What is Near Protocol (NEAR) | What is Near Protocol token | What is NEAR token

NEAR is…

NEAR is a decentralized application platform that is secure enough to manage high value assets like money or identity and performant enough to make them useful for everyday people, putting the power of the Open Web in their hands.

So what is NEAR (aka “the NEAR Platform”)? NEAR is a decentralized development platform built on top of the NEAR Protocol, which is a public, sharded, developer-friendly, proof-of-stake blockchain. Put another way, NEAR is like a public community-run cloud platform. That means it is a highly scalable, low cost platform for developers to create decentralized apps on top of. While it’s built on top of the NEAR Protocol blockchain, the NEAR Platform also contains a wide range of tooling from explorers to CLI tools to wallet apps to interoperability components which help developers build much more easily and the ecosystem to scale more widely.

Whereas most other “scalable” blockchains use approaches that centralize processing on high-end hardware to provide a temporary boost in throughput, NEAR Protocol’s approach allows the platform’s capacity to scale nearly linearly up to billions of transactions in a fully decentralized way.

NEAR is being built by the NEAR Collective, a global collection of people and organizations who are collaboratively building this massive open source project. Everyone in this Collective is fanatically focused on enabling usability improvements for both developers and their end-users so the next wave of apps can cross the chasm to a more general audience that has thus far been unable to consistently work with blockchain-based apps built on today’s platforms.

This Collective contains a number of extraordinary teams and includes championship-level competitive programmers who have built some of the only at-scale sharded database systems in the world. In a space dominated by academic research projects and failures to launch, NEAR has a team well accustomed to shipping. It is also backed by financial and community contributions by the best names in the crypto industry.

Why are we doing this? Because this is an opportunity to build the ground floor for a far better Internet which puts the user in control of their money, their data and their identity. With the potential for creating composable open-state services, it’s a chance to kick start the biggest wave of innovation — and business progress — since the Internet. This vision is the biggest sort — there are few opportunities in the world larger than the one we are tackling.

Let’s be clear: NEAR is not a side chain, an ERC20 token or a highly specialized task-specific blockchain… it is nothing less than a brand new and fundamentally reimagined layer 1 protocol designed to independently power the base of the emerging Open Web stack.

Ok… Let’s back up and assume you’re still getting up to speed on what the heck a public, sharded, developer-friendly, proof-of-stake blockchain really is.

From 10,000 feet…

The NEAR Collective is basically building the infrastructure for a new Internet which makes it harder for giant companies to steal your data and for bad guy countries to shut it down. People have been trying to figure this stuff out with similar technologies since 2008 but it’s been slow going.

You’ve heard of Bitcoin, that digital currency everyone thinks is only used by criminals and third-world dictators. Well, despite a really bad reputation and a lot of hiccups along the way, ten years later they still haven’t been able to kill Bitcoin so you know it’s built on very resilient technology. We’re basically trying to use that same kind of technology to power a brand new Internet which is just as hard to kill or screw up.

A few other projects, especially one called Ethereum, tried doing this a few years ago and got a really good start but ultimately got totally bogged down in the growing pains of early technology and they were too slow and expensive to get mainstream adoption. Now, a lot of really smart people are working on a way to speed this up and keep costs low while making sure this new Internet is just as hard to mess up as Bitcoin.

You can read more about this journey in the Evolution of the Open Web.

From 1,000 feet…

We aren’t building the only blockchain which is taking on the scaling and cost problems but NEAR has a team that’s all aces and we’re coming at this in a slightly different way.

To set the stage, we’re building a “base-layer blockchain”, meaning that it’s on the same level of the infrastructure as projects like Ethereum, EOS or Polkadot. That means everything else will be built on top of NEAR.

It’s a general-purpose platform that allows developers to create and deploy decentralized applications on top of it. A decent analogy is that it’s sort of like Amazon’s AWS platform, which is where most of the applications you know and love host their servers, except the NEAR platform isn’t actually run and controlled by one company, it’s run and controlled by thousands or even millions of people. You can call it a “community-operated cloud” but we usually prefer to simply call it a “decentralized application platform.”

The Arc of Technology

It’s worth checking in quickly with how we got here because it will help you understand the context of the current ecosystem.  A recent post goes into greater detail but here’s the quick version:

Bitcoin is the original “programmable money” or “digital gold”. It has been doing a pretty good job of fulfilling those functions but its use so far as a more general-purpose computing platform (like we’re building) is mostly an accident. Essentially, developers saw they could hack together some basic programs on top of the limited functionality that Bitcoin provided and they began using Bitcoin as the base for some of these new applications because it’s now highly trusted and secure.

Unfortunately, transactions are very costly and, because this was definitely NOT what the Bitcoin platform was meant for, the functionality is very limited. The platform there is slow (roughly 4 transactions per second), costly, and a massive waste of global energy.

Ethereum, back in 2014, tried to directly address this use case by creating a platform that was, from day 1, intended to use the same blockchain technology to build a global virtual computer which any application could be built on top of.

So, if Bitcoin was really just a basic calculator, Ethereum was a fancy TI-83 graphing calculator on which you could write some interesting, if basic, games. While it put lots of good ideas into place, it is also rather slow (14 transactions per second) and still quite costly for developers to use. They’ve tried to upgrade this but are now having difficulty pivoting because of how much technical work, value storage and community growth has already occurred in their legacy model.

“Layer 2” scaling solutions, including “state channels” and “side chains”, have popped up to try and improve the performance and cost of these slower (but rather secure) platforms by taking some of the work off the main chain and doing it elsewhere. They exist for both Bitcoin and Ethereum but haven’t achieved the adoption we hoped.

The first serious challenger blockchains launched in 2017–2018 with a wide variety of approaches to helping the scaling problem. They generally tried centralizing more of the hardware (eg EOS) but most of the approaches are still ultimately bounded by a fixed limit because every single one of the “nodes” that make up the network are repeating the exact same work, whether there are 21 of them or 1,000. So these approaches have been able to achieve throughputs of thousands (or more) transactions per second but often sacrifice decentralization to do so.

Next generation scalable blockchains like NEAR represent the new wave. In this case, NEAR breaks free from the idea that every single node which participates in the network has to run all of the code because that essentially creates one big wasteful bottleneck and slows down all of the other approaches.

To fix this, NEAR uses a technique called “sharding” from the database world (technical explanation) which splits the network so that much of the computation is actually being done in parallel. This allows the network’s capacity to scale up as the number of nodes in the network increases so there isn’t a theoretical limit on the network’s capacity.

Unlike a lot of other sharding approaches, which still require nodes to be run on increasingly complex hardware (reducing the ability of more people to participate in the network), NEAR’s technique allows nodes to stay small enough to run on simple cloud-hosted instances.

But it’s not all about scaling. In fact, for scaling to even be a benefit, developers need to be able to create apps that people actually use and current blockchains make this difficult on both the developer and the end-user. Many of these issues have to be addressed by setting up the protocol properly from the beginning and few projects who focus on scalability have taken this properly into account.

For example, many scalability solutions require developers to build and provision their own blockchain (or “app chain”), which is a massive amount of work and maintenance, and it seems equally as unnecessary for most teams as building and on-premise server farm would be for most traditional web developers. By comparison, NEAR allows developers to just deploy their app without thinking too much about how the infrastructure around it operates or scales, which is more like the modern clouds like Amazon AWS or GCP or Azure which drive almost all of today’s web applications.

A few quick notes…

There are a few kinds of projects that sort of fit into the landscape but won’t be covered much further here:

  1. Currencies: Fundamentally, any token can operate as a currency because you can use it as a unit of account, a medium of exchange and/or a store of value. But a number of blockchains have been created to specifically act either as currencies (Bitcoin, Zcash, Monero…) or operate directly in the world of currencies (Ripple, Stellar, Libra). These are not general computation platforms, which we’re targeting here, so I’ll leave it at that.
  2. Private Chains: Some blockchains, like Linux Foundation’s Hyperledger project or R3 Corda, are pitched to big companies as a more secure sort of blockchain because they allow those companies to control all of the nodes of the network. While NEAR also has the ability to provide privacy in its network shards, I’ll ignore this category of chains as well because the biggest security advantages come from broad public decentralization not building an oligopoly of a few big companies controlling the chain.
  3. “DAGs”: This one is the trickiest because these chains play in the blockchain world and are, essentially, doing the same sort of thing — creating an immutable (append-only) ledger. They are called “DAGs” because of the computer science term “Directed Acyclic Graph”, which is the actual data structure that makes them up. Generally speaking, these projects, like IOTA, tend to build a complicated mess of transactions among lots of small devices, which functions a lot like a blockchain. It’s scalable but has a lot of security and implementation challenges. I won’t dig deeply into it here but don’t forget about DAGs because many chains, including NEAR, use a sort of smaller DAG somewhere in the process of building their blocks.

More about NEAR

So, as we said before, the collection of teams that make up the NEAR Collective is building the NEAR Platform, which is built on top of the NEAR Protocol, which is a sharded, developer-friendly, proof-of-stake blockchain that developers can build decentralized apps on top of.

Let’s dig into what the NEAR Protocol actually does…

A Decentralized Network

As mentioned above, NEAR is similar in principle to the “cloud-based” infrastructure that developers currently build applications on top of except the cloud is no longer controlled by a single company running a giant data center — that data center is actually made up of all the people around the world who are operating nodes of that _decentralized _network. Instead of a “company-operated cloud” it is a “community-operated cloud”.

