NEAR Protocol (decentralized application) platform is built on top a PoS, sharded blockchain. It is designed to be scalable and easy-to-use, as well as developer-friendly. The goal is to allow the creation of a variety of DApps from games and social media to Decentralized Finance (DeFi), and other business applications.
NEAR Protocol’s key feature is its use of Sharding. This is a method of breaking down the blockchain into smaller pieces, called “shards”. Each shard can process transactions independently and allows the overall network to process more transactions per second that a non-sharded, traditional blockchain. NEAR Protocol is highly scalable, able to process large numbers of transactions and users without any delays or congestion.
NEAR Protocol’s use of a Proof-of-Stake consensus algorithm is another key feature. This allows users to receive rewards for participating in NEAR Protocol by “staking” and holding their NEAR tokens. To stake, you must hold NEAR tokens in your wallet. You can use them to secure the network by validating transactions or adding them to the Blockchain. The more tokens staked by a user, the greater their influence on the network and the better the rewards.
NEAR Protocol’s scalability, PoS consensus algorithm and ease-of-use are just a few of the many benefits. It is based on Rust programming, which is well-known for its safety, speed, and ease of use. There are many developer tools and resources available to assist developers in building DApps on the platform.
NEAR Protocol’s main purpose is to create decentralized finance applications (DeFi), which are financial services built on top blockchain and that operate in a decentralized way without any intermediaries like banks. NEAR Protocol already has several DeFi applications built on its platform, including a DEX, a stablecoin and a lending platform.
NEAR Protocol can also be used to create games and other entertainment apps. Its low transaction fees and scalability make it a great platform for creating games and other applications that require real time interaction and quick transaction processing.
NEAR Protocol is a flexible DApp platform. It is easy to use and scalable. NEAR Protocol’s use of proof-of-stake consensus and sharding make it well-suited to a variety of applications including DeFi and business applications.