What is NEAR Protocol (NEAR)? History, Advantages & Disadvantages

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Before diving into any other thing, we need to know what near protocol is. Near Protocol is a decentralized application platform that focuses on usability among developers and users.

It is a smart contract that uses a delegated proof of stake to bring DeFi to the masses with low transfer fees and fast transactions. It makes use of a unique scaling solution known as Nightshade and a powerful consensus engine called Doomslug.

The Near protocol network makes use of a native coin called Near tokens.

 

PROJECTS BUILT ON NEAR PROTOCOL

Projects can be built on near and some are:

  1. Mint base: This involves creating and selling NFTs.
  2. Paras: This involves the validation and exchange of collectible cards.
  3. My Near wallet: It’s a non-custodial wallet for the NEAR blockchain. Users can securely store NEAR tokens.
  4. Rainbow bridge: It helps facilitate the seamless transfer of assets between the NEAR and Ethereum networks.


HISTORY OF NEAR PROTOCOL

The start of Near was initiated by two bright-headed people named Alex Skidanov, a Software developer at Microsoft, and Illia Polosukhin, an Engineering manager at Google.

It was founded in 2017 when Near.ai was the name of the time.

Before Near was built with just two people they rose $50 million in the first 4 months. All in a bear market. Now NEAR has grown and expanded.


ADVANTAGES OF NEAR PROTOCOL

  1. It helps prevent user data from being stolen by companies or scammers.
  2. It is very decentralized meaning, it can’t be shit down by a particular party.
  3. NEAR Protocol is focused on creating a user-friendly platform.
  4. It allows for greater transaction capacity.
  5. NEAR allows developers and other users to build, deploy, and manage DApps with ease.
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DISADVANTAGES OF NEAR PROTOCOL

  1. Governance centralization is a concern, only validators can vote on proposals.
  2. It is difficult to find places to buy and sell Near tokens.
  3. Near is a bit more difficult compared to other protocols. This makes it hard for users to understand how it all works.
  4. NEAR stands in direct competition with giants such as Ethereum

Thank you for reading ❤️

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