What is the Near Protocol Cryptocurrency

What is the Near Protocol Cryptocurrency
by: Admin

The Near Protocol is an open, highly compatible blockchain platform whose primary goal is to increase the security of digital assets. NEAR with features such as scalability, usability, simplicity, and decentralization has attracted the attention of users and developers and so far has grown well.

What is NEAR?

On this platform, developers can sign transactions on behalf of users and pay advances. This is one of the reasons that makes decentralized software attractive to users. This software is designed to facilitate the creation of decentralized applications (dApp).

NEAR helps developers write smart contracts and earn a percentage of each transaction. Therefore, the platform is used for storage by network nodes. Those who have NEAR protocols can vote on the platform.

The first release of this coin took place in 2020. In the initial public offering, 120 million tokens were sold, at which time they were traded for 30 cents and the platform was able to earn about $33 million.

Who are behind NEAR?

The network was launched in April 2020, with 1 billion tokens. Alexander Skidanov and Illia Polosukhin are the founders of this project. Skidanov and Polosukhin collaborated in 2018 through Y Combinator, which was responsible for launching large-scale cryptographic projects such as Dropbox, Coinbase, Filecoin, Airdrop, and Reddit. Skidanov was a former software engineer at Microsoft and Ilya was Google's chief engineering officer.

What are the purposes of Near Protocol creation?

The main aim of establishing Near Protocol is to provide security for users' digital assets. The platform was also created to simplify the work of developers to allow them to write and market their software in a user-friendly platform.

What is Near Protocol Usage?

NEAR provides the tools developers need to be able to write smart contracts in programming languages. Then, by writing each contract, they will get a percentage of the deal. This motivates developers to help expand the infrastructure.

How does the NEAR protocol work?

The infrastructure of this network is very similar to the infrastructure of Ethereum. NEAR has features such as software development kits, blockchain browsers, and wallets. The trading symbol of its dedicated token is NEAR. A connector called Rainbow Bridge connects the near platform to the Ethereum blockchain.

How NEAR Protocol is traded?

The trading of NEAR tokens is supported in various exchanges, like any other cryptocurrency. To buy and sell NEAR, you must first register and authenticate on a reputable website, then buy or sell NEAR.

Final Point

NEAR native token is called NEAR. The platform which uses sharding to improve its performance is a suitable place for dApps to grow. It also has high speed and security, so that it can perform 100,000 transactions per second. NEAR tokens can be purchased from exchanges like Binance, which supports the token. NEAR tokens are not extractable and only 601.2 million of the 1 billion NEAR tokens are available to users and developers.

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