NEAR Protocol

Is a fully decentralized, community-driven platform for Layer1 blockchain protocols and smart contracts. NEAR is dedicated to empowering and enabling the growth of open technologies for developers and creators around the world.

NEAR protocol is an open source decentralized PoS public chain platform, and it is also one of the most competitive public chains of DAPP at present. The protocol uses sharding technology and is very developer-friendly; It has a better sharding solution than ETH2.0 and world-class engineering capabilities. Its sharding design differs from ETH2.0 in that it prioritizes network resource balancing across shards and does not discriminate between shards.

On the other hand, NEAR is also a community-driven cloud platform. Technically, the NEAR protocol has the advantages of high scalability and low development cost. The NEAR platform also supports a wide range of tools, from browsers to wallet applications and other general-purpose components, that can help developers build applications easily and quickly.

NEAR's Nightshade consensus with the "big block" design allows it to act as a single blockchain to achieve Internet level scale.

The NEAR protocol is not controlled by any legal entity, but is maintained by a group of geeks from the NEAR team, which includes winners from programming competitions to financiers who have worked in the cryptocurrency industry for years.

NEAR protocol adopts sharding technology, but it is not an Ethereum side chain, but an independent PoS public chain with its own consensus mechanism and native token format. NEAR can be regarded as a competitor of Ethereum.

NEAR main network was launched in April 2020. Due to the small number of nodes, it has been operating on the basis of authoritative proof. At the end of September, the foundation handed over control to other node operators, achieving true decentralized governance.

NEAR tokens have several main functions:

1. NEAR is the original token of NEAR protocol, and its first function is to ensure network security. Since running nodes need to pledge NEAR tokens, they can be punished once they commit evil acts. This mechanism can effectively guarantee network security.

2. Medium of exchange. Users need to use NEAR as the medium of exchange when trading NEAR.

3. Used for network governance voting to determine the allocation of network resources and the future technical direction of the protocol.

The initial supply of

NEAR tokens is 1 billion. An additional 5% of the supply is issued annually as a block award, of which 90% is allocated to verifiers (4.5% in total) and 10% to the Agreement Reserve pool (0.5% in total). Thirty percent of the transaction fee is paid as a rebate on contracts that interact with the transaction, and the remaining 70 percent is destroyed.

The issuance of

NEAR tokens is not simply inflation, but a dynamic mechanism whereby NEAR will enter a deflationary phase when the transaction size reaches a certain level.