What is Near? In-depth Analysis of Near & Near Token

I. What is Near?

NEAR Protocol is a blockchain that operates on a Public Proof of Stake and Sharded mechanism. It is like a community-run, highly scalable and low-cost cloud platform for developers to create decentralized applications easily.

NEAR is secure enough to manage high-value assets like money or identities and efficient enough to make them useful, especially given the power of Open Web in the hands of users.

And one thing to note, NEAR is not a side chain, not even an ERC20 token or a specialized blockchain, but simply a 1-layer protocol designed to be platform-independent. Open Web.

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III. Striking Features of Near

The outstanding feature of NEAR Protocol is its ability to solve System Design problems.

NEAR Protocol’s foundation and organization is specifically structured to solve problems related to system design, with a focus on creating Dapps (decentralized applications) platforms that can Extensible, usable, and operational governance structures, and the protocol evolves continuously so it doesn’t go out of date.

The community-run project’s cloud platform uses a new consensus algorithm and a scalable Sharding architecture to achieve high-level design goals.

IV. Core Technology of Near

These are core technologies of Near:

Sharding: The system is designed to distribute computation across multiple shards in parallel.

Consensus: Reach consensus on all nodes through the use of a new algorithm called Nightshade.

Staking selection & Game theory: To participate in the validation process, stakers are selected using a secure random process, which optimally distributes space between parties and provides incentives for them to work with good behavior.

Randomness: The random approach is unpredictable.

Technology design principles: When designing these technologies, the project team must ensure that principles such as ease of use, friendliness, scalability, simplicity, and sustainable decentralization are followed.

Near Protocol uses a sharding structure in the network. This system design is quite similar to Polkadot’s Parchhain structure and the future is Ethereum 2.0, here we can translate Sharding as sharding protocol. This structure allows network nodes to run their own network, where each validator is responsible for validating blocks and transactions for each of its own networks (shards) and connecting to each other via a parallel sharding protocol.

*Validator: is a protocol that sets rules for transaction validation and block generation.

Cross-Shard Transaction occurs when there is a transfer from two different shards. If in the same shard, blocks will self-validate and save on their shard. Near Protocol’s Cross-Shard Transaction is a transaction data validation protocol that collects commands from multiple Validators of each Shard to sign the transaction.

The NightShard consensus mechanism is a consensus structure in which some Validators can be anonymized in order to limit network attack through vulnerabilities when creating fault sharding protocols. The Shard Chains block generation process includes many Validators that can be randomly selected to participate in signing transactions.

Stake & election: Validators or network nodes must stake a certain amount of network tokens to participate in transaction validation and block generation. The selection is random and unpredictable. Near Protocol’s recent update has just introduced Rainbow Bridge technology that bridges Near and Ethereum. This will be empowered by leveraging the entire Ethereum ecosystem allowing for cross-chain interoperability. Anton Bukov is the Co-founder of 1Inch.exchange exchange and the main advisor for this protocol.

V. What is Near?

1. Detailed Information about Near Token

NEAR is the token of the Near Protocol platform. There are the following main functions:

Staking Token NEAR allows token authorization for full nodes to participate in platform governance and receive distribution rewards.

Tokens to pay for the platform, exchange and trade used as payment fees for DeFi applications.

Some basic information about the NEAR token

Key Metrics: NEAR

Ticker: NEAR.

Blockchain: Near

Token type: Utility + Governance.

Token standard: https://explorer.near.org/.

Total Supply: 1,000,000,000.

Circulating Supply: 476,366,166.

2. NEAR Allocation

There were 1 billion 1,000,000,000 NEARs generated at the Genesis block on April 22, 2020. The allocation is more detailed in the following sections:

Core Contributors: 14%

3. NEAR Noticeable Milestones

NEAR Token Initial Circulation Supply

Much of the NEAR coin’s initial supply is subject to a long-term lockup. So the initial circulating supply is made up of terms for a community sale, future distribution, a handful of community contracts, etc. All supplies existing in the primitive block are unlocked in the month of 60.

