The NEAR Protocol: A Comprehensive Guide

1. basic information

Virtual Currency Names and Overview

The NEAR Protocol (NEAR) is a highly scalable and easy-to-use distributed application (DApp) platform, NEAR aims to simplify the complexity of the blockchain and provide a more friendly ecosystem for both developers and users.

Key Features:

High throughput and low transaction fees
Developer-friendly environment
cross-chain compatibility
Environmentally friendly design

NEAR seeks to address key barriers to blockchain adoption (scalability, ease of use, and interoperability).

Number of Copies Issued and Supply

The total supply of NEAR is 1,000,000,000 (billion) NEAR tokens. The distribution of tokens is as follows

Community Pool: 38%
Initial back car: 17%
Core team member: 11.71 TP3T
Ecosystem Development: 11.3%
Foundation Reserve: 10%
Initial Community: 10%
Operating Reserve: 2%

NEAR uses an inflation model, with approximately 5% new tokens issued annually. These new tokens are primarily used to reward network validators.

NEAR Protocol
(NEAR)
Price
$3.41
Market Cap
$4.01 B

NEAR Protocol (NEAR) Technical Structure

The NEAR protocol has the following key technical features

Threshold Proof of Stake (TPoS):

Multiple nodes participate in consensus decisions
Ensure network security and decentralization
Smaller validators can also participate.

Nightshade sharding:

NEAR's unique sharding mechanism
Split data processing into multiple shards for efficient scale
Entire network operates as one coherent blockchain

Aurora Layer 2:

EVM compatible blockchain running on the NEAR protocol
Function as a bridge to Ethereum
Enables lower cost and faster deployment of ethereum-compatible smart contracts

Chain abstraction and account abstraction:

Ensure DApp is compatible with any chain
Allows users to access multiple networks with a single on-chain account

Development Team and Community

The NEAR Protocol was established by experienced developers and researchers. Key members include:

Ilya Poloskin: CEO and co-founder. Previously, he worked as a machine learning researcher at Memorial Sloan-Kettering Cancer Center.
Alex Skydanov: Co-founder. Previously on the Google Search Infrastructure team.

The NEAR Foundation plays an important role as a non-profit organization supporting ecosystem growth and development. The Foundation is involved in the following activities

Providing funding and support to developers, companies, and communities
Ecosystem guidance provided
Promote adoption of Distributed Applications (DApp)

The NEAR community is active and includes developers, investors, and enthusiasts from around the world, and the ecosystem is continuously growing through activities on Github, regular hackathons, and educational initiatives.

2. application information

How to purchase and store

How to Buy:
NEAR tokens are traded on many major crypto asset exchanges.

For international users:

Binance
OKX
Huobi Global

For U.S. users:

Kraken
Coinbase

Storage Method:
Wallet options for securely storing NEAR tokens include

NEAR Wallet: official wallet. Token management, staking and easy integration with DApp.
MyNearWallet: Web-based wallet with the largest ecosystem compatibility.
Sender Wallet: Non-custodial wallet. Supports staking, NFT, and DApp interactions.
Ledger: Hardware wallet. Offers the highest level of security.
MetaMask: supports NEAR through its "Snaps" feature. Suitable for users involved in multiple blockchain ecosystems.

Use Cases and Future Prospects

The NEAR protocol has a wide range of use cases and is promising:

Decentralized Finance (DeFi):

Borrowing and lending platforms (e.g. Burrow)
Decentralized exchanges (e.g. Ref Finance)
Liquid staking (e.g. Meta Pool)

Non-Forming Token of Substitutability (NFT):

NFT Marketplace (e.g. MITTE)
Create and trade digital art, in-game items and collectibles

Web3 Gaming:

Play-to-Earn games (e.g. PlayEmber)
Blockchain-based game development platform

Infrastructure:

Cross Chain Solutions (Aurora)
Data Availability Layer (NEAR DA)

Tokenization:

Tokenization of real world assets
Tokenization of carbon credits and renewable energy certificates

Prospects:

Continuous improvement of scalability solutions
Partner with more companies and projects
Enhanced cross-chain interoperability
Promote Web3 adoption

Competitive Comparison

Major competitors to the NEAR protocol include Ethereum, Solana, Cardano, Polkadot, etc. The advantages of NEAR are as follows

Scalability: Nightshade sharding provides theoretically unlimited scalability.
Low fees: extremely low transaction costs and user-friendly.
Developer experience: The Rust-based development environment makes it easy for developers to use.
Environmental friendliness: Proof of Stake and high energy efficiency.
Cross-chain compatibility: compatibility with Ethereum through Aurora.

On the other hand, they may lag behind their competitors in the following areas

Ecosystem size: The DApp ecosystem is not yet as large as Ethereum or Binance Smart Chain.
Brand awareness: general awareness is still inferior to Ethereum and others.

