NEAR Protocol is a layer-one blockchain that was designed as a community-run cloud computing platform and that eliminates some of the limitations that have been bogging competing blockchains, such as low transaction speeds, low throughput and poor interoperability.
What is NEAR Protocol (NEAR)?
1. Who Controls NEAR Protocol (NEAR)?
NEAR is a decentralized development platform designed to provide the ideal environment for dapps by overcoming some of the limitations of competing systems—such as low throughput, low speeds, and poor cross-compatibility.
It operates on top of the NEAR Protocol, a developer-friendly proof-of-stake (POS) blockchain that incorporates a number of innovations to boost scalability and reduce costs for developers and end-users. Its innovations include a unique take on sharding and a powerful new consensus mechanism known as ‘Doomslug’.
2. Who Created NEAR Protocol (NEAR)?
NEAR Protocol was created by a former Microsoft employee Alexander Skidanov and a developer Ilya Polosukhin. Work on the project began at the end of 2018. Since then, the team has grown to fifty people and includes developers from Facebook, Google and Niantic, as well as many medalists and finalists of international sports programming competitions. Two team members have won the programming world championship twice (there are nine such people in the world). Almost all team members are from the Russian Federation and the countries of the former USSR.
3. NEAR Protocol (NEAR) Pros and Cons
NEAR Protocol (NEAR) Pros:
- NEAR allows developers and other users to build, deploy, and manage DApps seamlessly
- NEAR uses advanced sharding technology that makes scalability infinite, in theory
- NEAR is open-source and completely decentralised
- There is progressive security and users do not need keys or browser extensions to register or access applications
- Smart contracts are compatible with the WebAssembly Virtual Machine (WASM)
- The protocol supports the ability to receive a percentage of fees for transactions which pass through the smart contracts of the application
- Gas fees are lower than that of Ethereum
NEAR Protocol (NEAR) Cons:
- NEAR stands in direct competition with giants such as Ethereum
- There is a lot of competition in the crypto space with new and rising technologies
4. The Difference Between NEAR Protocol (NEAR) and Traditional Currencies
The main difference between them is, the traditional currency is a centralized system and bitcoins are decentralized one and peer-peer systems. Hence there are no central authorities to regulate rules and regulations on a bitcoin transaction. But a traditional currency is strictly regulated by the governmental authorities. Both the bitcoins and fiat currency have values which can be used for buying and selling of goods in the market.
- Flexibility
With traditional currency functioning for five days a week and die to transaction restriction, there is a chance of freezing of currency. There is no limit in the number of currencies, being printed, and hence when there is inadequate currency, it will affect the buyers and sellers, resulting in inflation.
- No Fraudulent Activity
If you want to transact with a traditional currency system, the users have to provide personal details like name, address, phone number, and lots more. So, with the internet technology, the malicious user will be able to hack the account details of the traditional currency system easily. Traditional currency can suffer from double-spending, where the same money is used for more than one transaction.
- Reduced Cost
In a traditional banking system, for making a national transaction, it will take 2-3 working days, and the transaction fees will be high. In the case of international transactions, the transaction fee will be very higher, and it will take 15 days to complete the transaction. In a Cryptocurrency system like bitcoins, there is no transaction fee for making a national transaction. The transaction will also take place in seconds or within 24 hours.
5. Is It Safe To Use NEAR Protocol (NEAR)?
Most bridges require that users trust an additional component, such as a validator set or miners, in addition to the base protocols. Rainbow Bridge requires users to trust only the validators and miners on each of the individual chains. This is, ultimately, great news for the developers. They can use Rainbow Bridge to benefit from the lower gas fees on NEAR without needing to create a new user base. All that is needed is their belief in Ethereum and NEAR’s security.
Rainbow Bridge could be just the beginning of interoperability between NEAR and other blockchains. The bridge was designed to be protocol-agnostic. Ultimately, it can serve as a communication tool between NEAR and any other chain that utilizes smart contracts.
6. Is NEAR Protocol (NEAR) Legal?
NEAR is a decentralized application platform designed to offer a high-performing and secure infrastructure to support the development of scalable dApps. The network can handle up to 100,000 transactions per second besides offering instant block creation in 1 second. It further eliminates the downwards of the systems in competition, including low throughout and issues related to cross-compatibility.
With a thriving network of active validators, NEAR protocol maintains integrity and ensures high security across the ecosystem.
