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What is Near all about
NEAR Protocol is a layer-1 blockchain, which launched in August 2018. Developed by Illia Polosukhin and Alexander Skidanov NEAR intends to be the bridge to the widespread adoption of dApps.
NEAR works on a block creation mechanism called Doomslug, and a sharding mechanism called Nightshade. This allows NEAR to be able to process 100,000 transactions per second. Transactional fees on NEAR are also very low, they are measured in ''yocto'' units. Yocto is a unit prefix indicating a factor of 10 to the power of −24.
Doomslug's block creation system works by allowing validators to take turns when producing blocks. Turns are determined by the amount of NEAR tokens staked. According to the Doomslug technology paper, this system has two types of finality. After the first round of node communication, a block produced by Doomslug is irreversible. This is true unless at least one validator is slashed. This is known as doomslug finality or practical finality. A finality gadget provides complete Byzantine Fault Tolerance (BFT) finality. This happens after 2/3 of validators have pre-voted and pre-committed to block creation.
Nightshade operates on a single, main chain, instead of creating side chains. All the block producers and validators are building this main chain which is split into shards. There is a limited number of validators per shard which encourages validating nodes to secure newer nodes. Also, the more shards exist on the blockchain, the faster the network becomes.
NEAR’s consensus method uses the Delegated-Proof-of-Stake system. The user needs NEAR tokens to become a validator node. The cost of becoming one changes depending on the number of tokens already staked in a shard. If a user doesn't have enough NEAR to become a validator, they can decide to delegate their tokens to someone with enough capital. This way they can get a part of the rewards given for validating blocks. Validators may also unstake their tokens at any time.
NEAR is connected to the Ethereum blockchain via the Rainbow Bridge. This connection allows users seamless migration of their assets between these blockchains.
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NEAR Questions & Answers
What is the current price of Near?
Today's price of Near is 3.09 EUR.
What was the price of Near at its highest?
The price of Near peaked on 2022-04-08, when it was at 18.07 Euro.
What will Near be worth in 1 month?
According to our price prediction, we suspect the price of Near is likely going to be between €1.67 and €8.15 in 1 month.
Is Near going to be worth more in three months?
On the basis of our short term price prediction we suspect that Near's cost is likely going to reach between €0 and €8.15 in 3 months.
What is the price of Near going to be in six months?
Accurate long term projections are very difficult, however based on our short term price prediction we expect that the cost of Near will reach anywhere between €0 and €8.15 half year from now.
What is the online popularity of Near?
0 users engaged in discussing Near online on Reddit in the last 48 hours. Near's official Twitter handle is followed by 0 users.
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