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Near is a public, extensible blockchain network based on the proof-of-stake (POS) algorithm.Programmers can use this platform to launch their own decentralized applications (similar to the Ethereum network).The token of this network is called NEAR, which is the functional token of this network. In this article, we talk about what the Near protocol is. We will also learn about the purpose and features, the use of this network, the NEAR token, transaction fees, how to buy and sell this token, the development team, and the staking token of this network.
NEAR Protocol is a smart contract capable, public Proof-of-Stake (PoS) blockchain that was conceptualized as a community-run cloud computing platform. Built by the NEAR Collective, NEAR was designed to host decentralized applications (dApps), and strives to compete with Ethereum and other leading smart contract-enabled blockchains like EOS and Polkadot. NEAR’s native token is also called NEAR, and is used to pay for transaction fees and storage. NEAR tokens can also be staked by token holders who participate in achieving network consensus as transaction validators.
NEAR Protocol is focused on creating a developer and user friendly platform. To accommodate this mission, NEAR has incorporated features like human-readable account names as opposed to only cryptographic wallet addresses, and the ability for new users to interact with dApps and smart contracts without requiring a wallet at all.
Projects building on NEAR include Mintbase, a non-fungible token (NFT) minting platform, and Flux, a protocol that allows developers to create markets based on assets, commodities, real-world events, and more.
As dApps have grown in popularity, the crypto community has faced a growing scalability problem. Scalability in this context refers to a blockchain’s ability to handle a large number of transactions with reasonable speed and cost. Ethereum has particularly faced scalability challenges due to the high demand for its usage, and while some people advocate for scaling solutions to be built on top of Ethereum (Layer-2 solutions), other projects like NEAR have decided to build entirely new blockchains with different architecture.
NEAR Protocol’s proposed solution to this scalability problem is the implementation of sharding. Before diving into what this means, it’s useful to identify the three main functions of blockchain nodes: they process transactions, communicate validated transactions and completed blocks to other nodes, and store the state and history of the entire network. As network congestion increases, these tasks become more and more demanding for the nodes.
Sharding lessens the computational load by splitting or partitioning the network into shards (or fragments). With this tactic, every node is not required to run all of the network’s code — just the code that’s relevant to its shard — so shards can conduct computation in parallel with one another, thereby scaling the network’s capacity as the number of nodes in the network increases.
To achieve consensus among the nodes in the network, NEAR uses a PoS system. With PoS, nodes who wish to become transaction validators must stake their NEAR tokens to be considered for participation. Token holders who do not want to operate a node can delegate their stake to validators of their choice. NEAR uses an auction system to choose validators every epoch (approximately every 12 hours), and validators who have larger stakes have more influence in the consensus process.
The NEAR token is primarily used to pay transaction fees and as collateral for storing data on the blockchain. NEAR also rewards several stakeholders in the blockchain with NEAR tokens. For their services, transaction validators receive a NEAR token reward every epoch that amounts to 4.5% of the total NEAR supply on an annualized basis.
Additionally, developers who create smart contracts receive a portion of the transaction fees that their contracts generate. The remainder of each transaction fee is burned, increasing the scarcity of the NEAR token. NEAR has also established a protocol treasury, which receives 0.5% of the total NEAR supply annually, for the purpose of reinvesting in the development of the ecosystem.
NEAR Protocol is capable of supporting tokens that are “wrapped” from other chains in addition to NFTs. Likewise, NEAR has constructed a bridge with Ethereum, allowing users to transfer ERC-20 tokens from Ethereum to NEAR.
You can buy NEAR token on most major centralized and decentralized cryptocurrency exchanges, the only main one it is currently unavailable on being Coinbase. Below are some of the exchanges where you can buy NEAR:
The main disadvantages of NEAR are all related to governance. The initial token distribution allocated over 36% of the total supply to the core team and backers. This gives them control of a large portion of the asset, even if released on a 5-year vested schedule, as that started 4 years ago. When combined with the inability to vote on governance proposals unless you are staking enough NEAR to be a validator it becomes clear that there are some issues of centralization within the network.
In order to be a validator on NEAR you must be able to stake enough to get a “seat”. The price of a seat depends on how much other validators are already staking, and it is currently over 60k NEAR tokens, which at current prices means you would need to spend over $1 million USD to become a validator. This may explain why there are only 73 validators on the network. Since only validators are able to vote (and delegates have no control over how their validators vote), it means that currently there are only 73 votes taken into account when deciding on governance changes. That is not exactly decentralized and will need to change sooner than later.
