What is NEAR?
NEAR protocol is a Layer 1 proof-of-stake blockchain designed with a sharding design to improve scalability.
NEAR was launched in 2020 and developed by the Switzerland-based NEAR Foundation, which was founded by a couple of machine learning researchers.
In 2021, NEAR launched their Ethereum Virtual Machine (EVM) compatible mainnet, dubbed Aurora.
Anyone with a NEAR Wallet can trade NEAR cryptocurrency, buy NFTs on NEAR marketplaces, or earn yield on their crypto assets with the many financial products available.
What are the core features of NEAR?
- Scalability: NEAR uses a unique sharding technique called Nightshade to partition the network into smaller shards, each capable of processing thousands of transactions per second.
- Interoperability: NEAR has built-in support for cross-chain communication, allowing developers to build applications that can interact with other blockchains and decentralized finance (DeFi) protocols.
- Developer-friendly: NEAR provides a range of tools and resources for developers, including a software development kit (SDK), smart contract language, and a user-friendly interface for deploying and managing applications.
- Low cost: NEAR’s transaction fees are designed to be low, making it an affordable platform for developers and users alike.
- Security: NEAR uses a proof-of-stake consensus mechanism and provides a range of security features to protect against attacks and ensure the integrity of the network.
- Community-driven: NEAR has a vibrant and growing community of developers, validators, and users who are actively contributing to the development and growth of the platform.
What is the native token of NEAR?
The native token is NEAR. It is needed to pay for gas fees for all transactions on NEAR. It can also be staked with validators for rewards, and governance of the chain.