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Historical price data for Near Protocol.
  • near
  • NEAR Protocol
  • Price
  • Market Cap
    $5.59 B

What is Near Protocol?

The Near Protocol (NEAR) is a blockchain platform that enables developers to build and launch decentralized applications (dApps) by leveraging a network of computers or nodes. The Near ecosystem has its native cryptocurrency, known as NEAR.

NEAR functions like other centralized data storage systems, such as Amazon Web Services (AWS), which serves as the foundation layer for building applications. However, unlike being managed by a single entity, NEAR is operated and maintained by a decentralized network of computers.

A Brief History of Near Protocol

Near Protocol was initially envisioned as a platform for machine learning by Illia Polosukhin and Alexander Skidanov in 2017 under the name While exploring the field, they became fascinated by smart contracts and cryptocurrency. This piqued their interest in cryptography and inspired them to delve deeper into the subject.

Polosukhin and Skidanov had a clear vision to create a blockchain platform that would be highly scalable and enable developers to launch robust dApps. To achieve this goal, they developed the Near Protocol in 2018. In 2019, they established the Near Foundation, a non-profit organization aimed at supporting the development and growth of the protocol’s ecosystem. Finally, NEAR was launched in 2020, the same year as the Solana network.

Near Protocol uses a consensus protocol named Nightshade, which is based on Proof of Stake. Nightshade enhances the speed of transactions by dividing the blockchain into several parallel chains, called shards, each capable of processing a subset of transactions and smart contract computations. In Nightshade, a group of validators is randomly assigned to validate transactions and produce blocks within their respective shards, making the consensus process more efficient.

NEAR makes it simpler for developers to create dApps on the network by using familiar programming languages like JavaScript and Rust. Additionally, the protocol utilizes human-readable account names instead of complex cryptographic wallet addresses, making it more accessible for new users.

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