NEAR Protocol Cryptocurrency Review

Decentralized blockchain platforms are especially interesting for those users who want to maintain complete anonymity of their transactions. A striking example of such a platform is the new but rapidly developing NEAR Protocol project with the NEAR token. Course schedule:

The principle of operation and the main advantages

The NEAR Protocol blockchain platform was created by former Microsoft and Google engineers Alexander Skidanov and Ilya Polosukhin in 2020. The project quickly became popular and was highly appreciated by Vitalik Buterin, the founder of Ethereum.

The platform operates according to the PoS (Proof of Stake) mechanism, the distinctive feature of which is scalability (fast transaction execution) with low fees. The peculiarity of the NEAR blockchain is that each of its segments is supported by its own network of validators (the so-called nodes of the network that support its operability by adding new blocks), and all segments work in parallel. This mechanism ensures the speed of transactions.

In NEAR Protocol, the user can create their own applications (for example, games or trading platforms), making payments with NEAR tokens. The token works according to the “reward per block with burning” model, which prevents token inflation. According to the developers, any user can develop their own application in just a few minutes.

NEAR Token Overview

The NEAR token can be used to pay commissions on the blockchain network, staking and voting on project management.

There are several ways to get NEAR tokens. So, the coins can be received by developers of applications through which users make transactions on the network. Validators also receive tokens as a reward. Another way to get coins is staking.

The initial price of the token did not exceed $ 2, but a year later the cost began to grow rapidly to $ 20. Then there was a decline. In September 2022, the coin cost ~ $3.5.

The advantage of NEAR is full compatibility with Ethereum. The coins of these cryptocurrencies can be quickly and easily exchanged with each other.

Where to buy and store NEAR

The token is traded on popular cryptocurrency exchanges (Binance, OKEx and others) paired with bitcoin, USD, USDT, internal exchange tokens. It is easy to buy it on the EXMO crypto exchange.

Tokens can be stored in the project’s own wallet, as well as in Trust Wallet and Math Wallet crypto wallets.

Cryptocurrency NEAR Protocol: forecast and prospects

The developers of the project managed to quickly attract a very large amount of investment and create a large-scale ecosystem based on the NEAR Protocol platform, which became famous all over the world.

The ecosystem includes projects for the rapid transfer of information, token trading, and the NFT marketplace. A special fund with NEAR and USDT tokens has been created to support new developments.

The project is developing rapidly, but, according to some experts, it remains a little undervalued. Consequently, the hopes of NEAR holders for getting a good profit in the future are most likely justified.

Published: 19 November, 2022