The NEAR protocol blockchain is secure and permissionless. The network’s technology consists of a new block generation scheme called ‘Doomslug.’ NEAR Protocol can be utilized to pay fees for storing data and processing transactions and is also used to run validator nodes on the network by staking currency tokens.
How Does NEAR Protocol (NEAR) Work?
NEAR Protocol is a software that aims to incentivize a network of computers to operate a platform for developers to create and launch decentralized applications.
Central to NEAR Protocol’s design is the concept of sharding, a process that aims to split the network’s infrastructure into several segments in order for computers, also known as nodes, to only have to handle a fraction of the network’s transactions.
By distributing segments of the blockchain, rather than the complete blockchain across network participants, sharding is expected to create a more efficient way to retrieve network data and scale the platform.
NEAR operates in a similar manner to other centralized data storage systems like Amazon Web Services (AWS) that serve as the base layer on which applications are built. But rather than being run by a single entity, NEAR is operated and maintained by a distributed network of computers.
Just as AWS allows developers to deploy code in the cloud without needing to create their own infrastructure, NEAR Protocol facilitates a similar architecture built around a network of computers and its native cryptocurrency, the NEAR token.
NEAR uses a delegated PoS blockchain. The network utilizes sharding to maximize performance. Near’s sharding system is different from other cryptocurrencies. Zilliqa and Polkadot’s blockchains use sharding, for instance. On NEAR, all shards are part of the same blockchain. They are not separate. NEAR can also be interoperable with the Ethereum network by using Rainbow Bridge.
As mentioned earlier, Nightshade is the mechanism that allows this process to happen. Nightshade adds a snapshot of each shard’s current state to every block on the NEAR blockchain. Each shard has its own set of validator nodes that broadcast the current state of each shard whenever a block is created.
Nightshade’s architecture is one of the platform’s greatest benefits. It allows for fewer points of failure in security. Participating nodes are responsible for maintaining smaller sections. This can help the blockchain be a truly scalable solution within the crypto world.
NEAR’s sharding solution greatly improves efficiency by creating something akin to a complex railroad system. The NEAR blockchain sits as the main station. The shards act as the railroad tracks that function in parallel and all reach the central point.
A mechanism called Doomslug is another important component of NEAR. This allows validator nodes to take turns creating blocks. Each turn lasts for 12 hours. NEAR generates a new block approximately every second.
NEAR blocks rewards are provided at a rate of 90% to delegator staking pool validators and staking validators. The remaining 10% goes towards the NEAR Treasury. This is currently managed and maintained by the NEAR Foundation.
How to Make Money with NEAR Protocol (NEAR)?
Here are quite a few approaches for us to make money with NEAR Protocol (NEAR), such as Mining, Buying & Hold Bitcoins, Accept Payments in NEAR Protocol (NEAR), Earning NEAR Protocol (NEAR) by turning into an Affiliate, Lending NEAR Protocol (NEAR), and Micro Earnings, and Trading.
- NEAR Protocol (NEAR) Mining
- Buy & Hold NEAR Protocol (NEAR)
- Accept Payments in NEAR Protocol (NEAR)
- Determine how you’ll use NEAR Protocol (NEAR)
- Find a NEAR Protocol (NEAR) wallet
- Find a NEAR Protocol (NEAR) payment processor
- Accept NEAR Protocol (NEAR) payments
- Becoming an Affiliate
- Lending NEAR Protocol (NEAR)
- Micro NEAR Protocol (NEAR) Earnings (Faucets, Offer Wall, Short Links, Surf Ads……)
- NEAR Protocol (NEAR) Games
- Micro NEAR Protocol (NEAR) Tasks
- Trade NEAR Protocol (NEAR)
How to Buy NEAR Protocol (NEAR)?
NEAR protocol is known as the “Ethereum Killer” as result of the technology that it employs which may put it ahead of the second largest cryptocurrency and project in the world. The Nightshade technology that NEAR employs uses shard technology that enables it to scale infinitely, at least in theory.
If the development team behind NEAR can make this a reality, it will boost NEAR pushing it closer to becoming one of the largest protocols and networks in the Crypto space. The team behind NEAR must ensure that the project markets itself sufficiently to ensure that there is widespread adoption over well-established competition.
1. Things To Know Before You Buy NEAR Protocol (NEAR)
Buying NEAR Protocol (NEAR) and holding onto it in hopes it will appreciate in value, is the most common form of “investing”. As with all investing, you should never invest more than you are willing/able to lose. This is especially true with NEAR Protocol (NEAR), since it’s still a very risky investment.
