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What Is NEAR Protocol + NEAR Purchase Training

What Is NEAR Protocol + NEAR Purchase Training

Since Its Emergence, Blockchain Technology Has Provided A Broad Platform For A Variety Of Services Related To Digital Currencies, Including Smart Contracts.

Today, several blockchains support intelligent contracts, perhaps the most famous being Ethereum, Stellar, Polkandot, and IAS.

A self-proclaimed competitor to Ethereum, Near is an open-source proof-of-stake protocol that provides a platform for smart contracts and decentralized applications.

However, each blockchain has problems such as vulnerability to hacker attacks, privacy, slow speed, and issues related to consensus mechanisms. In the meantime, the Near protocol has been launched to solve these problems.

In this article, we want to review the NEAR protocol, how it works and its history, its innovations and new technologies, and how to buy and hold its token. If you are also eager to learn more about this innovative blockchain, stay with us until the end of the article.

What is NEAR Protocol?

No protocol

Decentralized software(dApp) has entered the field. NEAR (NEAR) including protocolsProof of stock(PoS) is considered to provide intelligent contracts(Smart Contract) and accelerate development. This protocol is known as a competitor to Ethereum and other smart contract blockchains such as Polkadot and EOS. The NEAR token, the native currency of the NEAR protocol, can be used to pay transaction fees or storage fees on the platform. Also, those who participate in the consensus process as validators can use this token for staking.

Near Protocol focuses more on building a developer-oriented and user-friendly platform. For this purpose, the mentioned protocol has provided features such as readable names instead of encrypted addresses for accounts and the ability to interact with decentralized applications and smart contracts without needing a wallet. Various projects on the Near platform carry out development and application-building activities. Mintbase, a build platform sexual token(NFT), and the Flux protocol, a market-making platform for various commodities, are examples of these projects.

No technology Sharding(Sharding) is used to reduce the computing load.

With NEAR, developers no longer have to worry about choosing between this protocol or Ethereum and can work on both at the same time. Technologies such as Nightshade and Dynamic Re-Sharding have also been used to help with this goal. In the rest of the article, we will discuss the technologies used in NEAR.

The native Near Tokeni with the same name (NEAR)is the primary means of exchange and the unit for calculating transaction fees in this protocol. Since Neer’s consensus algorithm is a proof-of-stake protocol, verifying transactions in it is the responsibility of validators who have invested in this blockchain. Validators receive 4.5% of the annual NEAR token supply for each period of their activity.

Developers who create smart contracts also share in the transaction fees related to their agreements. The rest of the transaction fee is also burned to control the supply of Near Tokens.

NEAR protocol supports Wrapped tokens of other digital currencies and tokens. This protocol has also built a bridge to the Ethereum blockchain and made it possible to exchange ERC-20 standard tokens between the two blockchains.

How does the NEAR protocol work?

NEAR protocol can be considered the “first layer” of blockchains like Ethereum, Cardano, and Tron, the foundation on which other applications are built and used. We said that one of NEAR’s technologies to increase network throughput is “Nightshade.” This technology divides validators into different sets that process transactions in parallel across multiple sharded chains to increase the capacity of the entire blockchain.

Nightshade is somehow different from the sharding systems of other blockchains, and the difference is that in each shard, a part of the next block is created, called a chunk. These chunks are processed and immutably stored in the Near blockchain to finalize their transactions.

Near has a contract-based user account model that allows developers to build advanced software for these accounts. This software can sign transactions on behalf of users and enable the implementation of agreements without the need for the user’s physical presence. As a new and advanced protocol, NEAR uses the technologies mentioned below.

Dynamic Re- Sharding

There are two methods to solve the scalability problem in blockchain: horizontal partitioning and vertical partitioning. Near uses sharding, which is a flat scaling technique.

Sharding increases the scalability of databases by distributing computing and storage capacity among different servers. In the world of blockchains, the sharding method is applied in such a way that each blockchain is divided into subgroups of nodes. Several sub-chains do the processing of transactions and the creation of blocks in parallel. It should be mentioned that sharding in the NEAR protocol is not fully active, and only its first phase has been implemented recently.