The main advantages of NEAR are all related to its scalability. The NEAR network is able to process upwards of 100,000 transactions per second, which is double what Solana, another newcomer, is able to do. Not only that, transactions on NEAR are finalized in about 1 second and with a transaction fee that is fractions of a cent. NEAR is able to do this thanks to its Nightshade sharding system, and Doomslug block production technique. Nightshade allows the network to improve efficiency by only adding snapshots of a shard to a block, while Doomslug allows for validators to take turns to produce and validate blocks. Both of these combine to reduce load on the network and increase throughput
NEAR is also interoperable with other blockchains. Their Rainbow Bridge allows users to bring tokens over from Ethereum, and their Aurora Ethereum Virtual Machine allows projects on Ethereum to easily begin building on NEAR. NEAR is also working with Cosmos and the Binance Smart Chain.
Below are some of the popular projects on Near:
The Taobao Maker Festival, held from July 17–25, 2021 at the Shanghai National Exhibition and Convention Centre, provides young Chinese artists with the opportunity to showcase and sell their artwork through an exhibition. NEAR Protocol collaborated with Web3Games to help Huang Heshan, a popular Chinese NFT artist building his collection on NEAR, promote and sell his work.
Heshan created the “Toorich City Series”, a collection of special NFTs on Paras representing digital real estate properties, a part of which is the Bu Tu Garden Community, a set of 10 luxury single-family villas.
Huang Heshan, the creator of the “Toorich City Series,” said: “I’m psyched to work with NEAR Protocol and Web3Games. With the support of NEAR, I was struck by how user-friendly and easy it was to mint an NFT and interact with the blockchain, despite having no prior experience in crypto.”
According to Huang, users can place an order on Taobao and pay using Chinese Yuan, which will then allow them to receive a link (similar to an “airdrop”) containing the NFT digital artwork. Upon opening the link, it only takes a few simple steps to register a NEAR wallet and claim their purchased NFTs. This easy onboarding flow paired with NEAR’s very low transaction fees (just a few cents) makes interacting with crypto inexpensive and simple for novices like him.
“If I were to issue the NFTs on legacy blockchain platforms, it would often cost me up to a few hundred US dollars just to issue each NFT, whereas on NEAR, an environmentally-friendly blockchain platform, minting an NFT typically costs below 1 cent.”
Reality Chain is a multi-chain metaverse set to launch on Octopus Network, which is the substrate-based appchain network on NEAR Protocol. On its platform, users will be able to take gaming and social activities to the next level with immersive multiplayer functionality and features.
Players can assume the role of NFT avatars and interact with NFT furniture, walls, floors, and more in-game assets that can be resold. Voice and text chats are also enabled to give it a more realistic feel. Players can also stake their $REAL native tokens to start a brand new metaverse.
The platform has recently completed its Metaverse Engine and set up its DAO (Decentralized Autonomous Organization) to allow $REAL token holders to have voting rights on project initiatives. Several demos have been deployed, and the full live game will be launching soon, with an upgrade to a 3D engine in the works to enhance the game’s visuals.
Adam Ardisasmita, CEO of Reality Chain, said: “We’re proud to say that Reality Chain is elevating the utility of in-game NFTs as assets to maximize the blockchain gaming experience. With everything we have in the works, our project is set to bring a new and immersive look to NFT gaming, setting the new standard for online metaverses on the blockchain.”
OP Games is a blockchain-based Web3 gaming platform looking to transform the way users buy, own, and trade in-game assets. Currently, gaming platforms tend to monopolize by locking digital collectibles into their own ecosystem, preventing users from bringing in accomplishments and skins from other games. The game development process also requires a heavy amount of investment upfront, with very little involvement from the gamers.
OP Games is fixing this by turning entire games into fractionalized NFTs. This means players can own a fraction of the game and co-own the project. Through this co-ownership, players can enjoy price appreciation if the game succeeds, and even shape the game by participating in its DAO. For developers, this model means a revolution in terms of project financing and monetization.
“Now, developers can fundraise from NFTs and DAO in a continuous process”, says Chase Freo, CEO and Co-founder of OPGames.“And at the same time, if the DAO of the players decides to add some more levels to the game or further develop it, they can just talk to the developer and say, ‘This is something we want to do — can you make it for us?’ Then the developer will be paid by the DAO through the game’s treasury because the game is not owned by the developer anymore, but rather by the collective.”
