NEAR Protocol is a profit-based organization based in San Francisco, California, United States. It was founded on July 1, 2018, by Alexander Skidanov and Illia Polosukhin. Skidanov was a former director of engineering at the database company MySQL. At the same time, Polosukhin worked previously at Google, where he was involved in developing its artificial intelligence abilities and search engine products. NEAR Protocol has thirty-six investors, including block change ventures and ParaFi capital.
It was software that incentivized a networked group of computers to run a platform for developers to generate and initiate decentralized applications. Paramount to the NEAR Protocol’s blueprint is the notion of sharding. This operation aims to divide the network’s configuration into several parts for computers, also known as nodes, only to manage a few of the network’s transactions. NEAR Protocol is also a Proof of Stake (PoS) blockchain that aspires to rival other platforms, thanks to its sharding solution called “Nightshade.” Nightshade permits NEAR Protocol to preserve a chain of data while sharing the computing needed to maintain this data into “chunks.” These chunks are managed by nodes, who process the data and add the information to the primary chain. The primary benefit of Nightshade is that its architecture permits fewer possible points of failure when we talk about security, as the nodes involved are responsible solely for maintaining smaller parts of the chain. NEAR Protocol has added more than $20 million over combined rounds from leading venture capital firms, including Andreessen Horowitz and Pantera Capital.
Near protocol applies Rust and assembly script as the primary programming language. It supplies tools and existing documentation obtainable to aid developers in building applications and smart contracts. Examples are the NEAR Academy and NEAR developer certified program.
NEAR uses a native token called NEAR, which permits users to pay charges for transactions, run applications, and pay for storage. NEAR Protocol boosts its token supply by 5% every year, with 90% of these newly delivered tokens going to validators. The remaining goes to the blockchain’s treasury to brace the platform’s development.
Near protocol is very fast as it can handle up to a hundred thousand transactions per second excellently!! Systems operating the NEAR Protocol software make sure transactions are correct and familiar to validators. Validators get a reward for maintaining the NEAR blockchain’s security and validity by financing their tokens on the network.
The NEAR Foundation is nothing short of a blockchain solution that keeps soaring in the crypto ecosystem.
Connect with Near protocol on their official platform
Near website — https://near.org/
Near Twitter — https://twitter.com/nearprotocol
Near Telegram — https://t.me/cryptonear
Near Discord — http://near.chat/
