utilizes sharding technology for enhanced platform efficiency and scalability. Sharding divides the network into smaller segments (shards), facilitating parallel transaction processing. This innovation ensures near-instant transaction finality and high throughput, effectively addressing scalability challenges in decentralized applications (dApps).
- Speed and Performance: Near Protocol leverages sharding technology for exceptional speed and performance. The platform prioritizes near-instant transaction finality, minimizing delays for users interacting with decentralized applications. This is especially crucial for real-time responsive applications like decentralized exchanges and interactive games.
- Security Through Proof-of-Stake: Near Protocol employs a secure proof-of-stake consensus mechanism to protect decentralized applications. Validators, chosen based on the cryptocurrency they stake, create new blocks, enhancing network security and mitigating vulnerabilities associated with proof-of-work.
- Seamless User Experience: Near Protocol prioritizes a seamless user experience for technical and non-technical users through efficient transaction processing and user-friendly tools. This focus aims to foster wider adoption of decentralized applications and contribute to a more inclusive blockchain ecosystem.
- Interoperability and Open-Source Framework: Near Protocol's commitment to openness and interoperability is demonstrated through its open-source framework, fostering compatibility with projects in the NEAR Protocol ecosystem. This promotes seamless collaboration among developers, enabling the creation of decentralized applications that interact effortlessly. The open-source nature of Near Protocol encourages transparency, community involvement, and ongoing platform evolution.
- Developer-Friendly Tools and Libraries: Near Open Web prioritizes developer support with a comprehensive set of tools and libraries, streamlining the creation and deployment of decentralized applications (dApps) on the NEAR Protocol. This user-friendly approach empowers developers to efficiently build innovative dApps, contributing to a more accessible and dynamic ecosystem, fostering creativity, and accelerating application development on the Near Protocol.
How to Buy and Trade NEAR Tokens?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 700+ tokens supported, including NEAR, users can now trade easily and seamlessly. To purchase NEAR cryptocurrency on CoinEx, follow the steps below.
- Create an Account: Start by signing up for a CoinEx account.
- Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
- Navigate to NEAR Trading Page: Once your account is funded, go to the dedicated NEAR trading page on CoinEx. You can find a search box and enter the term NEAR to swiftly locate the trading pair associated with NEAR tokens.
- Choose a Trading Pair: Select the desired trading pair that matches NEAR with another cryptocurrency. For instance, you may choose NEAR/USDT if you wish to trade USDT for NEAR.
- Specify the Purchase Amount: Determine the quantity of NEAR tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
- Execute the Trade: Execute the trade with the specified amount. Confirm the details, and if you are satisfied, submit the order.
By following these comprehensive steps, you can easily trade NEAR tokens on CoinEx, taking advantage of the available trading pairs.