What is NEAR Protocol?
Last updated
Last updated
It is a decentralized proof-of-stake (PoS) blockchain that reduces costs and improves scalability by implementing various functionalities with the same technology that powers Bitcoin and is the most accessible network for developers and end users.
It is a layer 1 blockchain protocol, sharded, based on Proof-of-Stake that among its advantages is:
Developer friendly interface.
Low cost with 1000x cheaper transactions.
Secure by using a distributed system of validators.
Neutral with the environment.
Harmonica by having bridges with ethereum and Aurora (Ethereum EVM mounted on NEAR).
The NEAR token is the native token of the NEAR Protocol. It is a token derived from ERC-20 that works on the NEAR blockchain and takes advantage of the capabilities of Aurora for its operation. The token has a maximum supply of 1 billion tokens, making it a deflationary token. Among the main uses of NEAR is the payment of network commissions, payment of rewards, payment for access to dApps and services within the network and governance of the protocol.
A curious point about NEAR is that to maintain its scarcity, the rest of the transaction fees are burned. In this way, the inflation of the network is controlled and the increase in value of the token is encouraged.