Risks and Cautions

When considering investing in or using NEAR, the following risks and precautions should be considered

Price volatility risk:

Affected by fluctuations in the overall crypto asset market
Prices may fluctuate significantly depending on project progress and competition

Technical risk:

Smart contract bugs and security vulnerabilities
Possible network outages or performance degradation

Regulatory Risk:

Changes in laws and regulations in various countries may restrict the use and trading of NEAR
Impact of changes in the tax system

Competitive risk:

Increased competition from other blockchain projects
Possibility of obsolescence due to new technologies

Governance Risk:

Decision-making difficulties in decentralized governance
Possible forking due to disagreement within the community

Recruitment risk:

Adoption by the general public and companies may not proceed as expected
User exodus to competing projects

Notes:

Invest at your own risk and make decisions based on a thorough understanding of the risks.
Use reputable exchanges and wallets and take thorough security measures
Keep up to date with project updates and take a long-term view

Expert opinion and evaluation

Expert opinions and evaluations on the NEAR protocol are as follows

Vitalik Buterin, co-founder of Ethereum:
"NEAR's sharding technology takes an interesting approach and could be an important contribution to the blockchain scalability problem."
Andreas Antonopoulos, blockchain expert and author:
"NEAR offers a developer-friendly environment and has the potential to accelerate Web3 adoption. However, continued innovation and strong community support are essential to its long-term success."
Messali Research (crypto asset research firm):
"The NEAR protocol offers high scalability and low transaction costs, making it an attractive platform for DeFi and NFT projects. However, growing the ecosystem and increasing adoption will be a challenge going forward."
Binance Research:
"NEAR's nightshade sharding technology has the potential to provide theoretically unlimited scalability and could have a significant impact on the future development of blockchain technology."
Coin Bureau (crypto asset education platform):
"NEAR is a project with a strong technology base and an active development community. Its cross-chain capabilities and user-friendly design will be an advantage for future growth."

While acknowledging the technical superiority and promise of the NEAR protocol, these experts' opinions point to the need for increased adoption and continued innovation.

3. other

Latest News

NEAR Data and Eigen Labs Announce Data Availability Trial (September 2024)

An attempt to improve the scalability of Ethereum by combining NEAR's data availability layer with Eigen Labs' technology.

Launch of NEAR Protocol and Web3 Gaming Initiative (August 2024)

Announces $10 million grant program for game developers. The program aims to promote the adoption of blockchain gaming.

NEAR Foundation Donates $5 Million to Climate Action Project (July 2024)

Pledged support for the development of environmentally friendly blockchain technology and for carbon offset projects.

NEAR Protocol Announces New Upgrade "Nightshade 2.0" (June 2024)

Improved sharding technology significantly increases network throughput. Transaction processing capacity per second increased tenfold.

Leading technology companies adopt the NEAR protocol (May 2024)

The name is undisclosed, but a major Fortune 500 technology company announced the development of a blockchain solution using NEAR.

These news stories illustrate the continued innovation of the NEAR protocol, the growth of the ecosystem, and the increasing corporate adoption of the protocol.

NEAR Protocol (NEAR) Roadmap

Future plans disclosed by the NEAR protocol development team are as follows

Nightshade 3.0 (scheduled for Q2 2025)

Further sharding technology improvements
Cross-Shard Transaction Optimization

NEAR 2.0 (scheduled for Q4 2025)

Introduction of a new consensus algorithm
Significantly improved network security and scalability

Global Enterprise Recruitment Program (full year 2026)

Providing customized blockchain solutions for large enterprises
Establishment of a specialized support team for companies

NEAR Interoperability Protocol (NIP) (scheduled for Q2 2026)

Seamless interoperability with other blockchain networks
Introduction of cross-chain smart contracts

NEAR AI Integration (scheduled for 2027)

Integration of Blockchain and Artificial Intelligence
Optimization and automation of smart contracts using AI

This roadmap demonstrates our commitment to continued innovation and increased adoption of the NEAR protocol. Note, however, that plans are subject to change due to rapid changes in the blockchain industry.

FAQ

Q1: What is the minimum unit of NEAR tokens?
A1: The smallest unit of NEAR token is "yoctoNEAR", 1 NEAR = 10^24 yoctoNEAR.

Q2: What is the transaction speed of the NEAR protocol?
A2: The NEAR protocol can currently handle about 1,000 transactions per second; this number will be significantly improved after the Nightshade 2.0 upgrade.

Q3: Is the NEAR protocol compatible with Ethereum?
A3: Yes, we offer full compatibility with ethereum through a layer 2 solution on NEAR called Aurora.

Q4: What language is used to develop smart contracts with the NEAR protocol?
A4: The NEAR protocol primarily uses the Rust language to develop smart contracts. It also supports AssemblyScript.

Q5: What is NEAR's staking reward rate?
A5: NEAR's staking compensation rates fluctuate, but generally range from 81 TP3T to 111 TP3T per annum. However, this can vary depending on market conditions and network conditions.

Q6: Is the NEAR protocol environmentally friendly?
A6: Yes, the NEAR protocol employs a Proof of Stake consensus mechanism and is very energy efficient compared to Proof of Work based blockchains.

Q7: How can I join the NEAR protocol developer community?
A7: You can connect with the developer community by joining NEAR's official website and community platforms such as GitHub, Discord, and Telegram. Another good way is to participate in hackathons and workshops organized by NEAR.

These FAQs are intended to answer general questions about the NEAR protocol. For more detailed information and technical questions, we recommend referring to the official NEAR documentation.

NEAR Protocol: Useful Links

Official Resources

Community and Social Media

Developer Resources

Ecosystems and DApps

Analysis and Market Information

News and Research

Wallet and Staking

Educational Resources

These links provide a wide range of information about the NEAR protocol and can be a useful resource for a variety of users, from beginners to developers to investors. However, because the blockchain industry changes rapidly, we recommend that you check each official site for the most up-to-date information.

Complete Guide to the NEAR Protocol: From the Basics to the Latest Trends

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