A few years ago, the word “cryptocurrency” must have meant some fishy or underworld banking or monetary term to people involving shady traders, but today the entire scenario has witnessed a paradigm shift. In fact, on the contrary, it is the fiat system whose roots are shaken in pandemic unable to withstand a recession.

NEAR Protocol Overview

Cryptocurrency NEAR Protocol
Ticker Symbol NEAR
Price $6.75
Price Change 24H +18.22%
Price Change 7D +9.21%
Market Cap $4,487,977,634
Circulating Supply 701,682,445 NEAR
Trading Volume $758,605,002
All-Time High $20.42
All-Time Low $0.526
NEAR Protocol ROI +323.08%

Established via mining, these digital currencies are gaining momentum and seem to be weathering all recessionary monetary storms. In essence, cryptocurrency is a completely decentralized currency mainly based on a blockchain algorithm. That blockchain network will confirm and verify all new entries into the ledger and any changes to it. Among the four leading cryptocurrencies viz. Bitcoin, Ethereum, Tether also feature NEAR Protocol as a predominant player.

NEAR Protocol Cryptocurrency: Lets Near the Roots

The robust solutions offered by NEAR are the byproduct of the brains and toil of some of the leading tech and network experts who have lent their phenomenal contribution to these remarkable services. Created by developers Alex Skidanov and Illia Polosukhin, both of whom have extensive experience in programming. They made the protocol primarily as “Infrastructure for Innovation” to host decentralized applications (dapps). It is no wonder that it stands compared to crypto giants like Ethereum and other leading smart contract-enabled blockchains.

NEAR Protocol’s native token is also called NEAR and is used to pay for transaction fees and storage. Eliminating siloed network unlocks the true potential of an entire ecosystem of novel payment gateways that are fast, secure, and low-cost. NEAR bespoke of a heritage and values which are founded on the framework of greater economic fairness and opportunity for all through research, education, and philanthropy.

NEAR Protocol: Nearing the Advantages

The focus of NEAR Protocol has been to meet growing Consumer Demands by unlocking the power of Blockchain and be successful in drastically accelerating the speed, cost, and trustworthiness of masses, especially in the way they execute transactions. NEAR protocol has also significantly eroded the role of intermediaries by bringing all financial solutions on a decentralized infrastructure.

With a plethora of offerings, a NEAR coin is an obvious choice of investors due to high-speed, cost-efficiency, and dependability collateral. Near protocol, in a way, can be called a synonym to “facilitator of smart contract and public Proof-of-Stake (PoS) blockchain with a mindset to be user-friendly incorporating features like human-readable account names as opposed to only cryptographic wallet addresses, and the ability for new users to interact with dApps and smart contracts without requiring a wallet at all.

With an entirely different approach to scalability through sharding, NEAR Protocol has been a solution provider by processing, communicating, validating, and completing transactions to other nodes. A pivotal advantage of sharding has been to reduce the computational load by splitting or partitioning the network into shards (or fragments). This would, in turn, accelerate network capacity. NEAR protocol uses an auction system to choose validators every epoch approximately every 12 hours, and validators who have more significant stakes have more influence in the consensus process.