NEAR PROTOCOL – What Is NEAR – How It Works – NEAR PROTOCOL Review
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If YES, what’s it to you?
We will have two days of talks, networking and workshops about:
– Interoperability and Scalability
– DeFi and NFTs
– Music and Gaming
– Sustainability and more!
More then 80 top crypto vissionairs and 20 ecosystem exhibitors are going to perform sharing their ideas, knowledge, secrets and views on whats the next big step for crypto future.
You still can join NEAR CON by getting a ticket paid by NEAR, or if you can’t make it live, can be sure that all essentials of event will be streamed here:
Hi, this video was prepared to reveal to you what NEAR Protocol is. In clear language, we will explain how it works and why NEAR is confidently holding on in TOP-50, and after all, to hold on to TOP cryptocurrencies by market capitalization this year, you have to try very hard. If you want to know how people earn millions of dollars with it, watch our video to the end, we will tell you some secrets that will be useful for you. We will leave you a link to buy NEAR under the video. And don’t forget to subscribe and like the channel. Stay tuned, we have a lot to show you!
NEAR Protocol is an open-source, high-bandwidth smart contract platform for creating decentralized applications.
It is a developer-friendly blockchain that includes some innovations to increase scalability and reduce costs for developers and end-users. According to the creators, an application on Near can be launched in just 5 minutes.
Near is open source, anyone can start contributing to its development.
Near Protocol raised nearly $50 million in a private funding round in its first four months, before the blockchain was even built, and it was during a bear market.
The NEAR protocol is based on the Delegated Proof of Stake consensus algorithm and uses sharding to optimize performance. However, unlike sharding in other cryptocurrencies such as Polkadot, all shards in NEAR are treated as parts of a single blockchain
The integrity of the blockchain is ensured by the Nightshade mechanism, which only adds a snapshot of each shard’s current state to a block on the NEAR blockchain. Each shard maintains its own set of nod-validators, which transmit the state of its shard whenever a block is produced.
You can think of this mechanism as an intersection of multiple roads. The intersection is a NEAR blockchain, each road is a shard. The shards are capable of running in parallel because the transactions performed on them do not intersect. This model greatly improves the performance of the system.
Another important component of NEAR is a mechanism called Doomslug, which allows node-validators to take turns creating blocks, which happens every epoch of 12 hours. A new block is created approximately every second.
The source of the block creation reward is inflation, which is currently approximately 5%.
Stacking validators and delegated stacking pools to receive 90% of the block creation reward. 10% is received by the NEAR treasury.
NEAR uses Rainbow Bridge for interoperability with Ethereum. It is an untrusted protocol with no access rights to connect blockchains. The bridge protocol eliminates the need to trust anyone but the security of the connected chains. Anyone can deploy a new bridge, use an existing bridge, or join maintenance of an existing bridge without getting approval from anyone else
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