Near Protocol allows you to create and run decentralized applications (dApps) while increasing the speed and reducing the cost of use, thanks to the initially implemented sharding/sharding mechanism (it will appear in ETH only with the launch of Eth 2.0 and staking).
Sharding involves dividing the main blockchain into subnets, like the branches of a tree. Each branch has its own set of nodes and processing capabilities and carries only a fraction of the total load on the network. This significantly offloads the main chain and leads to a higher speed.
Features of the Near Protocol
Consensus on the confirmation of transactions in the system is achieved using the Proof-of-Stake (PoS) mechanism, which means that the validator (who wants to participate in supporting the network) must deposit a certain number of NEAR tokens into the blockchain and fix it there for a certain period. Validators are rewarded with NEAR tokens for devoting their resources to authenticating payments.
Network scaling features:
- The sharding used in Near Protocol is called Nightshade.
- Nightshade allows the blockchain to grow indefinitely while keeping only a fraction of the data in each shard. The nodes carefully study the fragments and add them to the main chain.
- Nightshade reduces the chance of security breaches because the nodes in each shard cannot access the entire data set being verified.
Near Protocol launched the Rainbow Bridge, which provides interoperability between the Ethereum and Near blockchains, transferring tokens between these networks. The user must buy ETH and enter it into the smart contract, after which ETH will be locked and NEAR tokens minted for the same amount. You can make a reverse transaction at any time and get your Ether back.
Finally, the Aurora layer 2 protocol is built on the Near blockchain, allowing programmers to deploy applications on top of existing infrastructure. Applications can be deployed over the Near protocol, but thanks to the Rainbow Bridge, Ethereum is also supported, only with higher scalability, which is taken over from Near.
Exchange, buy and sell NEAR
The NEAR native network token is used for anything in the system, from trading speculation and investment to paying transaction/smart contract fees and working with Rainbow Bridge. Of course, this is an important incentive tool since it serves as a means of paying for the work of validators.
You can buy NEAR in exchange offices or on crypto exchanges, and the first method is more convenient because it does not require identity verification and provides a wider choice of payment options.
Our website contains an extensive list of working exchangers with which you can buy or sell NEAR for:
- from a bank card;
- for other cryptocurrencies/stablecoins;
- for cash, etc.
When choosing an exchanger, be guided by reviews, the statute of limitations, and the purchase/sale rate. And after the transaction, also leave your review to help other users with the choice.