Here are a couple of perspectives on why this decentralization is useful:

  1. **Developers/Entrepreneurs: **It’s good to have an application decentralized this way because, as a developer, you aren’t at the mercy of a single company like Amazon or even a government who might want to shut the app down… both of which have bedeviled companies since the very beginning. During the development process, you also get access to a few extra things “for free” like payments and cryptography, which can be a challenge to set up in a traditional application.
  2. End Users: It’s better to have a decentralized application in some cases because the code is all open source (so you know exactly what it’s doing) and it can’t be changed once it has been launched (so there’s no chance they’re going to do sketchy things with your money or data). Even better, the app is actively disincentivized from hoarding your data.

Let’s dig a bit deeper into how this network is run.

The NEAR Token

So who actually runs all those individual “nodes” that make up this decentralized network? Anyone who feels properly incentivized to do so! The incentives for this permissionless network are powered by the NEAR token.

The NEAR token is how people who use applications on the network pay to submit transactions to the nodes who actually run the network. The token is thus a utility — if you hold it, you can use applications hosted on the network.

This is a little different from today’s web, where applications are owned by single developers or corporations who pay their cloud hosting bills on behalf of their users. Some aspects of the NEAR protocol allow developers to do this as well but, for simplicity, we will assume users generally pay directly for their use of the network.

Because NEAR is a permissionless protocol, anyone can run one of the nodes which operate the network by validating transactions which have been submitted to the network. But running infrastructure, even simple code that you can run from a laptop, costs some money and time, so few people would do it for free. Thus, in exchange for performing that service, you earn a portion of the transaction fees paid by users during each block where you are validating transactions.

How does the network make sure you’re actually running the code you’re supposed to and not just freeloading and earning income? You are required to “stake” your tokens (which basically means putting them in escrow) as a gesture of good faith. If you perform any malicious behavior (like trying to hack the system or mess with other people’s transactions), you will lose your stake. The system figures this out by coming to “consensus” among the nodes in each period and determining how the code should have been run so it’s easy to identify who did so improperly.

Luckily, you really don’t have to think about this stuff because, as long as you download and start up the standard node program from a reputable source, it all happens behind the scenes by the application code you downloaded and so you aren’t likely to lose your stake.

How do you make money as a “company”?

Good question. For starters, NEAR is not a company!

One of the biggest stumbling blocks people seem to have with blockchains is figuring out how they work as if they were traditional businesses. And that’s totally valid since the 2017 bubble saw all manner of convoluted monetization schemes which actually didn’t make any sense and usually didn’t require a token anyway.

The key to understanding this is realizing that the entire economics supporting the NEAR network are embedded at the protocol level and allow anyone to participate in the protocol by running a validating node themselves. Users of the network pay costs to use this network and the providers of the network capacity receive rewards from this activity. There is no shadowy company behind it all which is secretly trying to sell subscriptions or anything like that. The protocol has self-sustaining economics.

The people who build the early technology are rewarded with participation in the initial allocation of tokens and funded by fiat contributions from early financial backers.

What is the NEAR Collective?

NEAR Collective is the globally distributed group of teams, made up of many individual organizations and contributors, who self-organize in order to bring this technology to life. It is not a business or anything nearly so formal. Think of it instead like the groups of people who run large open-source software projects.

One of the Collective’s projects is writing the initial code and the reference implementation for the open source NEAR network, sort of like building the rocket boosters on the space shuttle. Their job is to do the necessary R&D work to help the blockchain get into orbit. The code for that chain is open source so literally anyone can contribute to or run it.

It’s important to stress that networks like NEAR are designed to be totally decentralized. This means they ultimately operate completely on their own and can’t actually be censored, shut down or otherwise messed with by third parties… not even the teams who initially built them! So, while members of this collective are here to get the ball rolling on building the reference implementation, they quickly become nonessential to the operation of the network once it has started running. In fact, once it’s launch-ready, anyone could modify and run the NEAR Protocol code to start up their own blockchain because it’s all open source and any changes would have to be democratically accepted by the independent validators who run it.

That said, the core teams can (and hopefully will) stick around to keep updating the system and performing bug fixes. After the network has been launched, any ongoing development work will hopefully be supported by the governance of the network through grant funding or other means.

One Collective member worth noting is the NEAR Foundation, a nonprofit entity whose entire goal is to build a vibrant and active long-term ecosystem around the blockchain and which has commissioned the development of the reference implementation of that chain. The Foundation helps coordinate some of the early development work and governance activities.

The NEAR blockchain is only one of the NEAR Collective’s projects, so there are plenty of other areas where we can help the ecosystem going forward.

What is the Path Ahead?

In the early phases of this market, projects focused on strutting a bunch of vanity metrics in order to get as many retail investors on board for a big ICO (initial coin offering). That meant trying to have the biggest Telegram community, the most big-name advisors, the best-looking proof-of-concept projects from big businesses and so on.

The ICO boom finished in 2018 so, luckily, we’re able to focus more on what actually matters. In this case, it’s all about community and adoption.

We have extraordinary technical teams who are working to make sure the technology is implemented properly but everything they build will be open source. That means anyone in the world could, theoretically, just copy the code and run their own NEAR blockchain. Now, it’s not quite as easy as that and our teams’ expertise puts this version ahead should anyone try that, but ultimately technology is merely a time-based advantage. The real traction comes from building a great community.

The ecosystem is most useful when there are lots of applications and lots of users who want to use those applications. Because we see a world where the major development paradigm is to build in a decentralized fashion, there is lots of ground to cover between here and there. So the key metric we’re shooting for is adoption and usage of the platform.

A lot of projects are focusing on targeting developers to build apps on top of their platforms. That’s obviously important since this is a highly technical field but it’s not the only thing that matters. Specifically, if you look at the history of major development platforms, the ones that are truly successful need to support real, at-scale businesses not just a bunch of side projects.

So building an ecosystem that has the kind of functional breadth and technical depth to create at-scale businesses for the long term is everything to us. That requires significant efforts on the dimensions of community building, education and overall user experience. And plenty of cool technical tools as well, of course!

Luckily, if we succeed, we have the opportunity to drive the greatest wealth creation since the original Internet by helping developers and entrepreneurs everywhere access new markets and build new kinds of businesses on top of the NEAR Protocol. The upside of what we’re doing is super exciting!

Why is NEAR going to succeed?

You can take this from two perspectives — what makes the NEAR Protocol likely to actually get to market and what makes it better to developers/end-users once we get it there? Let’s explore both.

Execution Matters

What says the NEAR team is going to out-execute the competition and get into the market with the right technology on the right timeline?

For starters… NEAR has already launched its MainNet genesis! And it handed off operation to the community as planned :). But also…

If you hop over to the NEAR project website and you’ll see the best team in the industry and, importantly, a team who has shipped sharded systems before in production settings. Having that kind of experienced team behind it already sets the NEAR Protocol apart from almost every other network out there.

This technology is complicated! Technically speaking, sharding is a scaling approach that’s being seriously attempted by roughly a dozen chains, including the market-leading Ethereum… but they’ve taken years to put together their proposal and expect to take more years to implement it. So it’s non-trivial to get this started.

To round things out, the NEAR team has the support of the best financial and non-financial backers in the space and a cadre of informal advisors who span everything from economics and mechanism design to cryptography and blockchain design.

Killer Features for Everyone

This market — and the technology — is still in the “roll up your sleeves, it’s going to be messy” phase. Every major stakeholder group has challenges:

  1. For developers, that means the tools are really hard to use and hundreds of teams are building hundreds of different things that point in all different directions, including some projects inventing their own programming languages. In short, it’s chaos and it’s painful to develop on existing systems.
  2. For end users, the path to getting started with crypto projects and the new web is incredibly long. In the normal web world, you lose a huge portion of users for each step you make them go through before achieving their goal. Right now, to get a brand new user from zero to playing a crypto-based game or sending a friend money, it takes literally dozens of steps… and it’s incredibly slow and somewhat expensive to perform these steps. Not ideal.
  3. For Validators, the people who run the nodes which actually operate the network, their options for receiving tokens from their communities are very limited by existing protocol designs so they are forced to compete with each other based entirely on price, which commoditizes their offerings and makes them less attractive to prospective delegators who might lend them tokens.

All of these problems require a fanatical focus on user experience and user needs as the driving force for creating technology instead of starting by driving technology forward and then seeing what happens. We’ve been developing the NEAR Protocol and many supporting tools with a focus on these experiences while stepping forward to engage the broader community on solving these issues. It’s not going to be fast or easy, but it is the priority for us.

We describe the NEAR platform as “developer-friendly” or “usable” because it implements approaches at the protocol level which address each of those problems:

  1. For developers, NEAR’s contract-based account model allows them to build advanced permissions into their apps and sign transactions on behalf of users. They also have access to a set of tools that make app composition straightforward and the opportunity for a protocol-level fee rebate which compensates them for creating well-used apps and critical system infrastructure.
  2. For end users, the flexible account model allows them to benefit from “progressive UX”, which means they don’t have to touch wallets or tokens until they are ready because the application is hiding them behind the scenes. For their end-users, the way our accounts are set up allows for smoother onboarding experiences which don’t require as many steps or as many annoying wallet pop-ups.
  3. For validators, having access to “delegation” at the contract level means that they can create infinitely diversified offerings of their services, thus making NEAR a very attractive place to run validating nodes.

