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NEAR Protocol (NEAR)
6.24%
$ 1.73
$ 0.107952
⇣ 1.73
15 Jan
⇡ 1.83
What is NEAR Protocol (NEAR)?

The Near (NEAR) protocol is conceptualized as a cloud computing platform run by the community, featuring smart contracts, a public blockchain designed for decentralized applications (dApps). Created by the NEAR Collective, NEAR is designed to allow the creation of decentralized applications, positioning itself as a competitor to Ethereum (ETH).
The NEAR protocol focuses on creating a developer and user-friendly platform. For this purpose, NEAR has introduced human-readable account names, unlike just cryptographic wallet addresses. Additionally, with the NEAR protocol, new users can interact with dApps and smart contracts without needing a wallet.
Significant projects created on NEAR include the NFT minting platform Mintbase and the Flux protocol, which allows developers to create markets based on assets, commodities, real-world events, and more.
NEAR token project
The native cryptocurrency of the NEAR protocol is the NEAR token. Transaction fees and storage payments on the network are paid with NEAR tokens. NEAR tokens can also be staked by token holders participating in network consensus as transaction validators. These validators receive a NEAR token reward annually, corresponding to 4.5% of the total NEAR supply.
Additionally, a portion of the transaction fees generated by smart contracts is given to the developer who created the relevant smart contract.
Who are the founders of the Near (NEAR) project?
Near (NEAR) was created in 2018 by former Microsoft employee Alexander Skidanov and developer Ilya Polosukhin. Since 2018, the NEAR team has grown to about 50 people with the inclusion of developers from companies like Facebook, Google, Niantic.
Almost all members of the NEAR team are names from Russia and former Soviet countries.
NEAR token statistics
The NEAR token was launched on April 22, 2020. With a maximum supply of 1,000,000,000 NEAR tokens, NEAR is distributed as follows:
• 17.6%: Financiers
• 17.2%: Community Grant Programs
• 14%: Core Contributors
• 12%: Community Sale
• 11.7%: Early Ecosystem
• 11.4%: Operation Grants
• 10%: Foundation Grant
• 6.1%: Small Financiers
What makes the Near (NEAR) project special?
Recently, decentralized applications have gained great popularity. However, this situation also led to an increase in the scalability problem in the crypto world. Especially Ethereum (ETH), with its rapid increase in usage, began to experience this problem seriously. Although various solutions have been introduced within ETH, projects like NEAR decided to create entirely new blockchains with completely new architectures.
The Near (NEAR) protocol implements sharding mechanism as a solution to this scalability issue that significantly affects blockchains. Sharding reduces the computational burden on nodes by dividing the network into parts or segments.
NEAR uses a unique version of the Proof of Stake (PoS) consensus algorithm. An auction system, referred to as epochs, which corresponds to a time frame of approximately every 12 hours, is used to select validators. Thus, validators with larger stakes, i.e., those who stake more NEAR tokens, have more influence in the consensus process.
Whitepaper: NEAR token
You can access the Near (NEAR) whitepaper by clicking here.
In the NEAR token whitepaper, the Near protocol is described as a decentralized application platform with the potential to change how systems are designed, applications are built, and the internet operates.
The Near protocol is "complex technology with a simple goal" and aims to "enable developers and entrepreneurs to easily and sustainably create applications that secure high-value assets like money and identity while making them as accessible and performant as the internet’s most popular applications."
How to buy NEAR token?
NEAR tokens can be bought and sold on reliable cryptocurrency exchanges. In Turkey, it is also possible to trade NEAR TRY pair on Bitlo.
Near (NEAR) Frequently Asked Questions
What is Near (NEAR) used for?
The Near (NEAR) protocol is designed for developers to create decentralized applications.
How does Near (NEAR) solve the scalability issue?
Near (NEAR) applies the sharding method to solve the scalability issue.
What is the NEAR token used for?
The NEAR token is the native cryptocurrency of the Near protocol. NEAR tokens are used for paying transaction fees on the network and for staking purposes. It also gives its holders a say in governance.
NEAR Protocol (NEAR)
6.24%
$ 1.73
$ 0.107952
⇣ 1.73
15 Jan
⇡ 1.83
bitcoin
Bitcoin (BTC) $ 95,954.00
ethereum
Ethereum (ETH) $ 3,303.73
tether
Tether (USDT) $ 0.999684
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BNB (BNB) $ 933.39
xrp
XRP (XRP) $ 2.08
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Solana (SOL) $ 142.29
usd-coin
USDC (USDC) $ 0.99976
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