What is NEAR (NEAR)

NEAR (NEAR) Basic Introduction

NEAR (NEAR) Profile

What is NEAR (NEAR) Trading

NEAR (NEAR) trading refers to buying and selling the token in the cryptocurrency market. On MEXC, users can trade NEAR through different markets depending on your investment goals and risk preferences. The two most common methods are spot trading and futures trading.

NEAR (NEAR) Spot Trading

Crypto spot trading is directly buying or selling NEAR at the current market price. Once the trade is completed, you own the actual NEAR tokens, which can be held, transferred, or sold later. Spot trading is the most straightforward way to get exposure to NEAR without leverage.

How to Acquire NEAR (NEAR)

You can easily obtain NEAR (NEAR) on MEXC using a variety of payment methods such as credit card, debit card, bank transfer, Paypal, and many more! Learn how to buy tokens at MEXC now!

Deeper Insights into NEAR (NEAR)

NEAR (NEAR) History and Background

NEAR Protocol Overview

NEAR Protocol is a decentralized application platform designed to make blockchain technology more accessible and user-friendly. Launched in 2020, NEAR aims to address the scalability and usability challenges that have hindered mainstream blockchain adoption.

Founding and Development

NEAR Protocol was founded by Illia Polosukhin and Alexander Skidanov in 2018. Polosukhin previously worked at Google as a senior software engineer and co-authored the influential "Attention Is All You Need" paper that introduced the Transformer architecture. Skidanov was a former Microsoft engineer who later worked at MemSQL. The duo recognized the need for a more scalable and developer-friendly blockchain platform.

Technical Innovation

NEAR Protocol implements a unique sharding mechanism called "Nightshade" that allows the network to process transactions in parallel across multiple shards. This approach significantly increases throughput while maintaining security and decentralization. The platform uses a Proof-of-Stake consensus mechanism and features human-readable account names instead of complex cryptographic addresses.

Mainnet Launch and Growth

The NEAR mainnet officially launched in October 2020 after extensive testing and development. The platform quickly gained attention for its focus on usability, offering features like progressive security that allows users to start with simple authentication methods and upgrade to more secure options as needed.

Ecosystem Development

NEAR has built a robust ecosystem supporting various decentralized applications, including DeFi protocols, NFT marketplaces, and gaming platforms. The NEAR token serves multiple purposes within the ecosystem, including transaction fees, staking for network security, and governance participation. The platform continues to evolve with regular updates and improvements to enhance performance and user experience.

Who Created NEAR (NEAR)?

NEAR Protocol was created by Illia Polosukhin and Alexander Skidanov, who co-founded NEAR Inc. in 2018. Both founders brought extensive technical expertise from their backgrounds in machine learning and distributed systems.

Illia Polosukhin is a Ukrainian-American computer scientist who previously worked at Google as a research scientist. He was one of the co-authors of the influential "Attention Is All You Need" paper that introduced the Transformer architecture, which became fundamental to modern AI systems like GPT and BERT. His experience in machine learning and distributed computing provided crucial insights for designing NEAR's consensus mechanism.

Alexander Skidanov served as the Director of Engineering at MemSQL (now SingleStore) before co-founding NEAR. He has extensive experience in database systems and distributed computing, having also worked at Microsoft. His expertise in building scalable distributed systems was instrumental in developing NEAR's sharding technology called Nightshade.

The NEAR Protocol project was developed by the NEAR Collective, a global community of developers, researchers, and other stakeholders. The protocol aims to provide a developer-friendly platform for decentralized applications with high scalability and low transaction costs.

NEAR's development was supported by significant funding, including a $12.1 million Series A round in 2019 led by Multicoin Capital, and later a $21.6 million Series A extension in 2020. The mainnet launched in October 2020 after extensive development and testing phases.

The project emphasizes usability and accessibility, implementing features like human-readable account names and progressive security models to make blockchain technology more approachable for mainstream users and developers.

How Does NEAR (NEAR) Work?

