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Popular science: What is NEAR coin? How to get NEAR coins?

The NEAR Coin, powering the NEAR Protocol, offers scalability, user-friendliness, and developer-centric features through its innovative sharding technology and comprehensive development tools.

Oct 07, 2024 at 11:30 pm

What is the NEAR Coin?

The NEAR Coin (NEAR) is a cryptocurrency that powers the NEAR Protocol, a layer-1 blockchain platform designed for scalability, usability, and developer-friendliness. Launched in April 2020, NEAR aims to overcome the challenges faced by other blockchain platforms, such as transaction delays, high fees, and complex development processes.

Key Features of NEAR Coin:

  • Proof-of-Stake (PoS) Consensus: NEAR uses a proof-of-stake consensus mechanism, which selects validators based on the amount of NEAR coins they hold. Validators are responsible for verifying transactions and securing the network.
  • Nightshade Sharding: NEAR employs a sharding mechanism called Nightshade to increase transaction throughput. The blockchain is divided into smaller subchains (shards) that process transactions in parallel, reducing network congestion.
  • User-Friendly Development Tools: NEAR provides a suite of developer tools, such as NEAR Protocol NEAR Environment (NEP), NEAR Command-Line Interface (NEAR-CLI), and the Rust-based NEAR smart contract compilation tool (NEARSC), to facilitate dApp development.

How to Get NEAR Coins:

There are several ways to acquire NEAR coins:

  1. Cryptocurrency Exchanges: NEAR coins can be purchased on cryptocurrency exchanges such as Binance, Huobi, and Coinbase.
  2. Staking: Users can stake their NEAR coins to earn rewards and participate in network operations.
  3. DeFi Protocols: NEAR coins can be deposited into DeFi protocols to earn interest or participate in yield farming.
  4. Contribute to the NEAR Ecosystem: Developers and contributors who build and maintain the NEAR ecosystem may receive NEAR coin rewards.

Benefits of Holding NEAR Coins:

  • Transaction Fees: NEAR coins are used to pay transaction fees on the NEAR Protocol blockchain.
  • Governance and Voting: Holders of NEAR coins have governance rights and can participate in voting on protocol updates and proposals.
  • Staking Rewards: Staking NEAR coins provides passive income through block rewards.
  • Scarcity: The maximum supply of NEAR coins is limited to 1 billion, creating a deflationary mechanism that may increase its value over time.
  • Support for dApps: NEAR coins can be used to access and interact with dApps built on the NEAR Protocol.

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