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NEAR Protocol is a layer-1 blockchain with a large capacity for hosting sophisticated decentralized apps and innovative financial primitives.
The platform's goal is to deliver an accessible, user-friendly blockchain platform that can meet the demands of consumers and enterprises worldwide. It achieves this through a one-of-a-kind combination of robust technical solutions, an ultra-efficient consensus, and a crypto-economic system, emphasizing a streamlined, intuitive user and developer experience.
The NEAR token lies at the heart of the NEAR Protocol. Like ETH on Ethereum and ADA on Cardano, NEAR is used to pay gas fees (transaction and smart contract operation costs). Validators can also hold NEAR to earn a share of the NEAR token emission (currently set at 5% per year) - different validators charge varying commissions. Still, it’s usually around 5% of the yield.
In April 2020, the NEAR blockchain released its mainnet, and in August of the same year, an IEO for the NEAR token was held on Coinlist.
Illia Polosukhin and Alexander Skidanov co-founded NEAR Protocol. Polosukhin is a former Google engineering manager and accomplished software developer who also formed Sid Startup Partners, a venture fund based in Ukraine. Skidanov, is a two-time ICPC medalist who formerly worked as a research engineer consultant for OpenAI and as the Director of Engineering at memSQL and software Architect.
Aside from the co-founders, NEAR protocol development is supported by a global staff of over 100 professionals and a community of over 14 million NEAR account holders.
NEAR was the 16th largest cryptocurrency by market capitalization at its height. It also reached a peak DeFi total value locked (TVL) of $590 million in May 2022, ranking among the top ten most popular non-EVM chains in terms of TVL.
NEAR Protocol, a layer-1 blockchain built to host a variety of smart contracts and decentralized apps (DApps), makes use of powerful architecture to remain fast, safe, and efficient.
NEAR's unique sharding design, known as Nightshade, is one of the primary technical elements that distinguish it from other blockchains. The NEAR blockchain will accomplish enormous scaling by processing many blocks in parallel across multiple shards. Only a subset of NEAR validators will be authorized to process chunks on each shard first. However, in future releases, the NEAR team aims to ensure that all validators are active in tracking transactions across all shards.
The platform's sharded proof-of-stake (POS) consensus system lies at its heart. This enables validators to agree on the present state of the network using a system that penalizes poor actors and promotes good ones. Users must stake NEAR tokens to join the network as a validator – the exact quantity required varies depending on the seat price. As of this writing, the seat cost more than 158,090 NEAR ($500,000).
An auction system is used to choose validators for transaction processing, and users can delegate their NEAR to validators that provide the service via a staking pool. Like most proof-of-stake blockchains, NEAR uses slashing to discourage lousy conduct among validators and maximize Sybil’s resistance. Attempts to generate invalid blocks or fork the chain will result in a loss of stake.
Currently, only 100 validators are permitted to participate in block production. Although that number is expected to increase in the coming years as NEAR seeks to promote decentralization and free up validator slots for chunk producers. Approximately 46% of the NEAR token supply is staked/delegated, paying validators 11.7% APY.
NEAR already has a sizable decentralized application (DApp) ecosystem even though its mainnet genesis was just finished more than two years ago. A significant portion of this ecosystem is unique to the NEAR blockchain.
Because most of them are primarily concerned with transferring value on-chain in various methods, the great majority of its decentralized applications (DApps) are classified under the DeFi umbrella. However, it is also starting to be leveraged by non-fungible token (NFT) projects and gaming niches because its technology can give additional value to aficionados of non-fungible tokens and gaming.
In this section, we will examine some of the most popular projects that are currently being created on NEAR
A speedy rundown of the top 10 decentralized applications (DApps) available right now on NEAR
This fast tutorial will walk you through the Top 10 decentralized applications (DApps) currently being created on the NEAR Protocol. Please do not spend any more time and explore NEAR with us.
NEAR Crowd: NEAR Crowd is a program that allows users to earn NEAR by performing minor chores. While tasks are offered and compensated by a centralized body known as the Requestor, NEAR Crowd drastically limits the Requestor's control and shifts it to the community instead. The Requestor specifies what each task requires. The community determines whether each task is accomplished correctly and by the specifications. They accomplish this by developing a set of rules, checks, and balances implemented by a smart contract deployed on NEAR.
After completing at least 20 tasks, participants can withdraw their prizes to their NEAR wallet if they have at least an 85% success rate. More specifically, the system keeps track of each participant's number of completed and unsuccessful activities. To withdraw the payments, the number of completed jobs must be at least 8.5 times greater than the number of failed assignments.
Ref Finance: Ref Finance is a multi-purpose DeFi platform run by the community and built on the NEAR Protocol. Ref extensively uses the low fees, rapid finality (between one and two seconds), and WebAssembly-based runtime offered by NEAR. In addition to the advantages that come from having been built on top of NEAR, Ref Finance offers the following:
The first product that Ref Finance has released is an automated market maker (AMM). Users can trade tokens using the automated market maker (AMM) exchange and stake REF tokens to gain additional REF tokens.
Learn NEAR Club: Learn NEAR Club is an all-inclusive hands-on onboarding platform for NEAR Protocol. It does this by connecting NEAR Ecosystem projects to active members of the community through the (L)Earn method. The NEAR Foundation backs this platform. You'll find informative articles on the website that break down the most critical aspects of NEAR. For instance, onboarding tutorials like " "Top 7 NEAR NFT Projects," "What You Can Do On NEAR Protocol?" "What is the NEAR protocol? " and many other similar topics.