NEAR Protocol Overview

NEAR Protocol is a decentralized blockchain platform designed to provide a developer-friendly environment for building decentralized applications (dApps). It operates as a proof-of-stake blockchain that focuses on scalability, usability, and sustainability while maintaining decentralization.

Sharding Technology

NEAR's core innovation is its sharding mechanism called Nightshade. Unlike traditional blockchains that process all transactions sequentially, NEAR splits the network into multiple shards that can process transactions in parallel. Each shard maintains its own state and processes its own transactions, significantly increasing the network's throughput capacity. The system can dynamically adjust the number of shards based on network demand, ensuring optimal performance.

Consensus Mechanism

NEAR uses a proof-of-stake consensus algorithm called Doomslug. Validators are selected based on their stake in NEAR tokens and are responsible for producing blocks and validating transactions. The protocol ensures fast finality, typically achieving block confirmation within 2-3 seconds. Validators earn rewards for their participation, while malicious behavior results in slashing penalties.

Account Model and Usability

NEAR implements a human-readable account system, allowing users to create accounts with names like "alice.near" instead of complex cryptographic addresses. This approach significantly improves user experience and adoption. The platform also supports progressive security, enabling users to start with simple authentication methods and upgrade to more secure options as needed.

Developer Experience

NEAR provides comprehensive development tools and supports multiple programming languages including Rust and AssemblyScript. Smart contracts on NEAR are called "contracts" and can be easily deployed and upgraded. The platform offers features like automatic contract updates and built-in developer incentives through the developer rewards program.

Cross-Chain Functionality

NEAR includes Rainbow Bridge, enabling interoperability with Ethereum and other blockchains. This allows users to transfer assets between networks and developers to build applications that leverage multiple blockchain ecosystems simultaneously.

NEAR (NEAR) Key Features

NEAR Protocol Core Features

NEAR Protocol is a developer-friendly blockchain platform designed to provide scalable and user-friendly decentralized applications. Here are its core characteristics:

Nightshade Sharding Technology

NEAR implements a unique sharding mechanism called Nightshade, which allows the network to process multiple transactions simultaneously across different shards. This approach significantly increases throughput while maintaining security and decentralization, enabling the network to handle thousands of transactions per second.

Human-Readable Account Names

Unlike traditional blockchain addresses that consist of complex alphanumeric strings, NEAR allows users to create human-readable account names like "alice.near" or "company.near". This feature greatly improves user experience and makes blockchain technology more accessible to mainstream users.

Progressive Security Model

NEAR offers flexible security options, allowing users to start with simple authentication methods and gradually upgrade to more secure options as needed. This includes features like account recovery through trusted contacts and multi-signature capabilities.

Developer-Friendly Environment

The platform supports multiple programming languages including Rust and AssemblyScript, making it easier for developers to build applications. NEAR also provides comprehensive development tools, documentation, and a supportive ecosystem for building decentralized applications.

Low Transaction Costs

NEAR maintains extremely low transaction fees, often costing less than a penny per transaction. This makes it viable for everyday use cases and micro-transactions that would be economically unfeasible on other blockchain networks.

Carbon Neutral Consensus

The protocol uses a Proof-of-Stake consensus mechanism that is environmentally sustainable, being certified as carbon neutral. This addresses growing concerns about blockchain technology's environmental impact while maintaining network security and efficiency.

NEAR (NEAR) Distribution and Allocation

NEAR Protocol Token Distribution and Allocation

NEAR Protocol has implemented a comprehensive token distribution strategy designed to support long-term ecosystem growth and decentralization. The total supply of NEAR tokens is capped at 1 billion tokens, with a carefully planned allocation across various stakeholders and use cases.

Initial Token Allocation Breakdown

The NEAR Foundation allocated tokens across several key categories. Community and ecosystem development received the largest portion at 35% of the total supply, demonstrating the project's commitment to building a robust developer and user community. The core contributors and early team members were allocated 24% of tokens, typically subject to vesting schedules to ensure long-term commitment.