When sharding in NEAR is fully activated, the network will regularly adjust and adjust the number of shards based on user demand; For this reason, this variable and demand-driven method for scaling is called “dynamic resharding.”

This approach allows the network to pay only for the infrastructure and scale that is needed then. Dynamic resharding is a cost-effective approach to network scalability and security; Because the storage requirements of the nodes can be coordinated with the demand.

Nightshade _

Nightshade

NEAR uses a new approach called Nightshade to reach a consensus and settle inter-shard transactions. Most shared networks use a small validation group that rotates the main proposer of a new block to validate inter-shard transactions.

This approach creates problems in the validation process; For example, validation groups should download the entire state of each shard or only receive the changed part. This validation process is inefficient for both modes; Because the first requires more time, and the second requires a more significant situation.

Nightshade offers a different model by changing the common perception of sharding. Based on Nightshade’s approach, each shard works to produce chunks that together form a block. Blocks are generated regularly; it doesn’t matter if each bit has developed its pieces for the same block number.

Nightshade is a leader-based system; it assigns the task of producing each block to a validator. This validator must collect and assemble the chunks made by each shard in its leadership period into a block. Leadership assignments are assigned to validation committee members on a rotating basis. Importantly, validators only validate chunks, not transactions.

DoomSlug

Doomslug

Second, Slug is a new technique for generating blocks in NEAR protocol. According to the development team, this technique enables the network to achieve a degree of practical finalization after a communication period. Also, a Finality Gadget brings the web to Byzantine Fault Tolerant (BFT) certainty after the second communication period.

Practical certainty in the second Slug (second slug certainty) is achieved when the block becomes irreversible; unless one of the contributors to its production is removed. As long as more than half of the validator pool is online and behaving honestly, Doomslug will continue to generate and finalize blocks. The finalization gadget stops if the number of online participants reaches less than two-thirds.

Reward NEAR protocol developers from fees.

The NEAR protocol allocates 30% of the transaction fee to the contracts with which the transaction interacts. The contract owner, often a developer group or DAO, can determine how these funds are allocated. These fee-based rewards make the app better developed in Near. The percentage of commission allocated to this reward is a system parameter, But developers are free to charge any amount equal to or more than the minimum amount.

The storage space is proportional to the existence of the token.

NEAR token holders have the right to store data on the NEAR blockchain. The mentioned model allows necessary contracts to pay verifiers according to the amount of data they keep to ensure the security of this data. For example, if someone has one unit of NEAR token, they can hold about 10 KB of data in their account. This model is similar to bank accounts, where you must have a certain minimum balance to have an account.

History and the team behind the NEAR protocol

Nair protocol teamIlya Polosukhin and Alexander Skidanov, founders of Near

Near was a machine learning project before it became a platform for blockchain development. The name of Near’s project is taken from the science fiction novel “The Singularity Is Near.” In 2017, Illia Polosukhin and Alexander Skidanov started the NEAR.ai project to explore the area of ​​Program Synthesis. Near benefited from Polosukhin’s experience in Google’s TensorFlow project and Skidanov as a senior engineer in Microsoft’s MemSQL project.

Research on Program Synthesis led Near’s team to investigate programmable intelligent contract platforms and cryptocurrency payments in late 2017 and early 2018. By examining the space of blockchain solutions and testing different protocols, Near’s team realized that the current state of this technology does not meet its needs; Therefore, he started designing a blockchain that would meet their needs.

The Near Foundation designed and developed the Near Blockchain. The main net version of the blockchain was launched in April 2020, and the network’s validators voted to release token transfers on the web in October 2020. The bridge between Near and Ethereum, called Rainbow Bridge, was implemented in March 2021, and Erik Trautman was also elected as the CEO of the Near Foundation.

Investors of the NEAR protocol project

Several companies and investment funds have invested in the Near protocol; some of them are:

  • Blockchain.com Ventures
  • CoinFund
  • Coinbase Ventures
  • Dragonfly Capital
  • Fundamental Labs
  • Homebrew
  • IDEO Colab research and development company
  • Metastable Capital
  • Multicoin Capital
  • Pantera Capital (focused on tokens and projects related to blockchain and digital currencies)
  • Spring (from Ripple functions, blockchain infrastructure developer)
  • a16z crypto (investment arm of Andreessen Horowitz company in blockchain and digital currencies)

Each of these companies and funds has invested in numerous projects and blockchains, and the Near protocol has gained their trust due to the appropriate vision it has drawn.

