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NEAR Protocol

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1 NEAR = 4.01 USD
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What Is NEAR Protocol?

NEAR Protocol is a decentralized platform tailored for the creation and execution of serverless applications and smart contracts. It was founded in 2017 by Alex Skidanov and Illia Polosukhin. Fundraising events of NEAR Protocol attracted such investors as Andreessen Horowitz, FTX Ventures, and Pantera Capital. The official launch in April 2020 marked the arrival of a platform aiming to bridge the gap between the complex technicalities of blockchain and the end-users. Unlike traditional blockchain platforms, NEAR places a significant emphasis on scalability, usability, and sustainability. These three pillars have shaped its design philosophy, ensuring that as the digital landscape evolves, NEAR remains adaptable and resilient.

One of the defining features of NEAR Protocol is its developer-centric environment. Recognizing the pivotal role developers play in the blockchain ecosystem, NEAR has been engineered to provide them with the tools they need, devoid of the typical constraints seen in other blockchain systems. This facilitates more seamless development of decentralized applications (DApps), ultimately enhancing user experience.

Furthermore, NEAR Protocol's commitment to decentralization goes beyond mere technicalities. The platform embraces a community-driven approach, emphasizing transparency, open access, and a collective drive towards refining and expanding the ecosystem. This ethos ensures that NEAR's growth is not just technological, but also holistic, fostering a vibrant community of users, developers, and stakeholders.

Resources

Official Website: https://near.org

Official Documents: https://docs.near.org

NEAR Wiki: https://wiki.near.org

NEAR University: https://www.near.university

How Does NEAR Protocol Work?

NEAR Protocol is a Proof-of-Stake (PoS) blockchain that integrates the concept of sharding for data processing. By incorporating both PoS and sharding, NEAR Protocol can address two significant challenges faced by traditional blockchains: energy efficiency and scalability.

The PoS consensus mechanism differentiates itself from the energy-intensive Proof-of-Work (PoW) models. Instead of relying on computational power to validate transactions, PoS uses validators who lock up a certain amount of tokens as stakes. These validators are chosen based on the amount of token they hold and are willing to 'stake' or lock up as collateral. This ensures a more energy-efficient and faster transaction validation process.

The brilliance of sharding comes into play when you consider the bottleneck issues other blockchains face. Sharding partitions the data into segments, known as shards, which permits simultaneous processing of transactions. Each shard processes its transactions and smart contracts independently. By doing so, it massively increases the overall throughput of the network, allowing for faster and more efficient processing. Thus, the amalgamation of PoS and sharding empowers NEAR Protocol to achieve exceptional speed and scalability.

Beyond these core features, NEAR Protocol has taken significant strides to ensure a seamless interplay with Ethereum, one of the foremost blockchain platforms in the industry. Recognizing the expansive and established ecosystem of Ethereum, NEAR introduced two pivotal solutions. The first is the Rainbow Bridge, which acts as a conduit between NEAR and Ethereum, facilitating the effortless transfer of assets between the two chains. This ensures that users can fluidly move between both ecosystems without the need for third-party intermediaries.

The second initiative is Aurora, a layer-2 solution developed atop the NEAR Protocol. Aurora is crafted to be fully compatible with Ethereum, allowing Ethereum-based decentralized applications (dapps) to operate seamlessly on NEAR. This not only provides dapps with a high-speed environment but also extends the usability and reach of the NEAR Protocol to the vast Ethereum user base.

What Is The NEAR Token?

The NEAR token is the native cryptocurrency of the NEAR Protocol. Since the network is a PoS blockchain, NEAR is needed to become a node. It serves multiple purposes within the ecosystem:

- Staking and Security: NEAR tokens are staked by validators, who in return get the chance to participate in the block production and consensus processes. This staking mechanism ensures network security and trustworthy operation.

- Transaction Fees: Like most blockchain networks, NEAR Protocol charges fees for transaction processing. Users pay these fees using the NEAR token.

- Smart Contract Deployment: Developers deploying and running smart contracts on NEAR Protocol will need NEAR tokens to cover the associated costs.

NEAR Protocol's Impact on Finance

The world of finance is undergoing rapid transformation with the advent of decentralized finance (DeFi) applications. NEAR Protocol, with its focus on scalability and usability, provides a fertile ground for the development and operation of DeFi platforms. Its scalable infrastructure ensures that financial applications can handle high volumes of transactions, a must-have for any serious financial platform.

Moreover, NEAR's efficient fee structure provides a cost-effective alternative for developers and users alike, challenging traditional financial systems in terms of both speed and economy.

What Determines NEAR Protocol's Price

The NEAR Protocol, a significant player in the blockchain space, has been making waves with its innovative approach to decentralized application (dApp) development. The current price of the NEAR Protocol is influenced by a myriad of factors, including its unique technology and the vibrant ecosystem it fosters. As a Layer 1 blockchain, it stands out with its scalability and user-friendly features, pivotal factors in determining the current NEAR crypto price. The NEAR coin market cap is also significantly impacted by its native token, NEAR, which is utilized for transaction fees and storage on the platform, fostering a dynamic NEAR token price today.