The club offers its members several unique chances to learn about the NEAR ecology. Users can participate in training and testing to further their understanding of the NEAR protocol.
Paras 2.0: Paras is a digital collectibles-focused NFT marketplace. Paras began with digital art cards inspired by real-world trading cards, which have proven indestructible and timeless since its introduction in the 1980s. The team thinks every physical art form should be archived and digitized to be future-proofed. As a result, Paras, an all-in-one digital collection marketplace, is ready to expand its asset base to include digital collectibles.
ZomLand: ZomLand is a fun and thrilling interactive NFT and Play-to-Earn collectible game platform. You assume command of an army of zombies and monsters to battle other users worldwide and achieve your objectives. The game's logic begins with Lands. Every land has the potential to spawn zombies. Every day, you can mint zombies (the number of zombies depends on the type of land). You can also use your lands to claim zombies every 24 hours.
The gaming model is known as play-to-earn (P2E). You have exclusive ownership rights to these game assets regardless of how you access them. In essence, you can distribute or sell them and keep all of the proceeds. You'll need a NEAR Wallet and some NEAR tokens (used for blockchain transaction commissions, storage, and in-game purchases) to play the game.
Land to Empire: The game Land to Empire is a Near Protocol play-to-earn mobile strategy game. In Land to Empire, a player takes on the role of a landowner. Players must construct their hamlet, army, and defense infrastructure. Users can use the resources acquired from structures and attacks on other players to build a powerful town. The currency used to purchase and enhance assets is known as resources. To assault, players need resources to train several sorts of troops. Gold, Elixir, and Gems are the three primary resources in Land to Empire. These resources have structures that are utilized to store and generate them.
The game team adheres to the Proof-of-Game standard, which means that the developers will not exchange tokens and NFT. Actual players will provide all tokens for sale with a connection to their land. The team's earnings are derived through p2p NFT trading royalties. Everything is based on the revenue of the gamers.
Burrow: Another dApp, Burrow is a decentralized non-custodial pool-based interest rate platform that allows users to supply assets in exchange for interest and borrow against them to unlock liquidity. Burrow is a pool-based protocol akin to Aave, Compound, and others.
Burrow is built on the NEAR blockchain, a sharded layer 1 proof-of-stake blockchain with a WebAssembly runtime. The smart contracts for the Burrow protocol are developed in Rust.
The DApp seeks to increase liquidity for interest-bearing assets, namely layer-1 staking derivatives like stNEAR and stETH. Users can borrow more NEAR after depositing stNEAR as collateral to establish a leveraged staking position, or borrow a stablecoin, thus creating a self-repaying position.
NEARnames: NearNames is a fun vacay app that allows crypto natives and newcomers to present NEAR accounts in a simple flow. Using NEARnames, users can stake a claim on the NEAR blockchain for the names of their friends and family members. Using tokens in your NEAR Wallet, you can sign in to offer the gift of a one-of-a-kind NEAR account to one of your close friends. For example, you could give them "happy.near" or "santa.near."
Meta Pool: Meta Pool is a NEAR Protocol Liquid Staking solution that allows NEAR token holders to stake their NEAR in the most straightforward method possible.
Users who deposit NEAR tokens into Meta Pool obtain stNEAR, which may be utilized in other Defi platforms. As a result, optimal capital efficiency and additional APY are provided. The algorithms in Meta Pool automatically distribute NEAR across 87 validators and check performance and uptime. This helps to maintain the network decentralized and the funds secure, so users are not concerned.
Traditional unstacking on Meta Pool can take up to 72 hours. When you stake with Meta, however, you can get your cash immediately using Liquid Unstaking for a nominal charge of only 0.3%.
Mintbase: Mintbase is the most excellent site to develop your minter, market, and NFT redeeming systems. This is because it also hosts the NFT marketplace. Users can access the entire system through the UI and the testnet's code when using it.
You can use the NEAR blockchain in the same manner that you would focus on the mainnet with real funds when you have access to the playground. When you create a NEAR account during the login process, you will immediately be given 200 N to enable you to engage with everything, including sending NFTs to other testnet users.
The NEAR blockchain is one of the few blockchains of its kind, and it features an environmentally friendly and carbon-neutral protocol and emissions that leave a small carbon imprint. Because it is designed to operate by the sharding methodology, NEAR is a very scalable network.
NEAR is ripe with opportunities for growth in the years to come. The annual inflation rate is approximately 5%, and the cryptocurrency NEAR is not yet registered on Coinbase. Keep in mind that the Web 3.0 Trend is currently being formed and that NEAR is "the spear" that pierces all impediments to getting closer to Web 3.0.
In addition to its scalability, it possesses several other exciting features, such as interoperability and account names that are readable by humans rather than cryptographically encoded wallet addresses. This makes it simpler for users to access wallets and decentralized applications (dApps). As a result, NEAR is one of the blockchains that is most suitable for the requirements different industries have for developing dApps.
DApp development has revolutionized the way businesses operate by offering a new level of transparency, security, and decentralization. By utilizing blockchain technology, DApps allow businesses to streamline their operations and eliminate the need for intermediaries, resulting in lower costs and faster transaction times. In addition, DApps provide a tamper-proof and immutable record of all transactions, which helps to build trust and confidence among stakeholders. Overall, the adoption of DApps has helped businesses to increase efficiency, reduce costs, and improve the overall user experience.
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