Its arcade platform is built on NEAR and lets users play HTML5 games and engage in tournament competitions to win prizes. By merging NFTs and DAOs, game owners within the community can harness voting power to initiate project proposals to further drive the utility and innovation of its NFT ecosystem.
In early October, the project raised over $8 million in seed funding to bring more gamers into their Web3 world, helping fund its main initiatives. Chase Freo (CEO) and Paul Gadi (CTO) have each spent over a decade in the gaming industry before co-founding OPGames in 2018. With support from NEAR Protocol, Filecoin/Protocol Labs (which recently launched a collaboration with NEAR in co-grants and developer storage credits), and advisors like Gabby Dizon (Co-Founder at Yield Guild Games), OP Games plans to develop and build over 500 games on the NEAR blockchain by the end of 2022, marking a huge milestone for the blockchain gaming industry. The project already has almost 16,000 combined followers on its Twitter and Telegram channels as it continues to expand.
Vorto Network is an online marketplace that lets users house in-game items and digital assets in a wallet that can be used to buy and sell across multiple titles.
Hash Rush is a blockchain-based, real-time strategy (RTS) game running on Vorto Network. Players can immerse themselves in the Hermeian galaxy to build, compete, and exchange goods as they advance. The game leverages a play-to-earn model, which incentivizes participation and fosters a digital goods economy, making the game more immersive. The team is planning on publicly launching the game in early 2022.
Big things have been happening for Vorto Gaming. In October, they raised $4 million through a closed investment round to help fund and build its growing ecosystem. Over 9,000 NFTs have been minted to date on its network, and $100,000 in sales was collected for Hash Rush. Hash Rush has amassed over 5,000 Twitter and 2,000 Telegram followers, and continues to grow day by day.
Kris Vaivods, CEO of Vorto Network, said: “Our team was at NEARcon and had the opportunity to showcase our exciting game to visitors. Our game’s open testing continues, giving users a chance to play and experience what we have to offer for themselves. Down the road, we’ll be integrating more cool characters and gameplay features, leveraging NEAR’s blockchain technology to take things to the next level.”
Feiyu is a social media platform built on NEAR Protocol that allows users to truly express their creativity through sharing memes and GIFs, creating an entirely new and exciting NFT metaverse. The app contains a built-in meme generator where community members can easily create and disseminate their creations to others, in addition to a vast NFT marketplace. Participation on the platform is driven through rewards-based incentives, such as earning in the native token and receiving items in the form of NFTs (skins, weapons, etc.).
One of its most recent initiatives was its “pixel art war,” where participants worked together on an artboard to develop their own NFTs via chat rooms. When interacting with the artboard, users could acquire pixels and earn Feiyu tokens as a reward, encouraging highly collaborative efforts and elevating the creation process for NFTs.
By building on NEAR Protocol and utilizing NEAR’s powerful account system, Feiyu is able to hide the “crypto” part away — users don’t have to deal with registering a wallet, getting tokens from centralized exchanges to pay for gas fees, etc. NEAR is seamlessly onboarding the broader internet users today to the blockchain. Currently, it’s garnered over 1.5 million users and continues to increase its community base.
Xue Kai, Co-founder of Feiyu, said: “At Feiyu, we want to inspire everyone to create the most innovative and unique pieces of NFT artwork. These days, social media is by far the most popular means of interacting on a global scale — by building on NEAR, we’ve been able to make our very own social media platform come to life and realize the true potential of blockchain and its efficiencies.”
Paras is an NFT marketplace built on NEAR that aims to drive the adoption of a wide variety of unique digital collectibles. It offers real-world trading cards of art as collectibles that users can mint, buy, or sell quickly and cheaply. There are also NFT drops and users can follow launch publications through stories. The team recently launched Boom Boom! the first mini digital comic series on NEAR, and PARADIGM as their first comic, with more features to come in the pipeline.
At the time of this writing, they’ve hit over $144,000 in 30-day trading volume, made up of over 30,000 transactions. Thousands of users are purchasing the one-of-a-kind collections offered on the platform. Paras has over 18,000 Twitter and 3,000 Telegram followers, showcasing its quickly growing community.
