NEAR Protocol: EARN $4800 YEAR Staking! Top 10 Token By 2022?
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#Nearprotocol #Whatisnearprotocol #DAaps
NEAR Protocol is a layer 1 blockchain that uses sharding technology to achieve scalability. NEAR uses smart contracts and adopts the Proof of Stake (PoS) consensus mechanism to secure its network. Built by the NEAR Collective, the NEAR Protocol was co-founded by Alex Skidanov and Illia Polosukhin in 2020. The project is being developed as a community-operated cloud infrastructure for hosting decentralized applications (DApps). The protocol aims to offer the best possible environment for decentralized applications (dapps) by addressing some of the drawbacks of competing systems. They include limited throughput, slow speeds, and incompatibility between platforms.
❓What is NEAR ❓
NEAR is a smart contract blockchain platform which is efficient, community based, and developer friendly. According to their website, you can create a decentralized application on NEAR in just 5 minutes. NEAR was created by Alexander Skidanov and Illia Polosukhin in 2018 shortly meeting through the famous San Francisco based Y Combinator start up accelerator program. NEAR raised nearly 15 million dollars in two private funding rounds. For almost two years now, NEAR has been making videos for their Whiteboard Series where they get developers from crypto projects like Ethereum, Polkadot, Cosmos, and Solana to explain how their blockchains work in detail
🤓How does NEAR work? 🤓
NEAR is a delegated proof of stake blockchain with smart contract compatibility. It uses sharding to maximize efficiency and it is governed by holders of its native NEAR cryptocurrency token. NEAR is also interoperable with Ethereum via their Rainbow Bridge. NEAR uses a sharding mechanism called Nightshade. Instead of creating multiple “side chains” like you would in a cryptocurrency like Polkadot, shard chains on the NEAR blockchain are modeled as a single blockchain. NEAR uses a block production mechanism called Doomslug. It involves letting different validators take turns producing blocks in accordance with how many NEAR tokens they have staked. Each shard on the NEAR blockchain has 100 seats. To be a validator, you need to hold at least one seat in that shard, and the stake required for you to hold that seat depends on the total amount of NEAR tokens being staked by validators in that shard.
DISCLAIMER: This is not financial advice! This is an entertainment and opinion-based show. I am not a financial adviser. Please only invest what you can afford to lose, and we encourage you to do your own research before investing. DYOR