What are the use cases for the NEAR blockchain?

One of the hottest questions is what the use cases are for blockchains precisely because it hasn’t been definitively answered. Sure, it’s being used in everything from supply chain tracking to cross border payments, but most of these cases are still early enough that they haven’t achieved mainstream adoption. We’re still in a phase of trying new things to see what new primitives they unlock and how they extend.

In our case, we’re talking to hundreds of existing businesses and opportunistic entrepreneurs about how a truly scalable, usable blockchain can unlock new business opportunities. I won’t spoil the surprises by getting into that here but suffice it to say, there are a few burning areas where people are begging us to solve their problems and existing blockchains have been too slow or expensive or painful for users. A couple of areas to start include gaming and decentralized finance but that’s just the beginning. In many cases, it starts by taking the things people already do on less performant chains — like Open Finance on Ethereum — and scaling them out to more potential users and uses by providing a more versatile and performant chain.

In the long run, just like with the original Internet revolution, the earliest use cases are likely just going to bridge the gap until people invent entirely new business models. So, while we’re excited about addressing things in the short term, we’re especially excited about building a toolkit that future entrepreneurs can combine with their creativity to change the world in ways we can’t even imagine now.

This is where new ideas around composability of microservices and open/transferrable state (a paradigm we call the Open Web) are really exciting. How different will it be to create businesses which sit atop a portfolio of open services rather than gated APIs and centralized platforms? These are new development paradigms that we’ve only scratched the surface of so far.

What should I learn next?

If you’ve gotten this far, you’re probably curious to learn more. There are a lot of resources out there but I’ll recommend a reasonable path through them. Blockchain is a highly technical field that covers just about every discipline under the sun so it can feel like drinking from a firehose without proper guidance.

If you’re pretty new to blockchain, start here to get a strong overview of the ecosystem and its development:

  1. Deconstructing the blockchain ecosystem (2018, slides)
  2. The state of blockchain product, design and development (2018)

After that, it’s a good idea to start diving a little deeper into the functional disciplines. The next layer deeper is to explore the NEAR Protocol White Paper, which is a human-readable deconstruction of every aspect of the project. You can find it along with the other technical papers at:

https://near.org/technology

Technical Stuff

No matter what role you have, you’ll need to get up to speed technically because the lingo is going to come up repeatedly. That doesn’t necessarily mean you have to understand all the computer science underneath it but you should know the basics.

Generally:

  1. What are decentralized applications and how do they work (slides)
  2. Using blockchain in “regular” web and mobile apps (slides)
  3. An overview of “all you need to know” in blockchain development by Haseeb Qureshi

NEAR specific:

  1. Overview:
  2. Check out the NEAR Whitepaper for the first layer of depth into the technical aspects of this project.
  3. From there, this blog (at https://near.org/blog) is the best record of technical specs as they grow and change over time. Subscribe for updates at https://near.org/newsletter.
  4. A good primer is on the Bison Trails blog.
  5. Economics:
  6. Learn about how NEAR Economics work in the Introduction to NEAR Economics post
  7. Dive deeper into the NEAR Economics Paper
  8. If you are curious about acquiring tokens in the future, any information about that will be available on the tokens page.
  9. Technical:
  10. The NEAR Whiteboard Series on YouTube has founders Alex and Illia do technical deep-dives with the founders of over 30 other projects including Ethereum, Cosmos, Nervos, Celo, IOTA, and so on.
  11. Differences between the NEAR approach and Ethereum 2.0 sharding (written with Vitalik’s feedback)
  12. Our sharding talk at Blockchain@Berkeley
  13. Our work with Vlad Zamfir on a sharding POC during the Ethereum SF hackathon

Design

We’re focusing on building a great developer and end-user experience. And here are a few resources that will be helpful from a design perspective.

  1. Improving blockchain developer experience (slides)
  2. The design of blockchain-based applications (DApps) (slides)
  3. Why the future will be driven by “UX Equilibrium”
  4. Check out the San Francisco Blockchain Product, Design and Development meetup group to get a sense of the kind of broader community we’re hoping to build across functional disciplines
  5. Bonus: Look for YouTube talks from the folks at Consensys, Coinbase and IDEO Colab.

General Resources

Podcasts

Podcasts are one of the best ways to educate yourself because the back catalogs can be very informative. I recommend taking up a time-consuming endurance sport where you can listen to them for hours on end and then consuming the following:

  1. Laura Shin’s Unchained (http://unchainedpodcast.co/) and Unconfirmed (https://unconfirmed.libsyn.com/) for plain-English interviews
  2. Epicenter (https://epicenter.tv/) for a bit more technical dives into various systems.
  3. Zero Knowledge (https://www.zeroknowledge.fm/) is another on the more technical side.

Newsletters

There aren’t too many great newsletters and you should avoid anything that is primarily price or trading focused. That said, check out:

  1. Token Economy (http://weekly.tokeneconomy.co/) is a good weekly roundup.
  2. It’s highly Bitcoin-biased but I do enjoy reading Anthony Pompliano’s Off the Chain daily (https://offthechain.substack.com/) because it doesn’t have a lot of BS.
  3. The CB Insights newsletter (https://www.cbinsights.com/newsletter) is more broad-ranging but generally has one general-interest blockchain story per issue.

Writing

  1. The team from a16z Crypto has excellent writing on everything from legal issues around tokens to the future of web 3 with open state. See their main blog at https://a16zcrypto.com/content but also check out the original a16z blog before 2018 when they migrated to the new site for the legacy content, which is great too.
  2. Vitalik from the Ethereum Foundation has been a prolific writer over the years and just about everything he puts out is interesting. Check out his blog at https://vitalik.ca/ and Ethereum-related research at https://ethresear.ch/.

People and Community at NEAR

  1. To stay in the loop on an ongoing basis, follow us on Twitter at https://twitter.com/nearprotocol
  2. To join the more in-depth community discussion and talk to the team, jump into our chat Channels: http://near.chat
  3. To learn more and stay in the loop as we publish more content about the protocol and the industry in general, subscribe to our updates and newsletter (https://near.org/newsletter) and subscribe to our YouTube channel (https://www.youtube.com/nearprotocol)

Overview of the NEAR Token

The NEAR token (aka $NEAR) is a utility token which powers the NEAR Protocol blockchain and all applications which use it. NEAR Protocol is a fully operationalopen source blockchain designed to solve both the scalability and usability problems faced by other protocols. It is designed from the ground up to give builders the best tools to build scalable applications that real people can actually use.

As described in the Economics section below, $NEAR uses a block-rewards-with-burn model that, at high rates of usage, means token supply will be reduced over time.

The NEAR token is used by 2 main groups of people:

Apps & Users

Similar to blockchains like Ethereum, the NEAR token is used to pay for transactions by users of applications which are built on top of the NEAR platform. These apps can be anything from new Defi protocols to digital item marketplaces to everyday gaming apps.

Validators & Delegators

The nodes which run the network are compensated by inflationary rewards. Tokenholders of any size can stake by lending their tokens to a validating pool and earn return by helping to secure the network this way.

How to Get the NEAR Token

There are 3 ways to get $NEAREarn it

You can earn $NEAR by taking part in development bounties, by running a community which helps people build on NEAR, by winning a NEAR hackathon or otherwise being an active part of the community. If you are able to attract other people to lend you tokens for staking, you can also earn $NEAR by running a validator.

Buy it

$NEAR is available on several major exchanges (see below), where you can sign up and buy the token using either fiat currency or crypto.

From a Friend

You don’t have to have a NEAR account to receive NEAR tokens! The “NEAR Drop” approach allows your friend to pre-fund a new account and send you a hot link to retrieve the tokens.

Would you like to earn NEAR right now! ☞ CLICK HERE

How and Where to Buy Near Protocol (NEAR) ?

NEAR has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy NEAR

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…

We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.

Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.

Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)

SIGN UP ON BINANCE

Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)

After the deposit is confirmed you may then purchase NEAR from the exchange: Binance, Huobi Global, OKEx, BitZ, and Upbit

Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once NEAR gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!

Top exchanges for token-coin trading. Follow instructions and make unlimited money
https://www.bittrex.com
https://www.poloniex.com
https://www.bitfinex.com
https://www.huobi.com
https://www.mxc.ai
https://www.probit.com
https://www.gate.io
https://www.coinbase.com

Find more information NEAR

☞ Website
☞ Whitepaper
☞ Source Code
☞ Social Channel
Message Board
☞ Coinmarketcap

🔺DISCLAIMER: Trading Cryptocurrency is VERY risky. Make sure that you understand these risks if you are a beginner. The Information in the post is my OPINION and not financial advice. You are responsible for what you do with your funds

Learn about Cryptocurrency in this article ☞ What You Should Know Before Investing in Cryptocurrency - For Beginner

I hope this post will help you. If you liked this, please sharing it with others. Thank you!

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What is Near Protocol (NEAR) | What is Near Protocol token | What is NEAR token

What is Near Protocol (NEAR) | What is Near Protocol token | What is NEAR token

NEAR is…

NEAR is a decentralized application platform that is secure enough to manage high value assets like money or identity and performant enough to make them useful for everyday people, putting the power of the Open Web in their hands.

