What is NEAR Protocol (NEAR): Complete Guide for Beginners and Investors
NEAR Protocol is a scalable blockchain designed to provide the ideal platform for decentralized applications. Launched in 2020, NEAR aims to drive blockchain innovation by offering developers simple and secure tools to create and launch dApps.
NEAR Protocol was founded by Illia Polosukhin and Alexander Skidanov. It was built to overcome the limitations of other blockchain systems, providing scalability and user-friendly development tools. The mainnet went live in April 2020, and since then, NEAR has continually expanded its features, including launching the Aurora EVM for cross-chain interoperability in 2021.
TECHNOLOGY
NEAR utilizes a unique sharding technology called Nightshade, which improves scalability by splitting the blockchain into smaller, manageable pieces. It employs a Proof of Stake (PoS) consensus mechanism, which is energy-efficient and incentivizes validators to maintain network security.
USE CASES
NEAR Protocol is designed to host decentralized applications (dApps) and is particularly focused on providing tools for developers. Use cases include: Building and deploying smart contracts; Facilitating decentralized finance (DeFi) solutions; Creating blockchain-based games and applications; Bridging other chains through its Rainbow Bridge.
FORECAST
Many experts view NEAR Protocol as a promising blockchain platform, given its technical efficiencies and robust developer community. Future price performance is expected to be influenced by the growth of the dApp ecosystem, partnerships, and the overall adoption of blockchain technology.
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