NEAR is a decentralized application platform that is secure enough to manage high value assets like money or identity and performant enough to make them useful for everyday people, putting the power of the Open Web in their hands.
NEAR Protocol is a decentralized application platform designed to make apps usable on the web. The network runs on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, which aims to offer scalability and stable fees.
NEAR’s token economy is built around the NEAR token (aka $NEAR), a unit of value on the platform that enables token holders to use applications on NEAR, participate in network governance, and earn token rewards by staking to the network.
The NEAR token (aka $NEAR) is a utility token which powers the NEAR Protocol blockchain and all applications which use it. NEAR Protocol is a fully operational, open source blockchain designed to solve both the scalability and usability problems faced by other protocols. It is designed from the ground up to give builders the best tools to build scalable applications that real people can actually use.
As described in the Economics section below, $NEAR uses a block-rewards-with-burn model that, at high rates of usage, means token supply will be reduced over time.
Apps & Users
Similar to blockchains like Ethereum, the NEAR token is used to pay for transactions by users of applications which are built on top of the NEAR platform. These apps can be anything from new Defi protocols to digital item marketplaces to everyday gaming apps.
Validators & Delegators
The nodes which run the network are compensated by inflationary rewards. Tokenholders of any size can stake by lending their tokens to a validating pool and earn return by helping to secure the network this way.
How to Get the NEAR Token
You can earn $NEAR by taking part in development bounties, by running a community which helps people build on NEAR, by winning a NEAR hackathon or otherwise being an active part of the community. If you are able to attract other people to lend you tokens for staking, you can also earn $NEAR by running a validator.
$NEAR is available on several major exchanges (see below), where you can sign up and buy the token using either fiat currency or crypto.
From a Friend
You don’t have to have a NEAR account to receive NEAR tokens! The “NEAR Drop” approach allows your friend to pre-fund a new account and send you a hot link to retrieve the tokens.
How to Store the NEAR Token
Similar to other blockchains, NEAR tokens are linked to accounts which are secured by private keys. For most people, that means you need to sign up for a wallet which supports NEAR and the wallet will take care of the difficult parts.
If you bought $NEAR on an exchange, they will have the wallet for you.
If you bought $NEAR on Coinlist or previously, you will have an account from your claims process.
If a friend sent you a NEAR Drop, you will be asked to create a NEAR wallet.
NEAR is a scalable smart contract platform that supports decentralized applications of almost any kind. Leverage an ecosystem of components backed by cutting edge technology.
The NEAR Wallet lets your users authorize low-stakes transactions without multiple pop-ups or, in many cases, without even holding tokens.
Transfer tokens directly between accounts on NEAR or bridge assets from other platforms to create next-generation financial applications.
The network scales horizontally using the same sharding technology that powers databases behind the largest companies in the world.
NEAR uses the “Nightshade” consensus, which is a Byzantine Fault Tolerant algorithm designed for speed, simplicity and security.
Contracts are rewarded with 30% of the gas fees they generate, giving developers an immediate business model for apps and infrastructure.
Where Can They Buy NEAR Protocol (NEAR)?
NEAR is available for trading on a growing number of exchanges, with cryptocurrency and stablecoin pairs currently available.
Binance offers the largest number of pairs as of October 2020, while Huobi Global also offers Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) options.
New to cryptocurrency? Read CoinMarketCap’s easy guide to buying Bitcoin or any other token.
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One of Coinworldstory's longest-tenured contributors, and now one of our news,ico,hyip editors, Verna has authored over 6900+ stories for the site. When not writing or editing, He likes to play basketball, play guitar or visit remote places. Verna, to his regret, holds a very small amount of digital currencies.