All you should know about Near Protocol

Updated on 20 August, 2022 3:58 PM
1 min read

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    Near Protocol is software that enables developers to build their decentralized applications (dApps) at affordable prices. dApps are digital applications built on the blockchain network and are not regulated by any single organization or entity. Near protocol follows the Proof-of-Stake (PoS) consensus algorithm. PoS operates by selecting a node to be the validator of the next block in the chain. A pseudo-random election process is utilized to facilitate this.

    It is a Layer 1 blockchain network that was launched in April 2020. Alexander Skidanov and Illia Polosukhin developed the software. As the name suggests, Layer 1 is the blockchain network's primary or foundation layer. The dApp developers utilize this foundation layer to build their apps on a decentralized blockchain network. For people familiar with Ethereum and Bitcoin, the Near protocol can be considered a similar blockchain network. Its distinguishing factor is a more secure validation mechanism.

    History of the Near Protocol

    Its developers initially started the Near Protocol as a machine learning program and named Near.ai. Simultaneously, its developers also wanted to devise solutions that could Fastrack the solutions offered by other blockchain networks such as Cardano and Ethereum. However, they soon realized that changing the transaction speed and transaction charges of existing platforms was difficult as they required the introduction of new algorithms.

    With almost every other blockchain network trying to devise a solution to this issue, the developers of Near were among the first to adopt technologies that could resolve these dominant issues and provide a great user experience. For this reason, it is also regarded as one of Ethereum’s most prominent competitors.

    Near’s Native Token

    The software operates its native tokens with the name NEAR. Users can pay transaction fees and gas costs using this token. They can also participate in voting processes related to governance matters, as with any other DAO or Decentralized Autonomous Organization. Users with these native tokens can also decide on the protocol’s future. 

    How to build apps using the Near Protocol?

    What better than providing crypto enthusiasts with an opportunity to build their applications? Some readers interested in having their decentralized applications must have even started hunting the net to find methods to get started with the Near Protocol. But for the ones who believe that we have covered them in all aspects, you can rest assured that Flint will never let you down. So following are some simple steps that users can follow to build their extensions using the Near Protocol:

    Step 1: Start with creating an account on Near. 

    Step 2: Next, deposit tokens on the platform to pay transaction fees and earn rewards.

    Step 3: After funding, publish your dApp on the network. Setup a contract that specifies your dApp’s functionality and utility to be able to publish your application on the web.

    Features of Near Protocol

    • It is scalable and can process thousands of transactions per second.
    • It has a user-friendly interface and can be accessed by everyone, irrespective of their technical soundness.
    • The Near Treasury ensures complete security of the platform by providing incentives to validators for entirely securing the platform.
    • It facilitates cross-shard communication and state-sharding, which further enhances its speed. Sharding is the process of splitting blockchains into several smaller parts. Near’s Nightshade Technology enables this.
    • It utilizes a consensus mechanism known as Doomslug that enhances the platform's overall performance.
    • Its Rainbow Bridge feature facilitates cross-chain interoperability, which means Ethereum assets can be transferred between Ethereum and Near Protocol in a fraction of seconds.

    Projects built with the Near Protocol

    Examples of popular projects built by utilizing the advantages offered by the Near Protocol are:

    • Mintbase: An NFT minting platform. NFTs are Non-Fungible tokens that people often use to safeguard their digital assets from copyright infringement.
    • Flux Protocol: Developers utilize scenarios and features from real-world events to create markets on this platform.

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