Early backers and investors received 17.6% of the token supply through various funding rounds, including seed and Series A investments. The NEAR Foundation retained 10% for operational purposes and strategic initiatives. Additionally, 11.4% was allocated for small backers and community sale participants, while 2% was reserved for future token sales and partnerships.

Vesting and Release Schedule

NEAR implements structured vesting schedules to prevent market manipulation and ensure sustainable token distribution. Team and contributor tokens typically follow a 12-month cliff period followed by gradual release over 24-48 months. Investor tokens have varying vesting periods depending on their investment round, with early investors generally having longer vesting schedules.

Inflationary Mechanism and Staking Rewards

NEAR operates with an inflationary token model designed to incentivize network security through staking. The protocol mints new tokens annually at a rate of approximately 5%, with 90% of these newly minted tokens distributed as staking rewards to validators and delegators. The remaining 10% goes to the protocol treasury for ecosystem development.

Transaction Fee Burns

To balance inflation, NEAR burns 100% of transaction fees, creating deflationary pressure during periods of high network activity. This mechanism helps maintain token value while ensuring validators are compensated through staking rewards rather than transaction fees.

NEAR (NEAR) Utility and Use Cases

NEAR Protocol Overview

NEAR Protocol is a decentralized blockchain platform designed to provide a developer-friendly environment for building decentralized applications (dApps). The NEAR token serves as the native cryptocurrency that powers the entire ecosystem, enabling various functionalities and use cases within the network.

Primary Uses of NEAR Token

The NEAR token functions as the primary medium of exchange within the NEAR ecosystem. Users utilize NEAR tokens to pay for transaction fees, smart contract execution, and data storage on the blockchain. The token also serves as a staking mechanism, where validators and delegators can stake NEAR tokens to secure the network and earn rewards through the proof-of-stake consensus mechanism.

Decentralized Application Development

NEAR Protocol provides an ideal platform for developers to create and deploy decentralized applications across various sectors. The network supports smart contracts written in popular programming languages like Rust and AssemblyScript, making it accessible to a broader developer community. Applications built on NEAR can range from decentralized finance (DeFi) protocols to gaming platforms and social media applications.

Cross-Chain Interoperability

One of NEAR's significant applications is facilitating cross-chain interactions through the Rainbow Bridge, which connects NEAR to Ethereum and other blockchain networks. This bridge allows users to transfer assets seamlessly between different blockchain ecosystems, expanding the utility and reach of NEAR-based applications and services.

NFT Marketplace and Digital Assets

NEAR Protocol supports the creation, trading, and management of non-fungible tokens (NFTs). The platform hosts various NFT marketplaces and enables artists, creators, and collectors to mint, buy, and sell digital assets efficiently with lower transaction costs compared to other blockchain networks.

Governance and Network Participation

NEAR token holders can participate in network governance by voting on protocol upgrades, parameter changes, and ecosystem development proposals. This democratic approach ensures that the community has a voice in the platform's evolution and future direction, promoting decentralized decision-making processes.

NEAR (NEAR) Tokenomics

Tokenomics describes the economic model of NEAR (NEAR), including its supply, distribution, and utility within the ecosystem. Factors such as total supply, circulating supply, and token allocation to the team, investors, or community play a major role in shaping its market behavior.

Pro Tip: Understanding NEAR's tokenomics, price trends, and market sentiment can help you better assess its potential future price movements.

NEAR (NEAR) Price History

Price history provides valuable context for NEAR, showing how the token has reacted to different market conditions since its launch. By studying historical highs, lows, and overall trends, traders can spot patterns or gain perspective on the token's volatility. Explore the NEAR historical price movement now!

NEAR (NEAR) Price Prediction

Building on tokenomics and past performance, price predictions for NEAR aim to estimate where the token might be headed. Analysts and traders often look at supply dynamics, adoption trends, market sentiment, and broader crypto movements to form expectations. Did you know, MEXC has a price prediction tool that can assist you in measuring the future price of NEAR? Check it out now!