So what is NEAR (aka “the NEAR Platform”)? NEAR is a decentralized development platform built on top of the NEAR Protocol, which is a public, sharded, developer-friendly, proof-of-stake blockchain. Put another way, NEAR is like a public community-run cloud platform. That means it is a highly scalable, low cost platform for developers to create decentralized apps on top of. While it’s built on top of the NEAR Protocol blockchain, the NEAR Platform also contains a wide range of tooling from explorers to CLI tools to wallet apps to interoperability components which help developers build much more easily and the ecosystem to scale more widely.

Whereas most other “scalable” blockchains use approaches that centralize processing on high-end hardware to provide a temporary boost in throughput, NEAR Protocol’s approach allows the platform’s capacity to scale nearly linearly up to billions of transactions in a fully decentralized way.

NEAR is being built by the NEAR Collective, a global collection of people and organizations who are collaboratively building this massive open source project. Everyone in this Collective is fanatically focused on enabling usability improvements for both developers and their end-users so the next wave of apps can cross the chasm to a more general audience that has thus far been unable to consistently work with blockchain-based apps built on today’s platforms.

This Collective contains a number of extraordinary teams and includes championship-level competitive programmers who have built some of the only at-scale sharded database systems in the world. In a space dominated by academic research projects and failures to launch, NEAR has a team well accustomed to shipping. It is also backed by financial and community contributions by the best names in the crypto industry.

Why are we doing this? Because this is an opportunity to build the ground floor for a far better Internet which puts the user in control of their money, their data and their identity. With the potential for creating composable open-state services, it’s a chance to kick start the biggest wave of innovation — and business progress — since the Internet. This vision is the biggest sort — there are few opportunities in the world larger than the one we are tackling.

Let’s be clear: NEAR is not a side chain, an ERC20 token or a highly specialized task-specific blockchain… it is nothing less than a brand new and fundamentally reimagined layer 1 protocol designed to independently power the base of the emerging Open Web stack.

Ok… Let’s back up and assume you’re still getting up to speed on what the heck a public, sharded, developer-friendly, proof-of-stake blockchain really is.

From 10,000 feet…

The NEAR Collective is basically building the infrastructure for a new Internet which makes it harder for giant companies to steal your data and for bad guy countries to shut it down. People have been trying to figure this stuff out with similar technologies since 2008 but it’s been slow going.

You’ve heard of Bitcoin, that digital currency everyone thinks is only used by criminals and third-world dictators. Well, despite a really bad reputation and a lot of hiccups along the way, ten years later they still haven’t been able to kill Bitcoin so you know it’s built on very resilient technology. We’re basically trying to use that same kind of technology to power a brand new Internet which is just as hard to kill or screw up.

A few other projects, especially one called Ethereum, tried doing this a few years ago and got a really good start but ultimately got totally bogged down in the growing pains of early technology and they were too slow and expensive to get mainstream adoption. Now, a lot of really smart people are working on a way to speed this up and keep costs low while making sure this new Internet is just as hard to mess up as Bitcoin.

You can read more about this journey in the Evolution of the Open Web.

From 1,000 feet…

We aren’t building the only blockchain which is taking on the scaling and cost problems but NEAR has a team that’s all aces and we’re coming at this in a slightly different way.

To set the stage, we’re building a “base-layer blockchain”, meaning that it’s on the same level of the infrastructure as projects like Ethereum, EOS or Polkadot. That means everything else will be built on top of NEAR.

It’s a general-purpose platform that allows developers to create and deploy decentralized applications on top of it. A decent analogy is that it’s sort of like Amazon’s AWS platform, which is where most of the applications you know and love host their servers, except the NEAR platform isn’t actually run and controlled by one company, it’s run and controlled by thousands or even millions of people. You can call it a “community-operated cloud” but we usually prefer to simply call it a “decentralized application platform.”

The Arc of Technology

It’s worth checking in quickly with how we got here because it will help you understand the context of the current ecosystem.  A recent post goes into greater detail but here’s the quick version:

Bitcoin is the original “programmable money” or “digital gold”. It has been doing a pretty good job of fulfilling those functions but its use so far as a more general-purpose computing platform (like we’re building) is mostly an accident. Essentially, developers saw they could hack together some basic programs on top of the limited functionality that Bitcoin provided and they began using Bitcoin as the base for some of these new applications because it’s now highly trusted and secure.

Unfortunately, transactions are very costly and, because this was definitely NOT what the Bitcoin platform was meant for, the functionality is very limited. The platform there is slow (roughly 4 transactions per second), costly, and a massive waste of global energy.

Ethereum, back in 2014, tried to directly address this use case by creating a platform that was, from day 1, intended to use the same blockchain technology to build a global virtual computer which any application could be built on top of.

So, if Bitcoin was really just a basic calculator, Ethereum was a fancy TI-83 graphing calculator on which you could write some interesting, if basic, games. While it put lots of good ideas into place, it is also rather slow (14 transactions per second) and still quite costly for developers to use. They’ve tried to upgrade this but are now having difficulty pivoting because of how much technical work, value storage and community growth has already occurred in their legacy model.

“Layer 2” scaling solutions, including “state channels” and “side chains”, have popped up to try and improve the performance and cost of these slower (but rather secure) platforms by taking some of the work off the main chain and doing it elsewhere. They exist for both Bitcoin and Ethereum but haven’t achieved the adoption we hoped.

The first serious challenger blockchains launched in 2017–2018 with a wide variety of approaches to helping the scaling problem. They generally tried centralizing more of the hardware (eg EOS) but most of the approaches are still ultimately bounded by a fixed limit because every single one of the “nodes” that make up the network are repeating the exact same work, whether there are 21 of them or 1,000. So these approaches have been able to achieve throughputs of thousands (or more) transactions per second but often sacrifice decentralization to do so.

Next generation scalable blockchains like NEAR represent the new wave. In this case, NEAR breaks free from the idea that every single node which participates in the network has to run all of the code because that essentially creates one big wasteful bottleneck and slows down all of the other approaches.

To fix this, NEAR uses a technique called “sharding” from the database world (technical explanation) which splits the network so that much of the computation is actually being done in parallel. This allows the network’s capacity to scale up as the number of nodes in the network increases so there isn’t a theoretical limit on the network’s capacity.

Unlike a lot of other sharding approaches, which still require nodes to be run on increasingly complex hardware (reducing the ability of more people to participate in the network), NEAR’s technique allows nodes to stay small enough to run on simple cloud-hosted instances.

But it’s not all about scaling. In fact, for scaling to even be a benefit, developers need to be able to create apps that people actually use and current blockchains make this difficult on both the developer and the end-user. Many of these issues have to be addressed by setting up the protocol properly from the beginning and few projects who focus on scalability have taken this properly into account.

For example, many scalability solutions require developers to build and provision their own blockchain (or “app chain”), which is a massive amount of work and maintenance, and it seems equally as unnecessary for most teams as building and on-premise server farm would be for most traditional web developers. By comparison, NEAR allows developers to just deploy their app without thinking too much about how the infrastructure around it operates or scales, which is more like the modern clouds like Amazon AWS or GCP or Azure which drive almost all of today’s web applications.

A few quick notes…

There are a few kinds of projects that sort of fit into the landscape but won’t be covered much further here:

  1. Currencies: Fundamentally, any token can operate as a currency because you can use it as a unit of account, a medium of exchange and/or a store of value. But a number of blockchains have been created to specifically act either as currencies (Bitcoin, Zcash, Monero…) or operate directly in the world of currencies (Ripple, Stellar, Libra). These are not general computation platforms, which we’re targeting here, so I’ll leave it at that.
  2. Private Chains: Some blockchains, like Linux Foundation’s Hyperledger project or R3 Corda, are pitched to big companies as a more secure sort of blockchain because they allow those companies to control all of the nodes of the network. While NEAR also has the ability to provide privacy in its network shards, I’ll ignore this category of chains as well because the biggest security advantages come from broad public decentralization not building an oligopoly of a few big companies controlling the chain.
  3. “DAGs”: This one is the trickiest because these chains play in the blockchain world and are, essentially, doing the same sort of thing — creating an immutable (append-only) ledger. They are called “DAGs” because of the computer science term “Directed Acyclic Graph”, which is the actual data structure that makes them up. Generally speaking, these projects, like IOTA, tend to build a complicated mess of transactions among lots of small devices, which functions a lot like a blockchain. It’s scalable but has a lot of security and implementation challenges. I won’t dig deeply into it here but don’t forget about DAGs because many chains, including NEAR, use a sort of smaller DAG somewhere in the process of building their blocks.

More about NEAR

So, as we said before, the collection of teams that make up the NEAR Collective is building the NEAR Platform, which is built on top of the NEAR Protocol, which is a sharded, developer-friendly, proof-of-stake blockchain that developers can build decentralized apps on top of.

Let’s dig into what the NEAR Protocol actually does…

A Decentralized Network

As mentioned above, NEAR is similar in principle to the “cloud-based” infrastructure that developers currently build applications on top of except the cloud is no longer controlled by a single company running a giant data center — that data center is actually made up of all the people around the world who are operating nodes of that _decentralized _network. Instead of a “company-operated cloud” it is a “community-operated cloud”.

