When was NEAR coin issued? Learn about the origin of NEAR coin in one article

NEAR Coin, the native cryptocurrency of NEAR Protocol, was first issued on October 27, 2020, with the official launch of the platform's MainNet.

Oct 02, 2024 at 11:24 pm

When Was NEAR Coin Issued? Exploring the Origin of NEAR Protocol

1. Conception and Development:

NEAR Coin, the native cryptocurrency of the NEAR Protocol, was first conceptualized in 2018 by Alex Skidanov and Illia Polosukhin. The team's goal was to create a scalable, decentralized blockchain platform that would overcome the limitations of existing Ethereum-based solutions.

2. Testnet Launch:

In May 2020, NEAR Protocol launched its first testnet, "Testnet Nightshade," to showcase its proof-of-stake (PoS) consensus mechanism and sharding capabilities. This testnet allowed developers to test and provide feedback on the platform's functionality.

3. Token Allocation and Seed Sale:

In August 2020, NEAR Protocol conducted a seed sale to raise funding for the project. The sale allocated 20% of the total NEAR Coin supply to participants, raising approximately $12 million.

4. Mainnet Launch:

On October 27, 2020, NEAR Protocol officially launched its MainNet, marking the public release of the platform. The MainNet go-live event was a significant milestone for the project as it allowed developers to build and deploy applications on the NEAR blockchain.

5. MainNet Expansion:

Following the MainNet launch, NEAR Protocol continued to expand its capabilities and adoption. In subsequent months, the platform introduced additional features, including Nightshade sharding, dynamic transaction fees, and a token staking mechanism.

6. Ecosystem Growth:

Since its inception, NEAR Protocol has attracted a growing ecosystem of developers, projects, and users. The NEAR Foundation, a non-profit organization, provides support and resources to the platform's community, fostering innovation and adoption.

Conclusion:

NEAR Coin was first issued on October 27, 2020, with the official launch of NEAR Protocol's MainNet. The project's origins can be traced back to 2018 when it was conceived as a scalable and user-friendly blockchain platform. Through testnets, seed sales, and the MainNet launch, NEAR Protocol has established a strong foundation for decentralized application development. As the ecosystem continues to expand, NEAR Coin is expected to play a vital role in the future of the NEAR blockchain ecosystem.

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