Near Protocol (NEAR) cryptocurrency

Near Protocol is a new project of Blockchain technology. Like Ethereum, it allows you to create smart contracts on your own Blockchain network. The main advantage and advantage of the project is a very simple, transparent and quick possibility of building decentralized applications. The first thing you can see on the project website is that building this type of application takes only five minutes. This is also a huge advantage for developers. The project has its NEAR cryptocurrency, which is used in the stacking process and to pay very small transaction fees.

Near Protocol quotes

NEAR is currently in # 43 place in terms of capitalization. Daily turnover is at $ 24 million. Currently, the project is listed on only 9 exchanges, of which Binance is responsible for approximately 40% of the turnover, followed by 25% OKEx, 14% Huobi, 10% Bkex and 8 Bit-Z. The remaining 4 exchanges have a turnover that is negligible, not even a percent. On the platforms, the cryptocurrency is listed in BTC and USDT, on Binance you can buy a project for the BNB you own.

Principle of operation

Blockchain Near has been built by programmers from scratch to enable the simplest possible programming and creation of new applications and smart contracts. Thanks to proprietary solutions such as Nighshade and Doomslug Near, it works very efficiently, enabling the processing of up to 100,000 transactions per second. From the very beginning, the project developed as a complement, not a competition, to the Ethereum network. The consequence of this is the compatibility and acceptance by Blockchain of the project of tokens based on ERC-21 and ERC-721. The operating system itself is also similar to Ethereum 2.0. The principle of operation is similar to PoS, so instead of computing power, the network uses validators, nodes and delegators holding the cryptocurrency. In return for staking, they receive a remuneration of 5% per annum. Transaction fees and smart contracts are destroyed. There are a billion coins in total, of which there are currently about 175 million on the market.

History of the Near Protocol

Work on the project begins in 2018 at one of the most popular incubators for startups, Y-Combinator. Exactly there, Alexander Skidanov, who previously worked at Microsoft as the technical director of Mem SQL, and Illia Polosukhin, an employee of the research department at Google, met and started working together. The very place where the work began, as well as talented people made the project quickly attracted by both programmers and people willing to cooperate on further development, as well as investors willing and ready to invest in Near. The result was a lot of Venture Capital companies that supported the project in the financing phase. These were well-known brands, including Coinbase Ventures, MetaStable and Pantera Capital. Then, in August 2020, the project conducted an ICO with three rounds,

Wallet for NEAR

The project has its own Near wallet portfolio. Next to him, Near Protocol cooperates with, among others, Trust Wallet and Math Wallet. When it comes to hardware wallets, neither Ledger nor Trezor say that it is possible to store the Near cryptocurrency on their devices.