NEAR Protocol is a decentralized platform that offers benefits to developers and businesses moreNEAR Protocol is a decentralized platform that offers benefits to developers and businesses. It uses a sharded, proof-of-stake consensus mechanism to ensure scalability, fast transaction speeds, and low fees. Some possible benefits of NEAR Protocol are:
1. Scalability: NEAR Protocol allows developers to easily build scalable and secure decentralized applications (dapps) without worrying about the technical details of scaling. The sharding mechanism increases the number of transactions that can be processed simultaneously and helps to reduce latency.
2. User-friendly: NEAR Protocol's user interface makes it easy for developers to build and deploy dapps, and for users to interact with them. The NEAR Wallet, which holds NEAR tokens, allows users to access multiple dapps from one place.
3. Low fees: NEAR Protocol's fee structure is designed to be affordable for both developers and users. The cost of a transaction on NEAR Protocol is typically a fraction of a penny, regardless of the amount being transferred.
4. Cross-chain interoperability: NEAR Protocol is designed to be compatible with other blockchains and can support cross-chain asset transfers. This allows for greater liquidity and flexibility for users and developers.
5. Governance: NEAR Protocol has a strong focus on community governance, allowing token holders to vote on proposals and changes to the protocol. This helps to ensure that the platform stays decentralized and responsive to the needs of its users.
The NEAR token plays a vital role in the ecosystem, serving as the native currency of the network. It is used to pay transaction fees, as well as to incentivize developers to build and maintain applications on the platform. Holders of NEAR tokens can also participate in governance and decision-making within the ecosystem.
- "What Is NEAR Protocol? Introduction to NEAR Protocol and Its Benefits." CoinBureau, 29 May 2021, coinbureau.com/education/near-protocol/.
- NEAR Protocol Whitepaper, near.org/papers/. (AI generated summary)
Interoperability to many blockchains
Climate neutral blockchain
Developers receive 30% of fees from smart contracts
Readable account names
Doomslug: proof of stake with validators, about 4.5% "interest" on their stake
Ethereum Virtual Machine
Rainbow Bridge: bridge to Ethereum
Aurora: Ethereum dApps on NEAR
Allbridge: bridge to Solana, Terra, Celo and more
Octopus Network: interoperability between blockchains
Randomization of all selection processes for validators
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