Near Protocol and NEAR Coin: An Overview - Latest cryptocurrency news

Near Protocol and NEAR Coin: An Overview

Near Protocol is a decentralized application platform designed to create usable applications on the web. It operates on the Nightshade Proof-of-Stake (PoS) consensus mechanism and aims to provide scalability and fixed fees.

NEAR Protocol was designed by Alex Skidanov and Illia Polosukhin, both experienced developers in programming.

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NEAR Coin is the utility token of Near Protocol. The NEAR token economy is the value unit on the platform, allowing token holders to use applications, participate in network governance, and earn token rewards through staking in the network.

NEAR tokens are used by two main groups: applications and users, similar to transaction fees on blockchains like Ethereum. Additionally, nodes that support the operation of the network are compensated with increasing rewards through inflation, allowing token holders of any size to secure and profit from their tokens by contributing to a verification pool and participating in staking.

NEAR tokens can be acquired through various means. Users can earn NEAR Protocol Coins by winning development rewards, NEAR hackathons, or actively participating in the community. Furthermore, it is possible to earn NEAR as a validator by convincing others to stake their tokens.

NEAR coins can be purchased through various exchanges. Those without a NEAR account can also acquire NERZ coins through tokens sent by friends. According to the platform, there will be new methods of token acquisition in the future, such as earning rewards.

The NEAR economy is designed to ensure cheap usage while securing the network during scaling. NEAR also operates as a “Proof of Stake” network, meaning that each block is confirmed when a sufficient number of validators accept that every transaction within the block has been executed correctly.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
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