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Is Near Protocol (NEAR) the breakthrough for Web 3.0?

 


The Near Protocol (NEAR) has become one of the most interesting cryptocurrencies on the market in the shadow of the big winners of the last few months, Cardano, Solana and Terra. The Near Protocol (NEAR) could play an extremely important role in the future, especially in the vision of Web 3.0 . We present the advantages of NEAR and look at how important the cryptocurrency could become in the future.


What is Near Protocol?

The Near Protocol (NEAR) is a blockchain protocol that is easy to use and scalable. It is a layer 1 blockchain that continues to function CO2-neutral. NEAR operates as a community-driven cloud computing platform that aims to address the weaknesses of other blockchains such as low transaction speeds and poor interoperability.


The Near Protocol uses human-readable account names as an alternative to cryptographic addresses to make the platform user-friendly. Furthermore, NEAR uses its own consensus mechanism, "Doomslug". In addition, the Near Protocol with the Nightshade technology has increased the transaction throughput extremely. This rose to over 100,000 per second. 


Near Protocol

By solving the scaling problem of other blockchains, the Near Protocol has been extremely popular with investors for months. The NEAR Protocol Ecosystem Fund has already raised $800 million to help existing projects scale on the blockchain. In the meantime, NEAR has become the basis of numerous successful decentralized applications (dApps).


Blockchain

How does the NEAR token work with the Near Protocol?

The NEAR is the native token of the Near Protocol and at the same time the governance token of the ecosystem. It is used for various functions in the network:


Payment of Fees for Transactions

Staking to activate validator nodes

Participate in governance functions to improve the network

One billion NEAR tokens were issued in 2020. Each year, 5% additional tokens are issued to support the network. At the moment there are about 650 million tokens in circulation.

How has the NEAR course developed over the past few weeks and months?

The NEAR token from the Near Protocol has only existed since the end of 2020 and has recorded very high gains in the 2021 bull market. These profits increased massively in the third quarter after the market correction over the spring and summer. While the market fell sharply in January, the NEAR token hit its all- time high of $20.20 in mid-January. 


Near Protocol (NEAR) course since the beginning

In the last 3 months, most cryptocurrencies have seen price losses. However, this is not the case with the NEAR token. After its all-time high, the price fell again. Over the last 3 months, however, the rate has remained almost constant.


Can the Near Protocol become a pioneer in the Web 3.0 project?

The Near Protocol has focused on the development of DeFi-based projects in recent months. It also works on NFT projects, DAOs and gaming applications. Due to its extremely high scalability and its user-centric approach, there is a lot of potential for the near protocol, especially in the growth markets of DeFi, NFTs and gaming .


The near protocol blockchain could become extremely interesting in the future, especially for the vision of Web 3.0. In principle, Web 3.0 should represent the next development stage of the web. Decentralization and the blockchain play a decisive role in this. Many blockchain networks are being traded to play a pioneering role for Web 3.0 in the future. 

In many areas, the near protocol is already superior to other blockchain networks. High scalability and great user-friendliness with the integration of governance functions make the NEAR so special for the future. It will therefore be exciting to see whether NEAR will become one of the most important cryptocurrencies in the future.

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