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What is NEAR Protocol (NEAR): a Platform for Building dApps

The complex process of developing dApps requires a lot of effort and time because it is necessary to ensure the reliability of blockchain applications. More and more platforms appear on the market that solves the security problem. Such platforms allow you to build robust dApps quickly. One such platform is the NEAR protocol.

NEAR is a secure platform. It’s used for building blockchain-based dApps. This platform allows you to manage digital assets and their identity. NEAR-based applications can be deployed in minutes. It’s precisely the primary mission of NEAR – to create applications that are useful to people quickly, and development is simple.

Among the project partners, there are many well-known blockchain projects, for example, Coinbase Custody, ChainLink (LINK), Aave (LEND), Balancer (BAL), Ledger, Portis, Trust Wallet, OKEx, and many others. The complete list of partners is so long that it speaks of great attention to the project.

Benefits of the NEAR Platform

Among the main advantages of the NEAR protocol platform are:

  1. Safety comes first. No complex keys are required to access applications, nor specific browser extensions. All you need to access is an email address and password.
  2. Smart contracts and WebAssembly compatibility.
  3. There are templates for developing your own applications.
  4. Royalties, that is, the ability to receive commissions for transactions passing through the smart contract of the application.
  5. Scalability and high performance of applications.

How Works NEAR Blockchain

Poor scalability is one of the main problems of blockchain applications. NEAR does not use the Ethereum platform for development like many dApps. Because this leads to an increase in the number of transactions in the network and, accordingly, increases commissions. It makes microtransactions inaccessible to users.

NEAR segments the blockchain to increase scalability, which allows it to serve a more significant number of network users simultaneously. A validator validates each segment from a set of transactions. NEAR developers successfully created such a system. Large companies use the NEAR solution like Uber, Goldman Sachs, and Comcast.

The NEAR tokens are rewards for maintaining the network validators. They use their resources to power the network, keeping it operational and ensuring high performance.

NEAR Ecosystem Values

Among the core values ​​of the NEAR Protocol ecosystem, its developers highlight the following:

  1. Transparency – Unless otherwise limited by law, contract, or morality, all decisions and work results should be open to the community so that participants can see them and participate in them.
  2. Growth Ability – The NEAR team is constantly learning and seeing failure as a way of learning and improving.
  3. Pragmatism – Instead of dwelling on a perfect solution, developers focus on solutions that benefit the ecosystem participants.
  4. The ecosystem comes first – no matter which company each developer officially works for, everything they do should put the ecosystem ahead of themselves or a particular company.
  5. Ease of Use – Open source technologies will only succeed if they are easy to use and use.

Projects in the NEAR Protocol Ecosystem

NEAR Protocol caught the attention of the cryptocurrency industry and became immensely popular outside of it. Since its inception, many exciting projects have joined NEAR, which has led to its rapid growth. Let’s take a look at the most famous and valuable elements of the NEAR Protocol ecosystem.

Flux Protocol

Flux creates the most straightforward protocol for developers to launch markets for literally anything (any asset, commodity, actual event, or anything imaginable). The mission is to create a manageable and adaptable open-source application for working with open markets. The open-source Flux app is built on top of NEAR Wallet. NEAR Wallet is a wallet with no storage as a browser extension that supports human-readable account names for addresses. It provides a more user-friendly and familiar interface for web 2.0 users.

Mintbase

Mintbase is a marketplace. Such is Amazon. It allows any user, including those with no technical experience, to create their unique digital assets and distribute them through their smart contract.

The problem is that after the explosion in the popularity of decentralized finance, the Ethereum blockchain has become too expensive to use. Sometimes the average commission for interaction with smart contracts reaches tens of dollars. These shortcomings forced the Mintbase team to look for an alternative platform, which became NEAR Protocol.

Moonpay

MoonPay is a fintech company. It builds a payment infrastructure for the crypto sector. Product selection provides a hassle-free conversion process between fiat and cryptocurrencies using all primary payment methods, including debit and credit cards, local bank transfers, Apple Pay, Google Pay, and Samsung Pay. MoonPay operates in over 160 countries and trusts over 300 leading wallets, websites, and apps to accept payments.

Ontology

Ontology was created for companies of all sizes to connect blockchain technologies without changing all existing systems completely.

A financial company does not want to put all its data on the public chain, allowing its competitors to access their information. In this sense, they will install a private version of Ontology. It will only be available to the financial system or anyone else with whom they want to share information.

Ontology works as a bridge between the digital and real worlds, all in a trustless environment.

As with other blockchains, the Ontology network practices a consensus mechanism. However, the Ontology token uses what is called VBFT, which combines Proof-of-Stake (PoS), Byzantine Fault Tolerance (BFT), and Verifiable Random Function (VRF).

Tokenomics NEAR

NEAR uses a new PoS mechanism to ensure that validators distribute transactions. This method makes an attack on the network almost impossible, in particular economically inexpedient. There are several validators in the NEAR ecosystem:

  1. Chunk producers.
  2. Block Producers.
  3. Fishers.

DApps developers appreciate the power that NEAR Protocol provides. And solid funding of the NEAR ecosystem gives it solidity and compares favorably with similar tools on the market.


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