The most important thing to keep in mind when buying NEAR Protocol (NEAR) is to make sure to buy only from exchanges that have proven their reputation.
Another key tip is to make sure you don’t buy all of your NEAR Protocol (NEAR)s in one trade. Instead use a dollar cost averaging method—buy a fixed amount every month, week or even day throughout the year. This ensures that you buy the most NEAR Protocol (NEAR) when it’s on the rise, and less when it’s going down in price.
2. How to Buy NEAR Protocol (NEAR) on a Crypto Exchange
- Coinbase – Secure online platform for buying, selling, transferring, and storing cryptocurrency.
- eToro – Trade and invest in a diversified portfolio, starting at $10, or practise risk-free with a virtual portfolio.
- Bitfinex – Digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.
- Binance – Low trading fees, a generously wide range of leverage, and high liquidity.
- KuCoin – A large cryptocurrency exchange offering the ability to buy, sell, and trade cryptocurrencies
3. How to Buy NEAR Protocol (NEAR) with Cash
- Find a seller in your area who accepts cash.
- Select amount of coins and place an order.
- Receive account number from the seller.
- Deposit cash into the seller’s account.
- Upload your receipt to prove you made the deposit/trade.
- Receive NEAR Protocol (NEAR)!
4. How to Buy NEAR Protocol (NEAR) with Credit Card
Not all platforms will allow you to use a credit card to make your NEAR Protocol (NEAR) purchases. If you do choose a platform allowing such transactions, keep in mind that there may be extra fees associated with the purchase. Many credit card companies process cryptocurrency purchases via credit card as cash advances, which can incur high interest rates, among other fees.
5. How to Buy NEAR Protocol (NEAR) with Paypal
- Login to Paypal and Select Cryptocurrency
- Select ‘NEAR Protocol (NEAR)’
- Select ‘Buy’
- Choose How Much You Want to Buy
- Select Payment Method
- Hit the ‘Buy’ button
6. Should I Buy NEAR Protocol (NEAR) In 2022?
Read More: How to Buy NEAR Protocol (NEAR)?
How to Sell NEAR Protocol (NEAR)?
1. Things to Know Before You Sell NEAR Protocol (NEAR)
To get started with NEAR Protocol (NEAR), you’re going to need three things: an exchange, a wallet and the knowledge of how to buy the cryptocurrency. This last one is easy with our guide on how to buy NEAR Protocol (NEAR), but the other two are still important. The exchange allows you to buy NEAR Protocol (NEAR) from sellers, and the wallet gives you somewhere to store it long term.
When choosing an exchange, you should look for one with many users, good customer support and low fees. Three particularly popular exchanges with newcomers are Coinbase, Robinhood and Binance. However, there’s nothing really tying you to a specific exchange, so you can try new ones and quickly change at any time.
On the other hand, wallets can be much more complex. “Cold wallets” — physical devices holding cryptocurrencies offline — come with a steep up-front cost, but “hot wallets” — pieces of software that hold your coins on a computer — are often less secure. However, since hot wallets are fine for short-term storage and free to set up, it’s a good idea to start with them.
2. Sell NEAR Protocol (NEAR) in Cryptocurrency Exchanges
- Step 1: Set up an exchange account
- Step 2: Transfer your NEAR Protocol (NEAR) to your exchange wallet
- Step 3: Place a sell order
3. Sell NEAR Protocol (NEAR) in P2P Trading
- Step 1: Go to the P2P Trading Page
- Step 2: Choose to Sell and Set Your Currencies
- Step 3: Find a Buyer
- Step 4: Choose How Much You Want to Sell
- Step 5: Send the Offer
- Step 6: Confirm the Release
4. Sell NEAR Protocol (NEAR) in NEAR Protocol (NEAR) ATMs
- Step 1: Choose withdraw cash
- Step 2: Choose NEAR Protocol (NEAR) (these machines normally may support other cryptocurrencies)
- Step 3: Choose amount to withdraw
- Step 4: Send NEAR Protocol (NEAR) to given address QR code
- Step 5: Receive cash immediately as NEAR Protocol (NEAR) transaction is propagated on the network
Read More: How to Sell NEAR Protocol (NEAR)?
How to Get Free NEAR Protocol (NEAR)?
Most genuine websites that allow you to earn free NEAR Protocol (NEAR) require you to spend money on other things like buying cloud computer mining power, connecting your CPU for mining, playing a game, or completing micro-tasks.
