What is Near Protocol? Information about Token NEAR

Table of Contents

What is NEAR Protocol?

NEAR Protocol is a blockchain that uses public proof of stake and sharded mechanisms. It is similar to a community-managed cloud platform that is highly scalable and low-cost for developers to create decentralized applications easily.

NEAR secures the management of critical assets like money and identity, while providing enough performance to make them useful, especially in putting the power of the Open Web into the hands of users.

Note that NEAR is not a side chain, not an ERC20 token or a specialized blockchain, but simply a 1-layer protocol designed to independently support the Open Web platform.

Near Protocol website: https://near.org

Outstanding features

System Design problem solving ability

NEAR Protocol’s platform and organization are specifically designed to solve problems related to system design, with a focus on developing scalable and useful dApp platforms. Their organizational structure is built to manage ongoing protocol development and operations, ensuring that it does not become obsolete.

The project’s cloud platform is run by the community, using a new consensus algorithm and sharded architecture, making it scalable to meet high-level design goals.

Near’s core technologies

Sharding: The system is designed to distribute computation across multiple parallel shards.
Consensus: Achieve consensus across all nodes through the use of the new algorithm Nightshade.
Staking selection & Game theory: To participate in the validation process, stakers are selected using a secure random process, which optimally distributes space between parties and provides incentives to They operate with good behavior.
Randomness: The random approach is unpredictable.

Principles of technological design

When designing these technologies, project teams must ensure they adhere to principles such as ease of use, friendliness, scalability, simplicity, and hierarchical sustainability.

Detailed information about NEAR coin

Key Metrics

Ticker: NEAR.
Blockchain: Near
Token type: Utility + Governance.
Token standard: https://explorer.near.org
Total Supply: 1,760,437,537.
Circulating Supply: 1,002,491,129 .

Token Allocation

Tokens will be divided according to the following ratio:

Backers: 17.6%.
Community Grants, Programs,…: 17%.
Core Contributors: 14.5%.
Early Ecosystem: 13.3%.
Operation Grants: 11.5%.
Community Sale: 10%.
Foundation Endowment: 10%.
Small Backers: 6.1%.

Allocation

Token Release Schedule

Backers: The project has had its first capital calls from backers since 2017 and the detailed coin payment time is as follows:
Community Grants & Programs: Used to sponsor and contribute to community building from education, awareness raising, events through giveaways or selling to the community. NEAR coins issued to this group over 60 months.
Core Team: Lock-up for 4 years with 12 months of full benefits after launch.
Early Ecosystem: Lock-up for 6 or 12 months. Regarding the expected unlocking schedule, there has been no announcement about this program.
Operation Grants: Initial allocations were made in the second half of 2020 and early 2021.
Community Sale: A maximum of 100 million NEAR coins distributed to the community through Community Sale. But only 25 million coins unlocked and the rest locked-up for 12 to 24 months.

Vesting Schedule

It is expected that after a period of 5 years, the NEAR project will unlock 100% of the total token supply to the market.

Benefits of holding NEAR Coin

NEAR coin will be used for the following purposes:

Pay fees for transaction processing and data storage systems.
Run validation and staking nodes to earn rewards.
Participate in ecosystem governance.

Wallets & Exchanges

Storage wallet

NEAR coins can be stored on the following wallets: Metamask, Trust, …

Exchanges

Currently, you can trade NEAR on Binance, Hotbit and MEXC.

Related: Which is Better: Near or Solana?

NEAR Protocol’s project team and investors

Team

Illia Polosukhin is a software engineer and entrepreneur, co-founder and CEO of NEAR Protocol, with a background primarily in machine learning and artificial intelligence. Previously, he made important contributions to TensorFlow, an open source library in the field of machine learning.
Alexander Skidanov is a software engineer and entrepreneur, co-founder and CTO of NEAR Protocol, with expertise in distributed systems and database technology. Previously, he was chief engineer at MemSQL, an in-memory database software development company.

Illia and Alexander met in 2017 while working at Google and shared an interest in the potential of blockchain technology to create a decentralized and open internet. They decided to found NEAR Protocol with the goal of building a blockchain that is easy to use for developers and accessible to everyone.

Investors

The project has many backers supporting future development, some prominent investment organizations such as a16z, Coinbase Ventures, Libertus Capital,… Near Protocol investors

Conclude

Through the overview article about the Near protocol (NEAR) project above, azc.news hopes readers will grasp basic information about this project to make their own investment decisions. Wishing you a successful investment!