Introduction
Near Protocol serves as a decentralized development platform operating atop the Near Protocol blockchain, streamlining the creation of decentralized applications for developers by successfully addressing the challenges posed by the Blockchain Trilemma, namely Security, Scalability, and Decentralization.
The Near Protocol blockchain is characterized by being “permissionless, performant, and secure.” In essence, Near Protocol’s primary objective is to empower developers to construct high-performance DApps.
The belief held is that Near Protocol stands as the exclusive project with the capability to propel open finance initiatives into the realm of the Open Web in the future.
In the words of Near Protocol itself, the platform is specifically designed for “running applications which have access to a shared — and secure — pool of money, identity, and data owned by their users.”
Delving into technical intricacies, it amalgamates features of partition-resistant networking, serverless computing, and distributed storage, forging a novel type of platform.
This implies that any decentralized application involving users locking or depositing funds, as well as sharing their identity and data, will find the Near Protocol platform ideal for constructing their applications.
About Near Protocol
NEAR Protocol stands as a decentralized application (dApp) platform, positioning itself as a competitor to Ethereum, with a distinct emphasis on fostering developer and user-friendly experiences.
The platform’s native NEAR tokens serve as the means to cover transaction fees and storage expenses within the Near crypto ecosystem.
Functioning as a Proof-of-Stake blockchain, NEAR employs sharding technology to realize scalability, enabling more efficient and scalable operations on its network.
What Is NEAR Token?
The NEAR token serves a dual role, predominantly functioning as a means to settle transaction fees and as collateral for data storage on the blockchain.
Additionally, NEAR extends rewards to various stakeholders within the blockchain ecosystem in the form of NEAR tokens.
Is NEAR A Coin Or Token?
The NEAR coin stands as the indigenous token for the Near network, playing a multifaceted role within the ecosystem.
Serving as a means of payment, it facilitates the processing of transactions and the storage of data on the network.
Additionally, the NEAR token takes on a pivotal role in the operation of a validating node, contributing to the network’s integrity through active participation in the staking process.
Beyond these functionalities, the token extends its utility into governance processes, emphasizing its versatile significance in shaping and directing the governance aspects of the Near network.
NEAR Is A DeFi Project
In 2023, the NEAR ecosystem has evolved to encompass a suite of mature platforms tailored for the Decentralized Finance (DeFi) landscape.
Boasting an array of decentralized applications (dApps), NEAR places a particular emphasis on financial management.
Positioned as a prime example, NEAR serves as a showcase for a layer 1 blockchain distinguished by scalability, minimal fees, and robust functionality within the decentralized financial ecosystem.
How Does The NEAR Protocol Work?
Near Protocol has perfected the concept of blockchain-based community cloud platforms, addressing challenges in usability, scalability, and security. Positioned as a key player in mainstream blockchain adoption, Near Protocol utilizes its NEAR token to provide economic incentives crucial for the success of its community-operated cloud model.
This platform enables developers to establish censorship-resistant back-ends for decentralized applications through smart contracts. Near Protocol’s nodes, operated globally by various entities, contribute storage to the cloud.
Developers deploy smart contracts seamlessly, paying community operators for infrastructure usage. Notably, Near Protocol’s transparent pricing model avoids congestion-based pricing, drawing parallels with conventional cloud payment structures, and enhancing accessibility and user-friendliness.
Problems Solved By NEAR Protocol
Examining the use cases of Near Protocol draws a parallel to industry giants like Microsoft Azure and Amazon Web Services, illuminating Near Protocol’s pivotal role in the contemporary blockchain landscape.
While Azure and AWS dominate global web infrastructure and application deployment, their centralized ownership poses significant drawbacks, granting access to user data susceptible to censorship and manipulation.
In contrast, Near Protocol, operating through a decentralized and open community, ensures genuine decentralization and security. This community-driven approach safeguards against malicious interventions, as changes necessitate consensus among community members.
For developers, this decentralized cloud deployment offers the advantage of locking applications, and preventing unauthorized alterations. Near Protocol emerges as a solution fostering true decentralization and safety in contrast to the vulnerabilities associated with centralized cloud platforms.
What Is the NEAR Protocol Blockchain?
Near Protocol stands as a decentralized application (DApp) platform, placing a distinct emphasis on user and developer usability.
Positioned as a competitor to Ethereum, Near Protocol shares the capability for smart contracts and operates as a proof-of-stake (PoS) blockchain.
The platform’s primary focus on user and developer experience distinguishes it in the decentralized application landscape, aiming to streamline processes and enhance accessibility. Functioning on a PoS model, Near Protocol not only supports smart contracts but also offers a more energy-efficient consensus mechanism, contributing to sustainability in the blockchain ecosystem.
Founder Of NEAR Protocol
NEAR Protocol was conceived by the visionary minds of Alexander Skidanov and Ilya Polosukhin, who shared the aspiration of forging a decentralized application platform distinguished by scalability, security, and user-friendliness.
