Nearer everyday
What Is NEAR Protocol (NEAR)?
A collective, a foundation, and a development platform, NEAR Protocol (NEAR) is a blockchain-based decentralized application platform to power the open web of the future. On this web, users can build new currency, applications, and industries without the aid of a centralized organization to regulate the process. The platform runs apps that utilize a safe pool of resources while using data and identities that are completely under user control.
The majority of programs often reside on centralized cloud servers managed by tech companies. Data becomes susceptible to censorship, hacking, and manipulation as a result. On the other hand, if the global community that is open to everyone manages the cloud that houses these applications, the process becomes transparent. As a result, users are able to safely store and use high-value assets like money, identities, and digital assets on these platforms without the need for a middleman or platform interference.
History of Near Protocol (NEAR)
Illia Poloshukin and Alexander Skidanov launched NEAR Protocol in 2017 as a platform for machine learning. The first name of the project was Near.ai. Ukrainian native Polosukhin holds a master's degree in applied mathematics and computer sciences. He has experience working as a software engineer for large firms like Google. Alexander Skidanov, who also has a Russian master's degree in computer sciences, has worked as a techie for industry leaders like Microsoft.
How Are New NEAR Created?
The NEAR platform uses a proof-of-stake mechanism, in which validators run nodes and stake some of their tokens as a deposit to guarantee good behavior, to validate transactions. The platform holds a token auction and grants "seats" to validators as a novel type of "threshold proof of stake." A certain validator may take on one of the following tasks depending on the minimum number of tokens they possess from the auction:
Block Creator
Chunk Creator
Unknown Validator
Validators receive NEAR tokens on a regular basis in proportion to the tokens they have staked. The protocol restricts the annual production of new coins to 5%, nevertheless.
