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:

• A user-friendly development environment.

• Built-in smart contract functionality.

• Interoperability with other blockchain networks.

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:

• Scalability: Near Protocol implements sharding, a technique that partitions the network into smaller groups of nodes, allowing for parallel processing of transactions. This design significantly enhances throughput and reduces latency, enabling Near Protocol to scale effectively as demand increases.

• User Experience: Near Protocol prioritizes usability, offering a developer-friendly environment and intuitive tools for building decentralized applications (dApps). Developers can leverage familiar programming languages and development frameworks, streamlining the process of creating and deploying dApps on the platform. Accessibility: Near Protocol aims to make blockchain technology accessible to a wider audience by lowering barriers to entry. Users can interact with dApps seamlessly, without the need for complex setups or specialized knowledge.

• Economic Model: Near Protocol's economic model is designed to incentivize participation and contribute to the long-term sustainability of the network. Validators are rewarded for securing the network through staking, while developers are incentivized to build and maintain dApps through various support programs and funding opportunities.

• Governance: Near Protocol implements a decentralized governance model that empowers token holders to participate in decision-making processes. Through on-chain governance mechanisms, stakeholders can propose and vote on protocol upgrades, changes, and allocation of resources, ensuring a transparent and community-driven approach to platform governance.

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:

• Select “Buy” from the home screen.

• Search for “NEAR” and select it.

• Choose the currency you want to use, then enter the amount of NEAR you want to purchase.

• Select the third party provider & payment method you’d like to use.

• Select the Buy button and complete the remaining steps.

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:

• Select “Receive” from the home screen.

• Search for “NEAR” and select it.

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.