Here are a couple of perspectives on why this decentralization is useful:

  1. **Developers/Entrepreneurs: **It’s good to have an application decentralized this way because, as a developer, you aren’t at the mercy of a single company like Amazon or even a government who might want to shut the app down… both of which have bedeviled companies since the very beginning. During the development process, you also get access to a few extra things “for free” like payments and cryptography, which can be a challenge to set up in a traditional application.
  2. End Users: It’s better to have a decentralized application in some cases because the code is all open source (so you know exactly what it’s doing) and it can’t be changed once it has been launched (so there’s no chance they’re going to do sketchy things with your money or data). Even better, the app is actively disincentivized from hoarding your data.

Let’s dig a bit deeper into how this network is run.

The NEAR Token

So who actually runs all those individual “nodes” that make up this decentralized network? Anyone who feels properly incentivized to do so! The incentives for this permissionless network are powered by the NEAR token.

The NEAR token is how people who use applications on the network pay to submit transactions to the nodes who actually run the network. The token is thus a utility — if you hold it, you can use applications hosted on the network.

This is a little different from today’s web, where applications are owned by single developers or corporations who pay their cloud hosting bills on behalf of their users. Some aspects of the NEAR protocol allow developers to do this as well but, for simplicity, we will assume users generally pay directly for their use of the network.

Because NEAR is a permissionless protocol, anyone can run one of the nodes which operate the network by validating transactions which have been submitted to the network. But running infrastructure, even simple code that you can run from a laptop, costs some money and time, so few people would do it for free. Thus, in exchange for performing that service, you earn a portion of the transaction fees paid by users during each block where you are validating transactions.

How does the network make sure you’re actually running the code you’re supposed to and not just freeloading and earning income? You are required to “stake” your tokens (which basically means putting them in escrow) as a gesture of good faith. If you perform any malicious behavior (like trying to hack the system or mess with other people’s transactions), you will lose your stake. The system figures this out by coming to “consensus” among the nodes in each period and determining how the code should have been run so it’s easy to identify who did so improperly.

Luckily, you really don’t have to think about this stuff because, as long as you download and start up the standard node program from a reputable source, it all happens behind the scenes by the application code you downloaded and so you aren’t likely to lose your stake.

How do you make money as a “company”?

Good question. For starters, NEAR is not a company!

One of the biggest stumbling blocks people seem to have with blockchains is figuring out how they work as if they were traditional businesses. And that’s totally valid since the 2017 bubble saw all manner of convoluted monetization schemes which actually didn’t make any sense and usually didn’t require a token anyway.

The key to understanding this is realizing that the entire economics supporting the NEAR network are embedded at the protocol level and allow anyone to participate in the protocol by running a validating node themselves. Users of the network pay costs to use this network and the providers of the network capacity receive rewards from this activity. There is no shadowy company behind it all which is secretly trying to sell subscriptions or anything like that. The protocol has self-sustaining economics.

The people who build the early technology are rewarded with participation in the initial allocation of tokens and funded by fiat contributions from early financial backers.

What is the NEAR Collective?

NEAR Collective is the globally distributed group of teams, made up of many individual organizations and contributors, who self-organize in order to bring this technology to life. It is not a business or anything nearly so formal. Think of it instead like the groups of people who run large open-source software projects.

One of the Collective’s projects is writing the initial code and the reference implementation for the open source NEAR network, sort of like building the rocket boosters on the space shuttle. Their job is to do the necessary R&D work to help the blockchain get into orbit. The code for that chain is open source so literally anyone can contribute to or run it.

It’s important to stress that networks like NEAR are designed to be totally decentralized. This means they ultimately operate completely on their own and can’t actually be censored, shut down or otherwise messed with by third parties… not even the teams who initially built them! So, while members of this collective are here to get the ball rolling on building the reference implementation, they quickly become nonessential to the operation of the network once it has started running. In fact, once it’s launch-ready, anyone could modify and run the NEAR Protocol code to start up their own blockchain because it’s all open source and any changes would have to be democratically accepted by the independent validators who run it.

That said, the core teams can (and hopefully will) stick around to keep updating the system and performing bug fixes. After the network has been launched, any ongoing development work will hopefully be supported by the governance of the network through grant funding or other means.

One Collective member worth noting is the NEAR Foundation, a nonprofit entity whose entire goal is to build a vibrant and active long-term ecosystem around the blockchain and which has commissioned the development of the reference implementation of that chain. The Foundation helps coordinate some of the early development work and governance activities.

The NEAR blockchain is only one of the NEAR Collective’s projects, so there are plenty of other areas where we can help the ecosystem going forward.

What is the Path Ahead?

In the early phases of this market, projects focused on strutting a bunch of vanity metrics in order to get as many retail investors on board for a big ICO (initial coin offering). That meant trying to have the biggest Telegram community, the most big-name advisors, the best-looking proof-of-concept projects from big businesses and so on.

The ICO boom finished in 2018 so, luckily, we’re able to focus more on what actually matters. In this case, it’s all about community and adoption.

We have extraordinary technical teams who are working to make sure the technology is implemented properly but everything they build will be open source. That means anyone in the world could, theoretically, just copy the code and run their own NEAR blockchain. Now, it’s not quite as easy as that and our teams’ expertise puts this version ahead should anyone try that, but ultimately technology is merely a time-based advantage. The real traction comes from building a great community.

The ecosystem is most useful when there are lots of applications and lots of users who want to use those applications. Because we see a world where the major development paradigm is to build in a decentralized fashion, there is lots of ground to cover between here and there. So the key metric we’re shooting for is adoption and usage of the platform.

A lot of projects are focusing on targeting developers to build apps on top of their platforms. That’s obviously important since this is a highly technical field but it’s not the only thing that matters. Specifically, if you look at the history of major development platforms, the ones that are truly successful need to support real, at-scale businesses not just a bunch of side projects.

So building an ecosystem that has the kind of functional breadth and technical depth to create at-scale businesses for the long term is everything to us. That requires significant efforts on the dimensions of community building, education and overall user experience. And plenty of cool technical tools as well, of course!

Luckily, if we succeed, we have the opportunity to drive the greatest wealth creation since the original Internet by helping developers and entrepreneurs everywhere access new markets and build new kinds of businesses on top of the NEAR Protocol. The upside of what we’re doing is super exciting!

Why is NEAR going to succeed?

You can take this from two perspectives — what makes the NEAR Protocol likely to actually get to market and what makes it better to developers/end-users once we get it there? Let’s explore both.

Execution Matters

What says the NEAR team is going to out-execute the competition and get into the market with the right technology on the right timeline?

For starters… NEAR has already launched its MainNet genesis! And it handed off operation to the community as planned :). But also…

If you hop over to the NEAR project website and you’ll see the best team in the industry and, importantly, a team who has shipped sharded systems before in production settings. Having that kind of experienced team behind it already sets the NEAR Protocol apart from almost every other network out there.

This technology is complicated! Technically speaking, sharding is a scaling approach that’s being seriously attempted by roughly a dozen chains, including the market-leading Ethereum… but they’ve taken years to put together their proposal and expect to take more years to implement it. So it’s non-trivial to get this started.

To round things out, the NEAR team has the support of the best financial and non-financial backers in the space and a cadre of informal advisors who span everything from economics and mechanism design to cryptography and blockchain design.

Killer Features for Everyone

This market — and the technology — is still in the “roll up your sleeves, it’s going to be messy” phase. Every major stakeholder group has challenges:

  1. For developers, that means the tools are really hard to use and hundreds of teams are building hundreds of different things that point in all different directions, including some projects inventing their own programming languages. In short, it’s chaos and it’s painful to develop on existing systems.
  2. For end users, the path to getting started with crypto projects and the new web is incredibly long. In the normal web world, you lose a huge portion of users for each step you make them go through before achieving their goal. Right now, to get a brand new user from zero to playing a crypto-based game or sending a friend money, it takes literally dozens of steps… and it’s incredibly slow and somewhat expensive to perform these steps. Not ideal.
  3. For Validators, the people who run the nodes which actually operate the network, their options for receiving tokens from their communities are very limited by existing protocol designs so they are forced to compete with each other based entirely on price, which commoditizes their offerings and makes them less attractive to prospective delegators who might lend them tokens.

All of these problems require a fanatical focus on user experience and user needs as the driving force for creating technology instead of starting by driving technology forward and then seeing what happens. We’ve been developing the NEAR Protocol and many supporting tools with a focus on these experiences while stepping forward to engage the broader community on solving these issues. It’s not going to be fast or easy, but it is the priority for us.

We describe the NEAR platform as “developer-friendly” or “usable” because it implements approaches at the protocol level which address each of those problems:

  1. For developers, NEAR’s contract-based account model allows them to build advanced permissions into their apps and sign transactions on behalf of users. They also have access to a set of tools that make app composition straightforward and the opportunity for a protocol-level fee rebate which compensates them for creating well-used apps and critical system infrastructure.
  2. For end users, the flexible account model allows them to benefit from “progressive UX”, which means they don’t have to touch wallets or tokens until they are ready because the application is hiding them behind the scenes. For their end-users, the way our accounts are set up allows for smoother onboarding experiences which don’t require as many steps or as many annoying wallet pop-ups.
  3. For validators, having access to “delegation” at the contract level means that they can create infinitely diversified offerings of their services, thus making NEAR a very attractive place to run validating nodes.

What are the use cases for the NEAR blockchain?

One of the hottest questions is what the use cases are for blockchains precisely because it hasn’t been definitively answered. Sure, it’s being used in everything from supply chain tracking to cross border payments, but most of these cases are still early enough that they haven’t achieved mainstream adoption. We’re still in a phase of trying new things to see what new primitives they unlock and how they extend.