Rahmat “Riqi” Albariqi, Founder of Paras, said: “We’ve been hitting the ground running with implementing as many exciting features as possible on our NFT marketplace. Our goal is to create the most comprehensive, innovative, and inclusive environment to inspire NFT creators and investors everywhere.”
Mintbase is an online platform and NFT utility engine. Users can mint and sell their NFTs in the form of tickets, music, and art, while also creating their very own marketplaces. VR (Virtual Reality) integrations are also possible when minting NFTs. The platform offers NFT auctions, stores, and a lucrative royalty rewards system — all made possible by its extremely low transaction fees, speeds of up to 100,000 TPS, and lightning-fast block times, thanks to the NEAR blockchain’s scalability.
They’ve already hit several key milestones, such as setting up 544 NFT contracts, adding an open store for NFTs called “Openbase,’ and implementing new website functionalities for ease of use. The project is quickly gaining traction within the community, already garnering over 28,000 Twitter and 3,000 Instagram followers.
Nate Geier, CEO of Mintbase, said: “A lot has been happening at Mintbase. Customization and creative liberty are at the forefront of our business model to expand the use case for our NFTs. With NEAR’s technology and infrastructure, we’re opening the doors for smoother monetization and application.”
Satori is a new comprehensive NFT platform and marketplace designed for high-profile artists and musicians. Built on the NEAR blockchain, its vision is to ignite the next “creative renaissance.” The project is looking to implement a unique business model where artists and creators can confidently take their NFT artwork straight to their audiences, removing the intermediary and allowing them to thrive with their own business. Satori strives to deliver on the promise of NFTs from their inception — building an economy that truly serves creators and their fans.
The project is currently in stealth mode and planning a full launch in January 2022. Satori is planning to mint 5 million+ NFTs in Q1 2022, which will reach an audience of over 10 million people and some of the best artists.
Peter DePaolo, CEO and Co-founder of Satori, said: “Our team is building Satori with the goal to truly inspire and empower NFT artists and creators worldwide. We’ll allow them to better monetize and distribute their artwork by directly reaching their customers through our marketplace, showcasing their talent to our community with luxurious tastes.”
Metaverse AI is developing the Open Metaverse on Web 3.0 with engaging applications including digital human engine, social metaverse, and virtual celebrity. Built on NEAR’s lightning fast and affordable protocol, Metaverse AI’s advanced AI engine will allow users to create decentralized identities and 3D high-fidelity avatars. Metaverse AI’s blockchain-based DiD (decentralization identifier) avatars will empower users to own and keep and move their valuable identity and assets across the Metaverse.
The virtual celebrity industry is projected to be a trillion dollar market with wide applications in commerce, luxury, advertising, and more. Metaverse AI has partnered with NVIDIA and built revenue-generating virtual celebrity products. The core team has built VR/AR products at Facebook, Google, and Snapchat, and is supported by Kleiner Perkins, Animoca Brands, Draper, Delta Blockchain Fund, etc.
Henry, CEO of Metaverse AI, said: “The Metaverse is redefining human-computer interactions and Web3.0/NFT will play an indispensable role. Scalability, privacy, and security will be important factors. With NEAR’s Nightshade sharding technology and ecosystem, we’re accelerating the vision towards the Open Metaverse with mass adoption.”
NEAR Lands is a decentralized, 2D multiplayer blockchain-based game. Built atop NEAR’s fast and easy-to-use sharding protocol, the game’s developers are creating a pixelated land-based open world game that will be as much about community as gameplay.
On NEAR Lands, players can create their own characters and items, talk to friends, and engage with other participants in the online universe. Players explore the game’s landscape at will, creating an immersive and interactive online realm.
The team from Human Guild, Developer and Co-founder of NEAR Lands, said: “Our decentralized game is taking the world by storm, letting players immerse themselves in a brand new online universe on NEAR. We’ve got plenty of future initiatives in the works for the game, such as adding dungeons, allowing for land sales, and enabling audio chat support.”
NEAR Protocol is a smart contract capable, public Proof-of-Stake (PoS) blockchain that was conceptualized as a community-run cloud computing platform. Built by the NEAR Collective, NEAR was designed to host decentralized applications (dApps), and strives to compete with Ethereum and other leading smart contract-enabled blockchains like EOS and Polkadot. NEAR’s native token is also called NEAR, and is used to pay for transaction fees and storage. NEAR tokens can also be staked by token holders who participate in achieving network consensus as transaction validators.
source: cointelegraph , gemini , cryptovantage , medium
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