Near protocol wallets

NEAR Wallet

NEAR wallets, NEAR Wallet

All digital currencies require a wallet for storage. Some of these currencies, such as Near, have their bridge and public wallets that support the storage of various digital currencies. Next, we will review the Near wallet and other supporting wallets.

Registering on the Near website allows you to create a Near wallet easily. The NEAR team makes this wallet, which is almost the best option for storing NEAR tokens. Also, you can install the NEAR application on the ledger hardware wallet and manage your NEAR tokens. This program is also developed and supported by the Near Development team. You can create an account on the Near website with your mobile number and email. At the same time, the possibility of two-step verification is also provided in this wallet.

Ledger Nano X

NEAR wallets, Ledger Nano X wallet

If you keep many digital currencies, the best option for you is a hardware wallet. Ledger is one of the wallets that supports the NEAR token and is considered a safe and desirable option. The use of this hardware wallet is also recommended on Near’s website. Ledger is a cold and very secure wallet that stores many digital assets. Ledge Nano X is better than its predecessor, Ledge Nano S, and offers more features.

Trust Wallet

NEAR wallets, Trust Wallet wallet

Many users use the TrustWallet wallet, and the reason for that is the many features of this wallet. You can buy digital currencies inside the wallet application; This means that this wallet also acts as an exchange. TrustVault wallet also supports NEAR tokens. It even has the option of storing NFTs. Not to mention, by keeping digital currencies in this wallet, you also get profit.

Guarda

NEAR wallets, Guarda Wallet

Garda is relatively safe, thanks to MultiSig. The Garda wallet supports many digital currencies and allows integration with ledger hardware wallets and backups. By investing digital currencies in this wallet, you can get up to 40% annual profit. Also, it is possible to exchange money in the Garda wallet.

Buy Near Protocol

If you intend to buy the NEAR protocol and invest in this digital currency, the best way is to use Iranian exchanges. Identity authentication in these exchanges is free for Iranians, and it is possible to convert Rials into digital currency directly.

Also, since NEAR is a popular network protocol and it has been relatively long since its release, it is listed in most Iranian exchanges.

To see prominent Iranian exchanges that support NEAR and find the best NEAR purchase rate, go to the guide page. Buy Near ProtocolSee. On this page, please select the option I want to buy NEAR protocol and set the amount to see the list of exchanges that support this coin in order of the best purchase rate.

After viewing all exchanges and selecting a business, click on the buy option at the end of the exchange name to be redirected to the exchange’s home page. If you have already authenticated at the desired business, you can convert your Rial to Neara within a few minutes. But if you haven’t completed the authentication process, you must do it first.

Registration and authentication are required to trade digital currency in a business. This feature also helps users to find exchanges with the best sales rates. For this, it is enough to select the option I want to sell NEAR protocol to see the list of discussions in order of the best selling rate. R

The price of Near

Near Token initially entered the market at around $1, and in the first few months, it experienced a cost of about $8 and then returned to the same channel of $1. At its highest price ceiling in D1400, Near reached more than 20 dollars. This token’s current price (November 4) is $3; in the past few months, like most other digital currencies, it has faced a decrease. Near digital currency is among the top 30 digital currencies in market value.

Conclusion

Now we know what the Near protocol is and for what purpose it has entered the world of blockchain and digital currencies. In this article, we said Near would become a unique platform for smart contracts and decentralized applications. Near has not been unsuccessful in this direction, and its almost two years of life have attracted many investors, developers, users, and traders.

The growth of the Near token price made this protocol more attractive from the trading aspect, and many users turned to buying and selling the Near token and sharing it. Near has big goals, and, like many other projects, it aims to solve blockchain scalability issues.

Understanding how successful Near will be in achieving this goal will take more time.

However, it must be acknowledged that the technologies used by Near for sharding and storage are Near’s strong arm in achieving its goals and cannot be easily overlooked. The near protocol seems to be one of those future projects we can hope for.