In our case, we’re talking to hundreds of existing businesses and opportunistic entrepreneurs about how a truly scalable, usable blockchain can unlock new business opportunities. I won’t spoil the surprises by getting into that here but suffice it to say, there are a few burning areas where people are begging us to solve their problems and existing blockchains have been too slow or expensive or painful for users. A couple of areas to start include gaming and decentralized finance but that’s just the beginning. In many cases, it starts by taking the things people already do on less performant chains — like Open Finance on Ethereum — and scaling them out to more potential users and uses by providing a more versatile and performant chain.

In the long run, just like with the original Internet revolution, the earliest use cases are likely just going to bridge the gap until people invent entirely new business models. So, while we’re excited about addressing things in the short term, we’re especially excited about building a toolkit that future entrepreneurs can combine with their creativity to change the world in ways we can’t even imagine now.

This is where new ideas around composability of microservices and open/transferrable state (a paradigm we call the Open Web) are really exciting. How different will it be to create businesses which sit atop a portfolio of open services rather than gated APIs and centralized platforms? These are new development paradigms that we’ve only scratched the surface of so far.

What should I learn next?

If you’ve gotten this far, you’re probably curious to learn more. There are a lot of resources out there but I’ll recommend a reasonable path through them. Blockchain is a highly technical field that covers just about every discipline under the sun so it can feel like drinking from a firehose without proper guidance.

If you’re pretty new to blockchain, start here to get a strong overview of the ecosystem and its development:

  1. Deconstructing the blockchain ecosystem (2018, slides)
  2. The state of blockchain product, design and development (2018)

After that, it’s a good idea to start diving a little deeper into the functional disciplines. The next layer deeper is to explore the NEAR Protocol White Paper, which is a human-readable deconstruction of every aspect of the project. You can find it along with the other technical papers at:

https://near.org/technology

Technical Stuff

No matter what role you have, you’ll need to get up to speed technically because the lingo is going to come up repeatedly. That doesn’t necessarily mean you have to understand all the computer science underneath it but you should know the basics.

Generally:

  1. What are decentralized applications and how do they work (slides)
  2. Using blockchain in “regular” web and mobile apps (slides)
  3. An overview of “all you need to know” in blockchain development by Haseeb Qureshi

NEAR specific:

  1. Overview:
  2. Check out the NEAR Whitepaper for the first layer of depth into the technical aspects of this project.
  3. From there, this blog (at https://near.org/blog) is the best record of technical specs as they grow and change over time. Subscribe for updates at https://near.org/newsletter.
  4. A good primer is on the Bison Trails blog.
  5. Economics:
  6. Learn about how NEAR Economics work in the Introduction to NEAR Economics post
  7. Dive deeper into the NEAR Economics Paper
  8. If you are curious about acquiring tokens in the future, any information about that will be available on the tokens page.
  9. Technical:
  10. The NEAR Whiteboard Series on YouTube has founders Alex and Illia do technical deep-dives with the founders of over 30 other projects including Ethereum, Cosmos, Nervos, Celo, IOTA, and so on.
  11. Differences between the NEAR approach and Ethereum 2.0 sharding (written with Vitalik’s feedback)
  12. Our sharding talk at Blockchain@Berkeley
  13. Our work with Vlad Zamfir on a sharding POC during the Ethereum SF hackathon

Design

We’re focusing on building a great developer and end-user experience. And here are a few resources that will be helpful from a design perspective.

  1. Improving blockchain developer experience (slides)
  2. The design of blockchain-based applications (DApps) (slides)
  3. Why the future will be driven by “UX Equilibrium”
  4. Check out the San Francisco Blockchain Product, Design and Development meetup group to get a sense of the kind of broader community we’re hoping to build across functional disciplines
  5. Bonus: Look for YouTube talks from the folks at Consensys, Coinbase and IDEO Colab.

General Resources

Podcasts

Podcasts are one of the best ways to educate yourself because the back catalogs can be very informative. I recommend taking up a time-consuming endurance sport where you can listen to them for hours on end and then consuming the following:

  1. Laura Shin’s Unchained (http://unchainedpodcast.co/) and Unconfirmed (https://unconfirmed.libsyn.com/) for plain-English interviews
  2. Epicenter (https://epicenter.tv/) for a bit more technical dives into various systems.
  3. Zero Knowledge (https://www.zeroknowledge.fm/) is another on the more technical side.

Newsletters

There aren’t too many great newsletters and you should avoid anything that is primarily price or trading focused. That said, check out:

  1. Token Economy (http://weekly.tokeneconomy.co/) is a good weekly roundup.
  2. It’s highly Bitcoin-biased but I do enjoy reading Anthony Pompliano’s Off the Chain daily (https://offthechain.substack.com/) because it doesn’t have a lot of BS.
  3. The CB Insights newsletter (https://www.cbinsights.com/newsletter) is more broad-ranging but generally has one general-interest blockchain story per issue.

Writing

  1. The team from a16z Crypto has excellent writing on everything from legal issues around tokens to the future of web 3 with open state. See their main blog at https://a16zcrypto.com/content but also check out the original a16z blog before 2018 when they migrated to the new site for the legacy content, which is great too.
  2. Vitalik from the Ethereum Foundation has been a prolific writer over the years and just about everything he puts out is interesting. Check out his blog at https://vitalik.ca/ and Ethereum-related research at https://ethresear.ch/.

People and Community at NEAR

  1. To stay in the loop on an ongoing basis, follow us on Twitter at https://twitter.com/nearprotocol
  2. To join the more in-depth community discussion and talk to the team, jump into our chat Channels: http://near.chat
  3. To learn more and stay in the loop as we publish more content about the protocol and the industry in general, subscribe to our updates and newsletter (https://near.org/newsletter) and subscribe to our YouTube channel (https://www.youtube.com/nearprotocol)

Overview of the NEAR Token

The NEAR token (aka $NEAR) is a utility token which powers the NEAR Protocol blockchain and all applications which use it. NEAR Protocol is a fully operationalopen source blockchain designed to solve both the scalability and usability problems faced by other protocols. It is designed from the ground up to give builders the best tools to build scalable applications that real people can actually use.

As described in the Economics section below, $NEAR uses a block-rewards-with-burn model that, at high rates of usage, means token supply will be reduced over time.

The NEAR token is used by 2 main groups of people:

Apps & Users

Similar to blockchains like Ethereum, the NEAR token is used to pay for transactions by users of applications which are built on top of the NEAR platform. These apps can be anything from new Defi protocols to digital item marketplaces to everyday gaming apps.

Validators & Delegators

The nodes which run the network are compensated by inflationary rewards. Tokenholders of any size can stake by lending their tokens to a validating pool and earn return by helping to secure the network this way.

How to Get the NEAR Token

There are 3 ways to get $NEAREarn it

You can earn $NEAR by taking part in development bounties, by running a community which helps people build on NEAR, by winning a NEAR hackathon or otherwise being an active part of the community. If you are able to attract other people to lend you tokens for staking, you can also earn $NEAR by running a validator.

Buy it

$NEAR is available on several major exchanges (see below), where you can sign up and buy the token using either fiat currency or crypto.

From a Friend

You don’t have to have a NEAR account to receive NEAR tokens! The “NEAR Drop” approach allows your friend to pre-fund a new account and send you a hot link to retrieve the tokens.

Would you like to earn NEAR right now! ☞ CLICK HERE

How and Where to Buy Near Protocol (NEAR) ?

NEAR has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy NEAR

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…

We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.

Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.

Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)

SIGN UP ON BINANCE

Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)

After the deposit is confirmed you may then purchase NEAR from the exchange: Binance, Huobi Global, OKEx, BitZ, and Upbit

Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once NEAR gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!

Top exchanges for token-coin trading. Follow instructions and make unlimited money
https://www.bittrex.com
https://www.poloniex.com
https://www.bitfinex.com
https://www.huobi.com
https://www.mxc.ai
https://www.probit.com
https://www.gate.io
https://www.coinbase.com

Find more information NEAR

☞ Website
☞ Whitepaper
☞ Source Code
☞ Social Channel
Message Board
☞ Coinmarketcap

🔺DISCLAIMER: Trading Cryptocurrency is VERY risky. Make sure that you understand these risks if you are a beginner. The Information in the post is my OPINION and not financial advice. You are responsible for what you do with your funds

Learn about Cryptocurrency in this article ☞ What You Should Know Before Investing in Cryptocurrency - For Beginner

I hope this post will help you. If you liked this, please sharing it with others. Thank you!

#cryptocurrency #bitcoin #blockchain #near protocol #near

Royce  Reinger

Royce Reinger

1658068560

WordsCounted: A Ruby Natural Language Processor

WordsCounted

We are all in the gutter, but some of us are looking at the stars.

-- Oscar Wilde

WordsCounted is a Ruby NLP (natural language processor). WordsCounted lets you implement powerful tokensation strategies with a very flexible tokeniser class.

