This is how Near Protocol Works, You Need to Know
A climate-neutral, high-speed & low transaction fee layer-1 blockchain
Ethereum and its technological innovations have managed to attract the public and become the center of attention in the crypto industry ecosystem. Over time, this brought new problems regarding the scalability and density of the Ethereum network. This has prompted many other platforms to attract the attention of users and app developers, who are looking for alternatives to Ethereum. One of them is the NEAR Protocol.
Many people predict that NEAR will become the Binance Smart Chain, both in terms of adoption and price. Are you curious? Let’s see this article for further explanation.
Problems in Blockchain
Even though it is considered perfect in terms of features, blockchain itself needs to pay attention to some basic important aspects of technology to prevent system failures. As we already know, blockchain technology is often faced with three main problems: decentralization, scalability, and security. It is indeed challenging able to make it all happen at once, often a lot of data is leaked, scalability is low, and there are still third parties trying to interfere.
Solutions from NEAR
NEAR innovates based on the problems that exist in the blockchain lately. The goal is to minimize the trilemma and provide satisfactory service to users.
- Security is maintained
Near Protocol is a layer-1 blockchain that can be a place for transactions and building applications, but with high speed, security, and low transaction costs. One of the main goals of this network is to eliminate the possibility of large companies stealing users’ data and to eliminate the possibility of the termination of internet services for some parties by one party in power.
So with Near Protocol, application creators and users will be protected from restrictions and theft or use of data from those who own the network or application. The point is that the creators of NEAR wanted to create a blockchain and the internet at the same time so that everything moves in a decentralized manner (without third parties) and everything is free.
- Unique technology for faster transactions
The NEAR blockchain uses a Delegated Proof of Stake (DPoS) consensus mechanism. In DPoS, users can lock in funds and work with other users to set up and manage nodes so that they end up sharing profits.
In Near Protocol validation is faster, validators or users only need to wait for 1 block compared to Ethereum which needs to wait for 35 blocks. This is due to the support of a new block validation innovation called Doomslug. This technology is equipped with the Nightshade mechanism which is a sharding mechanism for the Near Protocol blockchain so that incoming data or smart contracts can be faster. With this mechanism, Near Protocol can reach speeds of up to 100,000 transactions per second. Thus, the energy consumption in NEAR Protocol is very low. Interesting right?
Sharding is a blockchain architecture that allows each node (computer/server) that participates in the verification process to store only a small part of the platform data.
If you’re new to blockchain and cryptocurrencies, it’s worth reading the basics here https://near.org/blog/the-beginners-guide-to-the-near-blockchain.
The reason you should choose NEAR
- The NEAR network is powered by a special sharding technology called Nightshade. Sharding can increase network speed and scalability without sacrificing security and decentralization so that it becomes one of the solutions to the trilemma blockchain problem.
- NEAR are some of the few blockchains that have a lot of immense investor support. This shows that there is great trust in the NEAR ecosystem. The nascent DeFi industry shows that NEAR still has many untapped potential uses. This could be a catalyst to increase NEAR prices.
- The ecosystem is very wide and diverse, there are Wallet, DeFi, DAO, educational platforms, infrastructure for creating crypto, Gaming Sector, NFT, Stablecoins, IDO Platform or Initial DeX Offering, and Oracle. To get connected to the NEAR ecosystem and the apps that work with it, please see here https://awesomenear.com/categories/dapps
- NEAR has its wallet platform called Near Wallet. What is unique about NEAR Wallet is the mechanism where the wallet address or wallet address of Near Wallet is not in the form of a cryptographic code but can be changed according to the name you want for free.
- NEar also strongly supports the development of NFT. One of the unique NFTs of the music genre is the TNEsociety project (Formerly 9ja Musical). TNEsociety is a community set up to incorporate musicians into the Near ecosystem, built in December 2021 and based in Nigeria. Its main focus is on leveraging technology to enhance the value of music, art, and content as an NFT.
- The NEAR Protocol is the perfect platform for NFT as it has two main advantages over Ethereum: 1) NEAR is significantly faster, and 2) Cheaper gas fees than Ethereum
So, how about now? How to interact with NEAR?
NEAR has great potential in the future. Near Protocol is a blockchain that wants to be a network like the current third-generation blockchain. The point is that this blockchain can be a place for transactions and building applications, but with high speed, security, and low transaction costs. In the future, if NEAR succeeds in expanding its ecosystem more broadly, it will certainly bring good impacts, because security, speed, and relatively low cost are its advantages over others.
Then … now what to do now? If you’ve read this far, you must be interested in the NEAR ecosystem. It’s a good idea to learn more through the whitepaper and read a lot of news updates on the NEAR forum.
Also, visit NEAR’s official social accounts to connect more closely