An analysis of the NEAR Protocol's price reveals that its unique Nightshade sharding system plays a crucial role in price determination. This system allows the blockchain to scale horizontally, enhancing transaction speeds and reducing costs, which is a significant factor in the NEAR cryptocurrency price prediction for 2023. Moreover, the NEAR Protocol's focus on sustainability and user-friendliness makes it a promising venture in the crypto space, potentially influencing the NEAR Protocol coin price positively. The graph showcasing the history of NEAR Protocol price movements is also expected to be influenced by its compatibility with Ethereum through the Aurora Layer 2 scaling solution, combining the scalability of NEAR with the reach of Ethereum and offering a lucrative platform for dApp developers.

Furthermore, forecasts for the NEAR Protocol price are buoyed by its robust tokenomics. With a maximum supply of 1 billion NEAR tokens and a current market cap exceeding $1 billion as of September 2023, the NEAR Protocol is poised for substantial growth in the coming years. Live updates of the NEAR Protocol price indicate that it is expected to benefit from recent fundraising rounds, which have bolstered its financial position, enabling it to compete effectively with established players in the market. The current NEAR Protocol price in USD is hovering around $1.12, with speculations indicating a potential tripling in value over the next year, making it an attractive investment option.

technical.performance.title

coin.24Hcoin.7dayscoin.30dayscoin.90dayscalculator.common.one_yearcoin_market.all_time
-6.24%-13.74%-18.23%-11.48%+164.71%+232.54%

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coin_market.timecoin.lowcoin.high
24h$3.97$4.29
7d$3.97$4.51
30d$3.97$5.31
90d$3.08$5.86
1y$1.35$8.99
coin_market.all_time$0.5260(2020-11-04, coin_market.years_ago )$20.42(2022-01-16, coin_market.years_ago )

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$4,880,398,043.09
-6.24%
coin_market.fully_cap
$4,882,609,673.51
-6.24%
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$232,816,669.37
+7.00%
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+99.00%
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0.0477
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1,217,450,100 NEAR
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1.22B NEAR
-- NEAR
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3
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0(#214)
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525
0%
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414(#51)
+17%
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0.04%
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35
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51
-18%
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0
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Is NEAR Protocol a good investment?

Key to NEAR's prominence was the Aurora Ethereum Virtual Machine (EVM) launch, ushering in Ethereum compatibility coupled with reduced transaction costs. This move augments NEAR's appeal, offering a cost-efficient alternative for Ethereum enthusiasts. The debut of the Rainbow Bridge seamlessly bridged NEAR Protocol with Ethereum, the dominant dApp playground. This bridge, combined with alliances with heavyweight chains like Polkadot and Cosmos, amplifies NEAR's scalability and its allure for developers. NEAR's expanding toolkit and its positioning in the Web 3.0 frontier is drawing dApp developers in droves. As they flock, NEAR's on-chain activities are anticipated to surge, possibly buoying its market value even further.

What determines NEAR Protocol value and price?

The value and price of NEAR Protocol, like other cryptocurrencies, are influenced by a variety of factors: Supply and Demand: The most basic economic principle that drives the value of any commodity, including cryptocurrencies like NEAR, is the relationship between supply and demand. If demand increases (or supply decreases), the value is likely to rise. Technical Development and Updates: Upgrades, updates, or technical advancements on the NEAR platform can have a positive impact on its perceived value. Adoption by Developers: The more developers build on NEAR, the greater the utility and demand for the token. The growth of dApps and smart contracts on the platform can contribute to its value. Partnerships and Collaborations: Strategic collaborations with other companies, platforms, or even governments can significantly boost the perceived value and utility of NEAR.

What are the advantages of NEAR protocol?

NEAR Protocol has strategically positioned itself as a nexus for cross-chain interactions. Central to this is the Rainbow Bridge, facilitating seamless token transfers from Ethereum to NEAR. This bridge not only enhances liquidity but also encourages Ethereum users to experience the capabilities of the NEAR ecosystem.

Is NEAR Protocol a Layer 1 solution?

Near Protocol is a blockchain network at layer 1. It provides a platform for developers to create decentralized applications (dapps). Near Protocol is both faster and less expensive than Ethereum. More importantly, it is expected to be faster than some of the other major competitors.

What is unique about NEAR Protocol?

In April 2021, the NEAR team introduced the Rainbow Bridge, a groundbreaking solution to facilitate the seamless transfer of ERC-20 tokens between Ethereum and NEAR Protocol. This is what is known as bridging.

What is NEAR Protocol used for?

The NEAR token, representing the core of the NEAR Protocol, serves multiple vital roles within its ecosystem. As the network's native cryptocurrency, it facilitates transactions, acting both as a medium of exchange and a mechanism for allocating transaction fees. Beyond mere transfers, the NEAR token is instrumental in rewarding network participants. Additionally, token holders are empowered to engage in network governance, influencing the protocol's evolution. Furthermore, staking capabilities within the NEAR network offer token holders potential passive returns, underscoring the token's multifaceted utility.

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PHOENXCORP
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price_sidebar.total_pnl $938,815.34
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