In other words, they offer free NEAR Protocol (NEAR)s as an advertisement for their services. Otherwise, it takes time and effort to get free NEAR Protocol (NEAR) given its current high value.
- NEAR Protocol (NEAR) Faucet
- NEAR Protocol (NEAR) PTC Sites
- NEAR Protocol (NEAR) Airdrop
- NEAR Protocol (NEAR) GameFi
- NEAR Protocol (NEAR) Bounties
- Learning About NEAR Protocol (NEAR)
- Shopping Reward
- NEAR Protocol (NEAR) Interest
- Owning a NEAR Protocol (NEAR) Faucet
- Write about NEAR Protocol (NEAR)
- NEAR Protocol (NEAR) Affiliate Program
- Free NEAR Protocol (NEAR) Cloud Mining
Read More: How to Earn Free NEAR Protocol (NEAR)?
What is a NEAR Protocol (NEAR) Wallet?
1. NEAR Protocol (NEAR) Wallets for Beginners
A NEAR wallet is a physical device, software, or service that stores the public and private keys for cryptocurrency transactions. In addition to storing keys as a simple function, some cryptocurrency wallets also advanced functionality such as staking, encryption, lending, and more.
While the name is here to stay, calling NEAR crypto storage a wallet isn’t exactly true. It’s not a wallet in the traditional sense of the word because the crypto exists on the blockchain and not in some physical location. The way a NEAR wallet works however is quite simple. First, the wallet software creates a set of keys; a public key and a private key. These keys are necessary to send and receive cryptocurrency. The public key is shared with the public so others can send you NEAR. Just like they would send you mail to your mailing address. Meanwhile, a private key is another string of letters and numbers that is related to the public key but for the wallet holder only so he can access the blockchain.
When asking what the best NEAR Protocol wallet for beginners is, it’s important to first dissect what a beginner demands from a NEAR Protocol wallet. Most importantly, is a user-friendly interface. Beginners who are new to crypto are taking in tons of information every day and they don’t need a complicated app on top of that to learn. Clean, simple interfaces are best for beginners with minimal navigation required. That’s why we designed YouHodler’s interface to appease beginner users with simple designs, clear buttons, and plenty of information databases to dig into.
2. How To Make A NEAR Protocol (NEAR) Paper Wallet?
Although there are ways to manually generate a private key, the vast majority of paper wallet creators use a private key generator. Once a private and public key have been created, you are able to print a paper wallet, which because it’s not online doubles as a cold storage wallet. This will include the public and private key you’ve generated, usually as both a string of characters and QR codes.
Anyone with a paper wallet’s public key can send crypto to it as often as they like. Using the corresponding private key, you can move the crypto balance of the paper wallet into a software wallet. This transfers the funds to a new private key on your software wallet.
3. Ways To Set Up a NEAR Protocol (NEAR) Wallet
There are many NEAR Protocol (NEAR) wallets out there, and all of them differ in their characteristics. Mobile software wallets are great for day-to-day use, while desktop software wallets bring about a great balance between convenience and security. Lightweight web wallets are the best choice for quick online transactions. Cold encrypted hardware wallets like Ledger or Trezor are the best for long-term storage of bitcoin. However, unlike other options, hardware wallets aren’t free and cost $50 or more.
Set up a NEAR Protocol (NEAR) Software Wallet
- Mycellium
- Bread (BRD) wallet
- Bitcoin wallet
- Electrum
- Samourai
Set up a NEAR Protocol (NEAR) Web Wallet
- Coinbase
- Blockchain.info
- BTC.com
- Rahakott
- BitGo
Set up a NEAR Protocol (NEAR) Hardware Wallet
- Ledger
- Trezor
- BitLox
- KeepKey
How to Buy and Sell NEAR Protocol (NEAR) In Different Area?
1. How to Buy and Sell NEAR Protocol (NEAR) in India?
You can get NEAR Protocol (NEAR) in India mainly through buying and mining. To buy it, you can use several online exchanges such as WazirX, Coinbase, BuyUcoin, and CoinDCX. Choosing the best online exchange is another task, but here are a few things you should keep in mind while buying the cryptocurrency in India.
- It’s best to go with an exchange that allows you to withdraw cryptocurrency in INR to your personal online wallet for safekeeping
- Make sure that the internet connection is secure. Also, don’t forget to use safe internet practices like two-factor authentication and unique and strong passwords.