The graph shows the increase in circulating supply when unlocked and new coins created (mint):

Circulation supply by item details as follows:

NEAR Token Release Schedule

Backers: The project has had its first fundraising from backers since 2017 and the detailed payment time is as follows:

Community Grants & Programs: Used to sponsor, contribute to building the community from education, awareness raising, events through giveaway or selling to the community. NEAR coin will be released to this group over 60 months.
Core Team: Lock-up 4 years with 12 months of full benefits after launch.
Early Ecosystem: Lock-up 6 or 12 months. Regarding the expected unlock, there is no announcement about this program yet.
Operation Grants: Expected to be distributed in the first half of 2020 and early 2021.
Community Sale: Up to 100 million NEAR coins are distributed to the community through Community Sale. But only 25 million coins will be unlocked and the rest will be locked-up from 12 to 24 months.

NEAR Token Sale

2.5% equivalent to 25 million NEAR coins was opened for sale on 12/08/2020 on Coinlist and this activity has ended.

4. Use Cases of NEAR

NEAR coin will be used for the following purposes:

Payment of fees for transaction processing and data storage systems.
Run a validator node, staking to earn rewards.
Participate in ecosystem governance.

VI. How to earn & own NEAR?

Currently, NEAR is traded on many different exchanges with a total daily trading volume of about 3.4 billion USD. Exchanges that list this token include: Binance, OKEX, BKex, Latoken, Bitmart, Kucoin, Gate.io, etc

VII. Which Crypto Wallets are suitable for NEAR?

NEAR coin storage wallet

NEAR coins can be stored on Near Wallet or an exchange account that supports the coin. In addition, users can also store this coin at the NEAR wallet on Super App by following the steps below:

Step 1: Select Near wallet on the main screen.
Step 2: Select Receive.
Step 3: Copy the wallet address and transfer the NEAR coin.

NEAR coin exchange

Currently, you can trade NEAR on Binance, CoinTiger, Hotbit and MEXC.

In addition, users can also trade NEAR right at the Swap section of Exchange quickly & conveniently at the end of the article.

VIII. NEAR Recent Developments

The project officially launched its mainnet in May 2020, becoming a formidable opponent of Ethereum 2.0, an upgraded version of Ethereum when only the sound was heard but no picture.
In the “crazy” of DeFi, you can realize that Ethereum’s transaction processing speed and gas fees are quite a big problem for users, which can be the impetus to create other blockchains with properties. more breakthroughs.
NEAR is one of those emerging names that confidently claims to be many times more effective and less expensive. In particular, with a cost 10,000 times lower than Ethereum and amazing scalability, which Ethereum is struggling with.
The main concern of the project team is user experience and user needs. This is considered NEAR’s guideline when developing towards an easy-to-use and friendly platform suitable for developers, end-users and validators.
Currently, blockchain technology has only been applied in supply chain and cross-border payments, there is still a lot of room for development in the mainstream industries that the project is aiming for.
The project is reaching out to many businesses to unlock new business models, not only at Gaming, DeFi, Open Finance but I am sure that the project will also contribute to changes in the industry in the future. , because NEAR will develop in the direction of demand and supply.
Currently, NEAR’s ecosystem is gradually completing with the necessary pieces such as: Stablecoins, AMM DEX, Oracle, Lending & Borrowing, IDO Platform and NFT Marketplace. Let’s see the outstanding projects in each of those pieces through the article and video below.

IX. Teams, Funds & Partners of NEAR

1. Team

Investor

The project has many backers to support future development, some prominent investment institutions such as a16z, Coinbase Ventures, Libertus Capital,…

Project Team

A strong team with 200 contributors, of which the core resources are people with many years of experience and former members of corporations and organizations such as Facebook, Google, Microsoft, Consensys,etc

2. Investment Funds

3. Partners

XI. FAQs about NEAR

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