NEAR protocol is a decentralized application platform designed to make applications available on the web. It creates an efficient, fast and compatible ground between chains. NEAR Protocol was developed by Alex Skidanov and Illia Polosukhin.
The native cryptocurrency of the NEAR protocol is the NEAR token. Transaction fees and storage payments on the network are paid in NEAR tokens. The NEAR network is designed to increase availability. It works as a first layer blockchain platform where data can be segmented.
NEAR Protocol has been developed in such a way that decentralized applications can be built on it. Users use human-readable account names instead of cryptographic wallets. New users can interact with dApps and smart contracts without the need for a wallet.
NEAR Coin usage areas are as follows:
- Payment of in-protocol transaction fees,
- Contributing to network management,
- In operating the staking mechanism,
- It is used for investment purchases from cryptocurrency exchanges.
NEAR protocol is focused on building a developer and user friendly platform.
If we examine the features of the NEAR protocol:
- They enable developers to launch projects like token contracts or NFT faster by providing modular components.
- It has human-readable addresses instead of complex wallet addresses.
- On the platform, where transaction fees are very low, up to 100 thousand transactions can be performed per second with the help of a one-second block cadence.
- One of its most important features is that 30% of the fees for the transactions made on the network go to the developers.
What are the Advantages and Disadvantages of the NEAR Protocol?
The advantages and disadvantages of the NEAR protocol, which stands out with its simplified solutions for users, are as follows:
Advantages
- NEAR Coin is listed on all major and popular cryptocurrency exchanges.
- It is ahead of its competitors in terms of scalability.
- Users can earn passive income with the staking mechanism.
- Developers can develop applications in Web3 using their Web2 coding habits with the help of provided tools.
- Even if there is not enough experience in Blockchain, development experience can be experienced using the NEAR Protocol.
Disadvantages
- The price change in NEAR Coin increases the investment risk.
- It competes with major blockchain projects such as Ethereum.
- It may be necessary to store the NEAR token in a hardware wallet against the risk of being stolen and hacked.
NEAR coin, the cryptocurrency of the Near Protocol platform, is available on many platforms. These include Binance, Huobi Global, KuCoin or Gate.io.