Features

  • Out of the box, get the following data from any string or readable file, or URL:
    • Token count and unique token count
    • Token densities, frequencies, and lengths
    • Char count and average chars per token
    • The longest tokens and their lengths
    • The most frequent tokens and their frequencies.
  • A flexible way to exclude tokens from the tokeniser. You can pass a string, regexp, symbol, lambda, or an array of any combination of those types for powerful tokenisation strategies.
  • Pass your own regexp rules to the tokeniser if you prefer. The default regexp filters special characters but keeps hyphens and apostrophes. It also plays nicely with diacritics (UTF and unicode characters): Bayrūt is treated as ["Bayrūt"] and not ["Bayr", "ū", "t"], for example.
  • Opens and reads files. Pass in a file path or a url instead of a string.

Installation

Add this line to your application's Gemfile:

gem 'words_counted'

And then execute:

$ bundle

Or install it yourself as:

$ gem install words_counted

Usage

Pass in a string or a file path, and an optional filter and/or regexp.

counter = WordsCounted.count(
  "We are all in the gutter, but some of us are looking at the stars."
)

# Using a file
counter = WordsCounted.from_file("path/or/url/to/my/file.txt")

.count and .from_file are convenience methods that take an input, tokenise it, and return an instance of WordsCounted::Counter initialized with the tokens. The WordsCounted::Tokeniser and WordsCounted::Counter classes can be used alone, however.

API

WordsCounted

WordsCounted.count(input, options = {})

Tokenises input and initializes a WordsCounted::Counter object with the resulting tokens.

counter = WordsCounted.count("Hello Beirut!")

Accepts two options: exclude and regexp. See Excluding tokens from the analyser and Passing in a custom regexp respectively.

WordsCounted.from_file(path, options = {})

Reads and tokenises a file, and initializes a WordsCounted::Counter object with the resulting tokens.

counter = WordsCounted.from_file("hello_beirut.txt")

Accepts the same options as .count.

Tokeniser

The tokeniser allows you to tokenise text in a variety of ways. You can pass in your own rules for tokenisation, and apply a powerful filter with any combination of rules as long as they can boil down into a lambda.

Out of the box the tokeniser includes only alpha chars. Hyphenated tokens and tokens with apostrophes are considered a single token.

#tokenise([pattern: TOKEN_REGEXP, exclude: nil])

tokeniser = WordsCounted::Tokeniser.new("Hello Beirut!").tokenise

# With `exclude`
tokeniser = WordsCounted::Tokeniser.new("Hello Beirut!").tokenise(exclude: "hello")

# With `pattern`
tokeniser = WordsCounted::Tokeniser.new("I <3 Beirut!").tokenise(pattern: /[a-z]/i)

See Excluding tokens from the analyser and Passing in a custom regexp for more information.

Counter

The WordsCounted::Counter class allows you to collect various statistics from an array of tokens.

#token_count

Returns the token count of a given string.

counter.token_count #=> 15

#token_frequency

Returns a sorted (unstable) two-dimensional array where each element is a token and its frequency. The array is sorted by frequency in descending order.

counter.token_frequency

[
  ["the", 2],
  ["are", 2],
  ["we",  1],
  # ...
  ["all", 1]
]

#most_frequent_tokens

Returns a hash where each key-value pair is a token and its frequency.

counter.most_frequent_tokens

{ "are" => 2, "the" => 2 }

#token_lengths

Returns a sorted (unstable) two-dimentional array where each element contains a token and its length. The array is sorted by length in descending order.

counter.token_lengths

[
  ["looking", 7],
  ["gutter",  6],
  ["stars",   5],
  # ...
  ["in",      2]
]

#longest_tokens

Returns a hash where each key-value pair is a token and its length.

counter.longest_tokens

{ "looking" => 7 }

#token_density([ precision: 2 ])

Returns a sorted (unstable) two-dimentional array where each element contains a token and its density as a float, rounded to a precision of two. The array is sorted by density in descending order. It accepts a precision argument, which must be a float.

counter.token_density

[
  ["are",     0.13],
  ["the",     0.13],
  ["but",     0.07 ],
  # ...
  ["we",      0.07 ]
]

#char_count

Returns the char count of tokens.

counter.char_count #=> 76

#average_chars_per_token([ precision: 2 ])

Returns the average char count per token rounded to two decimal places. Accepts a precision argument which defaults to two. Precision must be a float.

counter.average_chars_per_token #=> 4

#uniq_token_count

Returns the number of unique tokens.

counter.uniq_token_count #=> 13

Excluding tokens from the tokeniser

You can exclude anything you want from the input by passing the exclude option. The exclude option accepts a variety of filters and is extremely flexible.

  1. A space-delimited string. The filter will normalise the string.
  2. A regular expression.
  3. A lambda.
  4. A symbol that names a predicate method. For example :odd?.
  5. An array of any combination of the above.
tokeniser =
  WordsCounted::Tokeniser.new(
    "Magnificent! That was magnificent, Trevor."
  )

# Using a string
tokeniser.tokenise(exclude: "was magnificent")
# => ["that", "trevor"]

# Using a regular expression
tokeniser.tokenise(exclude: /trevor/)
# => ["magnificent", "that", "was", "magnificent"]

# Using a lambda
tokeniser.tokenise(exclude: ->(t) { t.length < 4 })
# => ["magnificent", "that", "magnificent", "trevor"]

# Using symbol
tokeniser = WordsCounted::Tokeniser.new("Hello! محمد")
tokeniser.tokenise(exclude: :ascii_only?)
# => ["محمد"]

# Using an array
tokeniser = WordsCounted::Tokeniser.new(
  "Hello! اسماءنا هي محمد، كارولينا، سامي، وداني"
)
tokeniser.tokenise(
  exclude: [:ascii_only?, /محمد/, ->(t) { t.length > 6}, "و"]
)
# => ["هي", "سامي", "وداني"]

Passing in a custom regexp

The default regexp accounts for letters, hyphenated tokens, and apostrophes. This means twenty-one is treated as one token. So is Mohamad's.

/[\p{Alpha}\-']+/

You can pass your own criteria as a Ruby regular expression to split your string as desired.

For example, if you wanted to include numbers, you can override the regular expression:

counter = WordsCounted.count("Numbers 1, 2, and 3", pattern: /[\p{Alnum}\-']+/)
counter.tokens
#=> ["numbers", "1", "2", "and", "3"]

Opening and reading files

Use the from_file method to open files. from_file accepts the same options as .count. The file path can be a URL.

counter = WordsCounted.from_file("url/or/path/to/file.text")

Gotchas

A hyphen used in leu of an em or en dash will form part of the token. This affects the tokeniser algorithm.

counter = WordsCounted.count("How do you do?-you are well, I see.")
counter.token_frequency

[
  ["do",   2],
  ["how",  1],
  ["you",  1],
  ["-you", 1], # WTF, mate!
  ["are",  1],
  # ...
]

In this example -you and you are separate tokens. Also, the tokeniser does not include numbers by default. Remember that you can pass your own regular expression if the default behaviour does not fit your needs.

A note on case sensitivity

The program will normalise (downcase) all incoming strings for consistency and filters.

Roadmap

Ability to open URLs

def self.from_url
  # open url and send string here after removing html
end

Are you using WordsCounted to do something interesting? Please tell me about it.

Gem Version 

RubyDoc documentation.

Demo

Visit this website for one example of what you can do with WordsCounted.


Contributors

See contributors.

Contributing

  1. Fork it
  2. Create your feature branch (git checkout -b my-new-feature)
  3. Commit your changes (git commit -am 'Add some feature')
  4. Push to the branch (git push origin my-new-feature)
  5. Create new Pull Request

Author: Abitdodgy
Source Code: https://github.com/abitdodgy/words_counted 
License: MIT license

#ruby #nlp 

Words Counted: A Ruby Natural Language Processor.

WordsCounted

We are all in the gutter, but some of us are looking at the stars.

-- Oscar Wilde

WordsCounted is a Ruby NLP (natural language processor). WordsCounted lets you implement powerful tokensation strategies with a very flexible tokeniser class.

Are you using WordsCounted to do something interesting? Please tell me about it.

 

Demo

Visit this website for one example of what you can do with WordsCounted.

Features

  • Out of the box, get the following data from any string or readable file, or URL:
    • Token count and unique token count
    • Token densities, frequencies, and lengths
    • Char count and average chars per token
    • The longest tokens and their lengths
    • The most frequent tokens and their frequencies.
  • A flexible way to exclude tokens from the tokeniser. You can pass a string, regexp, symbol, lambda, or an array of any combination of those types for powerful tokenisation strategies.
  • Pass your own regexp rules to the tokeniser if you prefer. The default regexp filters special characters but keeps hyphens and apostrophes. It also plays nicely with diacritics (UTF and unicode characters): Bayrūt is treated as ["Bayrūt"] and not ["Bayr", "ū", "t"], for example.
  • Opens and reads files. Pass in a file path or a url instead of a string.

Installation

Add this line to your application's Gemfile:

gem 'words_counted'

And then execute:

$ bundle

Or install it yourself as:

$ gem install words_counted

Usage

Pass in a string or a file path, and an optional filter and/or regexp.

counter = WordsCounted.count(
  "We are all in the gutter, but some of us are looking at the stars."
)

# Using a file
counter = WordsCounted.from_file("path/or/url/to/my/file.txt")

.count and .from_file are convenience methods that take an input, tokenise it, and return an instance of WordsCounted::Counter initialized with the tokens. The WordsCounted::Tokeniser and WordsCounted::Counter classes can be used alone, however.

API

WordsCounted

WordsCounted.count(input, options = {})

Tokenises input and initializes a WordsCounted::Counter object with the resulting tokens.

counter = WordsCounted.count("Hello Beirut!")

