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What is NEAR? What is NEAR coin

NEAR is a decentralized blockchain platform prioritizing scalability and user experience, enabling the creation of fast and secure dApps through its features including Nightshade Sharding, Doomslug Consensus, and AssemblyScript support.

Oct 03, 2024 at 04:48 pm

What is NEAR?

NEAR is a decentralized Proof-of-Stake (PoS) blockchain platform that focuses on scalability, security, and user experience. It aims to provide a developer-friendly environment for building fast and secure dApps (decentralized applications) and smart contracts.

Features of NEAR:

Nightshade Sharding: NEAR uses a sharding mechanism called Nightshade to improve scalability. Nightshade divides the network into smaller shards, each processing its own transactions independently.
Doomslug Consensus: NEAR uses a unique consensus mechanism called Doomslug, which assigns random validators to process transactions and generate blocks.
Simple Account Model: NEAR provides a simple account model that allows developers to create and manage accounts without the need for complex smart contracts.
Tendermint Core Engine: NEAR uses the Tendermint Core engine, a widely respected consensus platform, for its core consensus mechanism.
AssemblyScript Support: NEAR supports AssemblyScript, a high-level language that compiles to efficient WebAssembly code, enhancing developer productivity.

NEAR Coin (NEAR)

NEAR coin (NEAR) is the native cryptocurrency of the NEAR platform. It serves as:

Transaction Fees: NEAR is used to pay transaction fees on the NEAR network.
Staking and Governance: NEAR holders can stake their coins to participate in consensus, earn rewards, and vote on platform proposals.
Medium of Exchange: NEAR can be used as a medium of exchange within the NEAR ecosystem.
Store of Value: Some investors view NEAR as a potential store of value due to its limited supply and the platform's growth potential.

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