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A Beginner's Guide to Near Protocol

Published on: Mar 12, 2024
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In Brief

Dive into our beginner's guide to Near Protocol. Explore the blockchain protocol, token use case, and what unique things this protocol brings to the crypto space.

A Beginner's Guide to Near Protocol

This guide offers a comprehensive exploration of Near Protocol. You’ll learn about Near’s core principles, tokenomics, and the unique things the protocol brings to the crypto space. If you’re looking for a secure NEAR crypto wallet Before we get started, remember that you can easily deposit, manage, buy, and sell the NEAR using Trust Wallet, which is a secure crypto wallet that supports 100+ blockchains.


What is Near Protocol?

Near Protocol (NEAR) is a layer-1 blockchain built to host smart contracts and decentralized apps (DApps). Near Protocol was designed to make blockchain technology accessible and user-friendly for developers and end-users. The protocol exists to create a more inclusive and decentralized internet, by empowering developers and users to participate in the blockchain ecosystem. Near emphasizes security, scalability, and usability, making it accessible to both developers and non-technical users.

How does Near Protocol Work?

At the core of Near Protocol is a consensus mechanism called Nightshade, which combines Proof-of-Stake (POS) and sharding to achieve high throughput without compromising on security. Validators are responsible for proposing and validating blocks, while stakers provide security and participate in the consensus process by locking up their tokens.

Near Protocol employs a unique approach to sharding, dividing the network into smaller groups called "shards," each capable of processing transactions and smart contracts independently. This architecture enables Near Protocol to scale effectively, as each shard can operate in parallel, increasing the overall capacity of the network.

Near Protocol aims to address the scalability and usability challenges faced by existing blockchain platforms. Thus, making it easier for developers to build and deploy dApps. Near Protocol offers several features to support developers, including:

With Near Protocol, developers can easily build dApps using familiar programming languages like Rust and AssemblyScript.

What is NEAR Token?

The NEAR token serves as the native utility token of the Near Protocol ecosystem. NEAR token powers various functionalities within the network, including transaction fees, to power applications, and storage costs.

Applications hosted on Near Protocol are required to pay storage fees to the network for data storage and computational tasks. As a mechanism to manage token supply, a portion of these tokens is "burned" or permanently removed from circulation, reducing the overall supply of NEAR tokens.

The integrity of transactions within the Near Protocol network is maintained by computers running the protocol software. Validators play a crucial role in this process, ensuring the accuracy and validity of transactions. Validators are incentivized through rewards for staking their tokens, contributing to the security and reliability of the Near ecosystem.

Near Protocol employs a controlled token issuance model, increasing the token supply by 5% annually. The majority of newly issued tokens, approximately 90%, are allocated to validators as rewards for their efforts in maintaining network security. The remaining portion is directed towards the blockchain's treasury, earmarked to support ongoing platform development initiatives.

What Makes Near Protocol Unique?

Near Protocol distinguishes itself in several ways, setting it apart from other blockchain platforms:

How to Buy NEAR Using Trust Wallet

You can easily buy crypto, including NEAR tokens using Trust Wallet, via our trusted partners. Here’s how:


How to Deposit NEAR to Your Trust Wallet Address

In addition to buying NEAR directly using Trust Wallet, you can also deposit NEAR from another wallet address or from a centralized exchange. Here’s how:

From here you have two options. You can either:

  1. Copy your deposit address and use that on your exchange account or other wallet to send funds to.

  2. Use the “Deposit from exchange” option to deposit crypto seamlessly from your exchange account.

NEAR continues to evolve

Near Protocol has established itself as a cornerstone of the decentralized ecosystem, with its innovative approach and robust infrastructure. This guide has provided you with a comprehensive understanding of Near Protocol's native token, NEAR, and how to manage it through Trust Wallet. We've explored the pivotal role Near Protocol plays in shaping the future of decentralized applications and digital finance.

Near Protocol, much like the broader decentralized finance (DeFi) ecosystem, is continuously evolving. Stay informed, conduct thorough research, and remain engaged with developments in the Near Protocol community. Get your secure Near wallet now, and start exploring.


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Note: Any cited numbers, figures, or illustrations are reported at the time of writing, and are subject to change.

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