Accepts two options: exclude and regexp. See Excluding tokens from the analyser and Passing in a custom regexp respectively.

WordsCounted.from_file(path, options = {})

Reads and tokenises a file, and initializes a WordsCounted::Counter object with the resulting tokens.

counter = WordsCounted.from_file("hello_beirut.txt")

Accepts the same options as .count.

Tokeniser

The tokeniser allows you to tokenise text in a variety of ways. You can pass in your own rules for tokenisation, and apply a powerful filter with any combination of rules as long as they can boil down into a lambda.

Out of the box the tokeniser includes only alpha chars. Hyphenated tokens and tokens with apostrophes are considered a single token.

#tokenise([pattern: TOKEN_REGEXP, exclude: nil])

tokeniser = WordsCounted::Tokeniser.new("Hello Beirut!").tokenise

# With `exclude`
tokeniser = WordsCounted::Tokeniser.new("Hello Beirut!").tokenise(exclude: "hello")

# With `pattern`
tokeniser = WordsCounted::Tokeniser.new("I <3 Beirut!").tokenise(pattern: /[a-z]/i)

See Excluding tokens from the analyser and Passing in a custom regexp for more information.

Counter

The WordsCounted::Counter class allows you to collect various statistics from an array of tokens.

#token_count

Returns the token count of a given string.

counter.token_count #=> 15

#token_frequency

Returns a sorted (unstable) two-dimensional array where each element is a token and its frequency. The array is sorted by frequency in descending order.

counter.token_frequency

[
  ["the", 2],
  ["are", 2],
  ["we",  1],
  # ...
  ["all", 1]
]

#most_frequent_tokens

Returns a hash where each key-value pair is a token and its frequency.

counter.most_frequent_tokens

{ "are" => 2, "the" => 2 }

#token_lengths

Returns a sorted (unstable) two-dimentional array where each element contains a token and its length. The array is sorted by length in descending order.

counter.token_lengths

[
  ["looking", 7],
  ["gutter",  6],
  ["stars",   5],
  # ...
  ["in",      2]
]

#longest_tokens

Returns a hash where each key-value pair is a token and its length.

counter.longest_tokens

{ "looking" => 7 }

#token_density([ precision: 2 ])

Returns a sorted (unstable) two-dimentional array where each element contains a token and its density as a float, rounded to a precision of two. The array is sorted by density in descending order. It accepts a precision argument, which must be a float.

counter.token_density

[
  ["are",     0.13],
  ["the",     0.13],
  ["but",     0.07 ],
  # ...
  ["we",      0.07 ]
]

#char_count

Returns the char count of tokens.

counter.char_count #=> 76

#average_chars_per_token([ precision: 2 ])

Returns the average char count per token rounded to two decimal places. Accepts a precision argument which defaults to two. Precision must be a float.

counter.average_chars_per_token #=> 4

#uniq_token_count

Returns the number of unique tokens.

counter.uniq_token_count #=> 13

Excluding tokens from the tokeniser

You can exclude anything you want from the input by passing the exclude option. The exclude option accepts a variety of filters and is extremely flexible.

  1. A space-delimited string. The filter will normalise the string.
  2. A regular expression.
  3. A lambda.
  4. A symbol that names a predicate method. For example :odd?.
  5. An array of any combination of the above.
tokeniser =
  WordsCounted::Tokeniser.new(
    "Magnificent! That was magnificent, Trevor."
  )

# Using a string
tokeniser.tokenise(exclude: "was magnificent")
# => ["that", "trevor"]

# Using a regular expression
tokeniser.tokenise(exclude: /trevor/)
# => ["magnificent", "that", "was", "magnificent"]

# Using a lambda
tokeniser.tokenise(exclude: ->(t) { t.length < 4 })
# => ["magnificent", "that", "magnificent", "trevor"]

# Using symbol
tokeniser = WordsCounted::Tokeniser.new("Hello! محمد")
tokeniser.tokenise(exclude: :ascii_only?)
# => ["محمد"]

# Using an array
tokeniser = WordsCounted::Tokeniser.new(
  "Hello! اسماءنا هي محمد، كارولينا، سامي، وداني"
)
tokeniser.tokenise(
  exclude: [:ascii_only?, /محمد/, ->(t) { t.length > 6}, "و"]
)
# => ["هي", "سامي", "وداني"]

Passing in a custom regexp

The default regexp accounts for letters, hyphenated tokens, and apostrophes. This means twenty-one is treated as one token. So is Mohamad's.

/[\p{Alpha}\-']+/

You can pass your own criteria as a Ruby regular expression to split your string as desired.

For example, if you wanted to include numbers, you can override the regular expression:

counter = WordsCounted.count("Numbers 1, 2, and 3", pattern: /[\p{Alnum}\-']+/)
counter.tokens
#=> ["numbers", "1", "2", "and", "3"]

Opening and reading files

Use the from_file method to open files. from_file accepts the same options as .count. The file path can be a URL.

counter = WordsCounted.from_file("url/or/path/to/file.text")

Gotchas

A hyphen used in leu of an em or en dash will form part of the token. This affects the tokeniser algorithm.

counter = WordsCounted.count("How do you do?-you are well, I see.")
counter.token_frequency

[
  ["do",   2],
  ["how",  1],
  ["you",  1],
  ["-you", 1], # WTF, mate!
  ["are",  1],
  # ...
]

In this example -you and you are separate tokens. Also, the tokeniser does not include numbers by default. Remember that you can pass your own regular expression if the default behaviour does not fit your needs.

A note on case sensitivity

The program will normalise (downcase) all incoming strings for consistency and filters.

Roadmap

Ability to open URLs

def self.from_url
  # open url and send string here after removing html
end

Contributors

See contributors.

Contributing

  1. Fork it
  2. Create your feature branch (git checkout -b my-new-feature)
  3. Commit your changes (git commit -am 'Add some feature')
  4. Push to the branch (git push origin my-new-feature)
  5. Create new Pull Request

Author: abitdodgy
Source code: https://github.com/abitdodgy/words_counted
License: MIT license

#ruby  #ruby-on-rails 

aaron silva

aaron silva

1622197808

SafeMoon Clone | Create A DeFi Token Like SafeMoon | DeFi token like SafeMoon

SafeMoon is a decentralized finance (DeFi) token. This token consists of RFI tokenomics and auto-liquidity generating protocol. A DeFi token like SafeMoon has reached the mainstream standards under the Binance Smart Chain. Its success and popularity have been immense, thus, making the majority of the business firms adopt this style of cryptocurrency as an alternative.

A DeFi token like SafeMoon is almost similar to the other crypto-token, but the only difference being that it charges a 10% transaction fee from the users who sell their tokens, in which 5% of the fee is distributed to the remaining SafeMoon owners. This feature rewards the owners for holding onto their tokens.

Read More @ https://bit.ly/3oFbJoJ

#create a defi token like safemoon #defi token like safemoon #safemoon token #safemoon token clone #defi token

NEAR Protocol - The Rainbow Bridge is Live

The Rainbow Bridge Is Live

Today the NEAR team is excited to announce that the Rainbow Bridge is live and ERC-20 tokens can now bridge to the NEAR blockchain and back to Ethereum.

In today’s blockchain landscape, many protocols and applications are increasingly going multi-chain. This allows developers and users to take advantage of the assets, composability, and community of Ethereum, as well as the higher throughput, lower fees, and shorter confirmation times of next-gen chains like NEAR Protocol.

Using the Rainbow Bridge today, developers can utilize Ethereum assets on NEAR, and NEAR assets on Ethereum. Soon, they will be able to access any application state from either chain, and eventually, any chain. Users bridging fungible tokens to NEAR can take advantage of NEAR’s one-to-two second transaction times, low transaction fees usually under one cent, and comparably low bridge transfer fees.

Innovation across the decentralized finance (DeFi) and non-fungible token (NFT) spaces has increased demand on the Ethereum network and escalated transaction fees to record-high levels. The Rainbow Bridge allows users to seamlessly migrate assets to NEAR’s developer-friendly and low-cost platform, circumventing high gas fees without compromising on speed.

Current Ethereum users without a NEAR account can easily onboard to NEAR using the NEAR Faucet for Ethereum users, hosted by Paras, and MetaMask. Simply by logging into MetaMask and proving that their account has a balance higher than 0.05 ETH, anyone can claim a NEAR account and start using the Rainbow Bridge right away.

The industry’s biggest tokens are now on NEAR

The first phase of the Rainbow Bridge opens the gates for assets to flow freely between NEAR and Ethereum blockchains while enabling users to bridge any ERC-20 token now. The following popular tokens with common ERC-20 functionality will now be able to interoperate with NEAR, including but not limited to:

  • Stablecoins like USDT (Tether), DAI, and TUSD
  • Wrapped assets like WBTC and WETH
  • DEX tokens like UNI and 1INCH
  • Lending tokens like AAVE and COMP
  • Service company tokens like HT (Huobi) and CRO (Crypto.com)

Users can send these ERC-20 assets directly from MetaMask or other Web3 wallets to NEAR wallets and apps, and vice versa.

Check out the dashboard with bridged assets in almost real time powered by Dune Analytics.

Read more: What is Near Protocol (NEAR) | What is Near Protocol token | What is NEAR token

#blockchain #bitcoin #near #near protocol