In today's article, we will learn what Near Protocol is and all the details about the tokenomics of the NEAR coin.
What is NEAR Protocol?
NEAR Protocol is a blockchain that operates on a Public Proof of Stake and Sharded (shard) mechanism. It is like a community run, highly scalable and low cost cloud platform for developers to create decentralized applications easily.
NEAR is secure enough to manage high-value assets like money or identities and efficient enough to make them useful, especially given the power of Open Web in the hands of users.
And one thing to note, NEAR is not a side chain, much less an ERC20 token or a specialized blockchain , but simply a 1-layer (1-layer) protocol designed to be platform-independent. Open Web.
Near Protocol website: https://near.org/Highlights of NEAR Protocol
System Design problem-solving capabilities
NEAR Protocol's foundation and organization is specifically structured to solve problems related to system design, with a focus on creating Dapps (decentralized applications) platforms that can Extensible, usable, and operational governance structures, and the protocol evolves continuously so it doesn't go out of date.
The community-run project's cloud platform uses a new consensus algorithm and a scalable Sharding architecture to achieve high-level design goals.
Near .'s core technologies
- Sharding: The system is designed to distribute computation across multiple shards in parallel.
- Consensus: Reach consensus on all nodes through the use of a new algorithm called Nightshade.
- Staking selection & Game theory: To participate in the validation process, stakers are selected using a secure random process, which optimally distributes space between parties and provides incentives for them works with good behavior.
- Randomness: The random approach is unpredictable.
Technology design principles
When designing these technologies, the project team must ensure that principles such as ease of use, friendliness, scalability, simplicity, and sustainable decentralization are followed.
Detailed information about NEAR coin
Key Metrics NEAR
- Ticker: NEAR.
- Blockchain: Near
- Token type: Utility + Governance.
- Token standard: https://explorer.near.org/ .
- Total Supply: 1,000,000,000.
- Circulating Supply: 476,366,166.
NEAR Token Allocation
1 billion NEAR coins will be divided according to the following ratio:
- Backers: 17.6%.
- Community Grants, Programs,…: 17%.
- Core Contributors: 14.5%.
- Early Ecosystem: 13.3%.
- Operation Grants: 11.5%.
- Community Sale: 10%.
- Foundation Endowment: 10%.
- Small Backers: 6.1%.
NEAR Token Use Case
NEAR coin will be used for the following purposes:
- Payment of fees for transaction processing and data storage systems.
- Run a validator node , staking to earn rewards.
- Participate in ecosystem governance.
NEAR Token Initial Circulation Supply
Much of the NEAR coin's initial supply is subject to a long-term lockup. So, the initial circulating supply is made up of terms for a community sale, future distribution, a handful of community contracts, etc. All supply existing in the primitive block are unlocked in the month of 60.
You can see the following 2 charts in detail to know more about the circulating supply.
The graph shows the increase in circulating supply when unlocked and new coins created (mint):
Circulation supply by item details as follows:
NEAR Token Release Schedule
Backers: The project has had its first fundraising from backers since 2017 and the detailed payment time is as follows:
- Community Grants & Programs : Used to sponsor, contribute to building the community from education, awareness raising, events through giveaway or selling to the community. NEAR coin will be released to this group over 60 months.
- Core Team: Lock-up 4 years with 12 months of full benefits after launch.
- Early Ecosystem : Lock-up 6 or 12 months. Regarding the expected unlock, there is no announcement about this program yet.
- Operation Grants : Expected to be distributed in the first half of 2020 and early 2021.
- Community Sale : Up to 100 million NEAR coins are distributed to the community through Community Sale. But only 25 million coins are unlocked and the rest will be locked-up from 12 to 24 months.
NEAR Token Sale
2.5% equivalent to 25 million NEAR coins was opened for sale on 12/08/2020 on Coinlist and this activity has ended.
Wallet & Exchange NEAR coin
NEAR coin storage wallet
NEAR coins can be stored on Near Wallet or an exchange account that supports the coin. In addition, you can also store this coin at the NEAR wallet on Coin98 Super App by following the steps below:
Step 1: Select Near wallet on the main screen.
Step 2: Select Receive .
Step 3: Copy the wallet address and transfer the NEAR coin.
NEAR coin exchange
Currently, you can trade NEAR on Binance , CoinTiger, Hotbit and MEXC .
In addition, you can also trade NEAR right at the Swap section of Coin98 Exchange quickly & conveniently at the end of the article.
See also: Coin98 Exchange User Guide
Project team, investors of NEAR Protocol
Investor (Investor)
The project has many backers to support future development, some prominent investment institutions such as a16z, Coinbase Ventures, Libertus Capital,...
Project Team (Team)
A strong team with 200 contributors, of which the core resources are people with many years of experience and former members of corporations and organizations such as Facebook, Google, Microsoft, Consensys,...
The future of NEAR coin
The project officially launched its mainnet in May 2020, becoming a formidable opponent of Ethereum 2.0 , an upgraded version of Ethereum when only the sound was heard but no picture.
In the "crazy" of DeFi , you can realize that Ethereum's transaction processing speed and gas fees are quite a big problem for users, which can be the impetus to create other blockchains with properties. more breakthrough.
NEAR is one of those emerging names that confidently claims to be many times more effective and less expensive. In particular, with the cost 10,000 times lower than Ethereum and the incredible scalability, which Ethereum is struggling with.
The main concern of the project team is user experience and user needs. This is considered NEAR's guideline when developing towards an easy-to-use and friendly platform suitable for developers , end-users and validators.
Currently, blockchain technology is only being applied in supply chain and cross-border payments, there is still a lot of room for development in the mainstream industries that the project is aiming for.
The project is reaching out to many businesses to unlock new business models, not only at Gaming, DeFi, Open Finance but I believe that the project will also contribute to the changes in the industry in the future. , because NEAR will develop in the direction of demand and supply.
Currently, NEAR's ecosystem is gradually completing with the necessary pieces such as: Stablecoins, AMM DEX, Oracle, Lending & Borrowing, IDO Platform and NFT Marketplace. Let's see the outstanding projects in each of those pieces through the article and video below.
Learn more: Overview of the NEAR . ecosystem
Community Call #13: Near ecosystem - A solid launch pad for 2022
summary
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