Near Protocol Coin (NEAR)

The Near Protocol Coin project, coupled with the NEAR cryptocurrency, offers an alternative to Ethereum by providing high throughput and low-cost capabilities for hosting decentralized applications (DApps). Within the NEAR ecosystem, developers can find extensive support for deploying various applications, including games, DeFi apps, NFTs, and decentralized autonomous organizations.

NEAR coin functions as the native cryptocurrency in the Near Protocol coin ecosystem and serves as a utility token supporting the blockchain's proof-of-stake consensus mechanism.

For those interested in exploring Near Protocol Coin (NEAR) but unsure where to begin, this guide is tailored to provide comprehensive insights into the project, ensuring readiness for engaging in one of the most user-friendly trading experiences in the market.

What is the NEAR Protocol Coin?

NEAR Protocol Coin is a layer 1 blockchain leveraging sharding technology for scalability. Utilizing smart contracts and adopting Proof of Stake (PoS) consensus, NEAR aims to secure its network. Co-founded by Alex Skidanov and Illia Polosukhin in 2020, the NEAR Protocol coin, built by the NEAR Collective, is designed as a community-driven cloud infrastructure supporting decentralized applications (DApps).

The NEAR platform encompasses a diverse range of programming tools and languages, offering smart contracts with cross-chain functionality to assist developers in building DApps. The platform simplifies the onboarding process, using human-readable account names instead of cryptographic wallet addresses. As a PoS blockchain, NEAR was recognized in 2021 for its carbon neutrality, earning the Climate Neutral Product Label.

Who Founded Near Protocol Coin?

Near Protocol coin, now Pagoda, was co-founded by Erik Trautman, Alex Skidanov, and Illia Polosukhin. The Near mainnet went live in April 2020, followed by the launch of the NEAR token five months later.

Trautman, recognized as an entrepreneurial fire-starter, previously founded several high-tech companies before joining forces with Skidanov and Polosukhin to establish Near Protocol coin, where he served as head of operations and CEO.

Skidanov initiated his career at Microsoft and later joined memSQL in 2011, where he held architectural and engineering roles. His accolades include winning bronze and gold medals at the International Collegiate Programming Contest in 2005 and 2008, respectively.

Polosukhin joined Near Protocol Coin after a tenure in Big Data predictive analytics and AI, including three years at Google overseeing deep learning and natural language understanding teams.

In February 2022, Near introduced Pagoda as the world's first Web3 startup platform, expanding on its work in creating and building upon Near. Pagoda offers a fully Web3-native toolset for developing, maintaining, and scaling blockchain-based startup projects, contributing to the NEAR ecosystem with a team spanning 20 countries.

How Does the NEAR Protocol Coin Work?

NEAR Protocol Coin implements features within its ecosystem to enhance its performance against other smart contract-enabled blockchains like Ethereum, EOS, and Polkadot.

Nightshade Sharding: NEAR Protocol Coin utilizes Nightshade as its core technology, employing sharding to process data efficiently. Sharding involves distributing transaction processing among numerous validator nodes, allowing for higher transactions per second (TPS). Nightshade on NEAR enables block producers and validators to process transaction data in parallel across multiple shards, maintaining network efficiency and low transaction fees.

Thresholded Proof of Stake (TPoS): NEAR Protocol Coin uses TPoS, an election mechanism where validators stake NEAR tokens via a signed transaction. Validators are selected based on staked amounts above a minimum threshold within each epoch, proportional to their stake.

Rainbow Bridge: This application facilitates the transfer of ERC-20 tokens, stablecoins, wrapped tokens, and NFTs between Ethereum and NEAR blockchains. Users can leverage NEAR's higher throughput and lower fees. Tokens are bridged by depositing them in an Ethereum smart contract, locking them on Ethereum while new tokens representing them are created on NEAR Protocol Coin.

Aurora: As a layer-2 solution on NEAR, Aurora aims to enable developers to expand their apps on an Ethereum-compatible platform with low transaction costs. It incorporates the Aurora Engine, an Ethereum Virtual Machine (EVM) on NEAR Protocol Coin, providing compatibility with Ethereum's ecosystem. Developers can use the Aurora Bridge to seamlessly bridge smart contracts and tokens between Ethereum and NEAR, paying transaction fees with ETH on Aurora.

Unique Aspects of Near Protocol Coin

Near is actively developing technology to facilitate cross-blockchain apps, positioning itself as a frontrunner in Web3. It offers an extensive array of developer tools, emphasizing its platform as a top choice for blockchain-based applications.

The Near Foundation engages in various initiatives such as grants, a start-up accelerator, and developer programs like Near Academy and Near Certified Developer, aiming to support developers in blockchain-related ventures. Additionally, Near prioritizes environmental responsibility, achieving carbon neutrality for the NEAR Protocol Coin through measures such as supporting tree-planting projects and reducing avoidable emissions, validated by the South Pole, a climate solutions provider.

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