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NEAR Wallet & Staking
The NEAR wallet stands as a non-custodial, web-based marvel, affording you absolute command over your assets.
With the freedom to create, engage, and stake without encumbrances, it opens a gateway to a realm where the intricacies of staking rewards, NFTs, and beyond unfold effortlessly.
The sign-up process, a mere symphony of clicks, swiftly propels you into a world where accessibility and user-friendliness converge.
Once the brief ritual of registration concludes, a tapestry of staking rewards and the enchanting universe of NFTs unfurls, presenting itself as an easily navigable landscape for your exploration and interaction.
What Is The Price Of A NEAR Token?
The current market valuation of NEAR Protocol stands at $1.85 billion USD, accompanied by a live price of $1.84487 per NEAR/USD.
The 24-hour trading volume for NEAR Protocol registers at $228.05 million USD, reflecting the dynamic nature of the market. The real-time updates of NEAR to USD pricing provide an accurate reflection of its value.
Over the past 24 hours, NEAR Protocol has experienced a positive trend, marking a growth of +1.7%.
This upward trajectory coincides with a circulating supply of 1.00 billion NEAR tokens, emphasizing the platform’s active presence and investor interest in the cryptocurrency market.
What Is The Highest Price Of A NEAR Token?
As of today, NEAR Protocol’s price is holding steady at US$0, accompanied by a 24-hour trading volume denoted as N/A. Over the past 24 hours, NEAR has experienced a decline of -3.87%.
Notably, the current value marks a deviation of -100.00% from its peak of $2.03 in the past seven days, emphasizing a recent downturn. Simultaneously, it reflects a similar percentage deviation of -100.00% from its lowest point of $1.74 within the same timeframe.
This data encapsulates NEAR Protocol’s recent market performance, indicating both short-term fluctuations and the broader range of values observed over the past week.
How Much Does Near (NEAR) Staking Pay?
The present estimated reward rate for the NEAR Protocol stands at 7.63%. This figure signifies that, on average, individuals staking NEAR Protocol are yielding approximately 7.63% in returns over a span of 365 days.
Comparatively, the reward rate from 24 hours ago was slightly lower at 6.93%, indicating a recent increase. Going back 30 days, the reward rate for NEAR Protocol was recorded at 6.53%.
This data illustrates the dynamic nature of the reward rates within the NEAR Protocol ecosystem, showcasing both short-term fluctuations and the evolving trends in the platform’s staking rewards over the past month.
Why Invest In NEAR Protocol?
NEARCON is just around the corner. These conferences play a pivotal role for the hosts, serving as significant catalysts that propel them into the spotlight and stimulate investment in the company, token, or protocol.
In the context of Near, the mounting anticipation has translated into a surge in price and a substantial increase in daily trading volume, underscoring the impact of such events on market dynamics.
How to Buy NEAR Protocol (NEAR)
Near Protocol (NEAR) is available on the following exchanges:
- Uphold
- Kraken
- Binance
- Gate.io
- BTSE
- OKX
- Bitrue
Future Of NEAR Token
Our latest Near Protocol price forecast suggests a potential 8.16% increase, projecting a value of $1.880813 by November 29, 2023.
Technical indicators currently point to a 43% Bearish and 57% Bullish market sentiment for Near Protocol. Additionally, the Fear & Greed Index registers a score of 66, indicating a prevailing sense of Greed in the market.
These analyses collectively offer insights into the anticipated trajectory of Near Protocol, combining both technical indicators and market sentiment to provide a comprehensive outlook for investors and stakeholders.
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What Crypto Is a NEAR Token? (NEAR)
NEAR, the indigenous token of the NEAR Protocol, anchors itself within a supremely scalable blockchain network. This network stands as a haven for developers, offering a decentralized application platform that marries innovation with user-friendliness.
Within this ecosystem, NEAR tokens take center stage, donning a dual role: they act as the currency for settling network fees and can be strategically staked to fortify the robustness of the entire network.
NEAR thus not only facilitates seamless transactions within the protocol but also actively contributes to the fortification of the network’s security through strategic staking measures.
Is the NEAR Protocol Better Than Ethereum?
While NEAR’s daily transaction count trails behind Ethereum’s by a factor of three, its distinctive prowess lies in completing transactions at a rate five times faster.
Crucially, the protocol’s transaction fees stand on par with those of Ethereum’s Layer 2 solutions like Arbitrum or the Polygon networks.
This efficiency, coupled with competitive fee structures, positions NEAR as a noteworthy player in the blockchain landscape, offering a compelling alternative with Swiffer transaction speeds and comparable cost-effectiveness to prominent solutions on the Ethereum network.
Final Thoughts
In conclusion, investing in Near Protocol presents a compelling opportunity for those seeking exposure to the burgeoning world of decentralized technologies.
At coinfinancegurus.com, we believe that a strategic and informed approach to Near Protocol can yield substantial returns.
Stay ahead in the crypto game by leveraging the unique features and growth potential of Near Protocol.