What is Near Protocol (NEAR)?

 What is Near Protocol (NEAR)?

Near Protocol (NEAR)

What is Near Protocol (NEAR)?

NEAR Protocol is a decentralized application platform designed to make apps available on the web. The network works on a consensus mechanism. Proof-of-Stake (PoS) called Nightshade, which aims to offer scalability and stable fees.

NEAR is a native utility token used for:

• Fees for transaction processing and storage
• Running the monitoring node on the network via NEAR token staking.
• used for governance votes to determine how network resources are allocated.

NEAR tools include:

• NEAR SDK, which includes standard data structures and testing tools for Rust and AssemblyScript.
• Gitpod for NEAR to create a Zero Time Startup Experience for Developers.
• NEAR Wallet that helps app developers create streamlined user experiences.
• NEAR Explorer to aid both contract debugging and understanding of network performance.
• NEAR command line tool to enable developers to deploy applications from local environments.

How many NEAR coins are in circulation?

The NEAR Protocol launched mainnet on April 22, 2020, with $1 billion of NEAR tokens generated at birth,  5% of the additional supply is issued each year to support the network as an era reward, 90% of which goes to. The validator (4.5% total) and 10% to the protocol library (0.5% total).  30% of the transaction fee is paid as a refund on the contract interacting with the transaction, while the remaining 70% will be refunded. burned

Who is the founder of the NEAR Protocol?

NEAR Protocol is the work of developers Alex Skidanov and Illia Polosukhin, both of whom have extensive programming experience.

The two met while Skidanov worked at US startup Y Combinator. and in July 2018 began work on a project focused on allowing developers to build and distribute software with less friction.

The project became what is now known as the NEAR Protocol and employs more than 40 people, including experienced developers at Google and MemSQL.

According to the official NEAR Protocol website, many developers have won awards and nominations in programming competitions and related fields. especially International Collegiate Programming Contest (ICPC)

Skidanov himself works at MemSQL and Microsoft, while Polosukhin contributes to the end-to-end open source machine learning platform TensorFlow and Google Search.

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