- KYC aka Know Your Customer verification is a must, at least in India. For that, you can use a PAN card and valid address proof
- Now, add the bank account that is linked to your PAN card. Verification will take around 2-3 days
After the verification is complete, you can start trading NEAR Protocol (NEAR) in India. Money from your bank accounts can be transferred using NEFT, RTGS, and debit and credit cards. Currently, the value of one Bitcoin is around 27 lakh; however, you don’t have to buy a whole coin to begin investing. You can buy Bitcoin in parts, i.e. small investments for as low as Rs 500. That way, you will own a small percentage of the cryptocurrency.
2. How to Buy and Sell NEAR Protocol (NEAR) in Canada?
- Sign up and get KYC (Know-Your-Customer) verified on a Canadian crypto exchange like Bitbuy.
- Deposit CAD to the exchange directly from your bank account.
- Buy NEAR Protocol (NEAR).
- Store NEAR Protocol (NEAR) on your exchange account or transfer it to a wallet.
3. How To Buy and Sell NEAR Protocol (NEAR) In The UK?
- Create a Coinbase account.
- Complete identity verification to access fiat payment options.
- Navigate to the Accounts and select the GBP wallet.
- Fund your account using Bank Transfer or other methods.
- Once the deposit is complete, go to the Buy/Sell page and select GBP to NEAR Protocol (NEAR).
4. How To Buy NEAR Protocol (NEAR) in the United States?
The best way to buy and sell NEAR Protocol (NEAR) in the USA is through an exchange such as Coinbase, Kraken, Gemini, Coinmama, Binance, or Changelly. There is a plethora of options available, so it is best to look at each of the exchanges’ processes for deposits and withdrawals, fees, and transaction speeds to determine which is best for you.
NEAR Protocol (NEAR) FAQs
1. NEAR Protocol (NEAR) History
NEAR was a machine learning project before it became a blockchain development platform. Illia Polosukhin and Alexander Skidanov started NEAR.ai in early 2017 to explore program synthesis: the field of automating programs from a human specification. Named for the science fiction novel The Singularity Is Near, the NEAR project drew from Illia’s work as a lead contributor for TensorFlow at Google and Alexander’s as the lead engineer at MemSQL.
Researching program synthesis led the team to explore programmable smart contract platforms and crypto payments in late 2017 and early 2018. As they explored the solution space and tried out a variety of blockchain protocols, they realized the current state of the tech didn’t meet their needs and began to design a blockchain that could. Illia and Alex gathered a team of engineers and formally started building NEAR Protocol in August 2018. The founding vision for the NEAR platform was to offer developers an easy path to building decentralized applications that can scale to mass usage. To achieve these goals, NEAR adopted a Proof-of-Stake (PoS) mechanism to support transaction verification and block production.
NEAR combines a horizontal scaling approach with a new consensus mechanism that splits the network into parallel shards and dynamically distributes the computation to increase the network’s processing capacity. The network launched in April 2020, became community-operated in September 2020, and passed a vote to enable token transfers in October 2020.
2. Does NEAR Have a Future?
Based on our price forecast, NEAR Protocol is one cryptocurrency that has a promising future. It will govern the digital kingdom if it rides the crypto wave, and it will have a lengthy reign as a form of payment.
With sky-high forecasts, an ambitious offering and the potential of becoming a real competitor to Ethereum, the future certainly looks bright for the NEAR Protocol.
However, with the crypto sector as volatile and uncertain as it is, a lot remains to be seen, both in terms of whether the NEAR technology holds up when demand grows and whether crypto as a sector enters the mainstream. If regulation hits crypto hard, or if macroeconomics leads to a dip in valuations of all cryptos regardless of their supposed utility, the coin will be affected.
3. Is NEAR Protocol a Good Investment?
It’s usually a good idea to do your homework first. If you purchase or sell carefully, take a calculated risk by doing your own research, read the price chart for any price changes, and protocol technical analysis for the expected price in the cryptocurrency market, there should be no heartbreaks or overblown expectations required.
4. Why Did NEAR Give More Than 16X Return in 2 Years?
The credit for this goes to the investors who have put their trust in the asset. At the same time, the fact that NEAR Protocol is listed on the exchange is a great cause for it to do well. This elicits an emotional response from investors and demonstrates a high level of market motivation. As a result, it’s no surprise that the token is constantly increasing in value. However, if we look at last two months chart, we will see NEAR dropped in value.
