Near Protocol is a public proof-of-stake (PoS) blockchain network designed as a community-operated cloud platform. Its scalability, low transaction fees, and developer-friendly environment make it a compelling platform for building decentralized applications (dApps). Near Protocol aims to empower users with the Open Web, enabling secure management of high-value assets like money and identity while providing the performance needed for real-world utility.
Table Content:
- Near Protocol’s Defining Features: Scalability and Usability
- Core Technologies Powering Near Protocol
- Guiding Principles of Near’s Technology
- Near Coin: Tokenomics and Utility
- Key Metrics of NEAR Coin
- NEAR Token Allocation
- NEAR Token Initial Circulating Supply
- NEAR Token Release Schedule
- NEAR Token Sale
- Benefits of Holding NEAR Coin
- NEAR Coin Wallets and Exchanges
- Storing NEAR Coin
- Trading NEAR Coin
- Near Protocol: Team and Investors
- Investors
- Team
Importantly, Near is not a sidechain, an ERC20 token, or a specialized blockchain. It’s a Layer-1 protocol built for independent support of the Open Web.
Near Protocol’s Defining Features: Scalability and Usability
Near Protocol’s architecture and organizational structure are meticulously designed to address system design challenges. This focus enables the creation of scalable and usable dApps. Furthermore, its governance structures ensure continuous protocol development and adaptability. The community-run cloud platform leverages a novel consensus algorithm and a sharding architecture to achieve these ambitious design goals.
Core Technologies Powering Near Protocol
- Sharding: Distributes computational tasks across multiple parallel shards, enhancing network throughput.
- Consensus: Employs the innovative Nightshade algorithm to achieve consensus among all nodes efficiently.
- Staking Selection & Game Theory: Utilizes a secure random selection process for validators, optimizing stake distribution and incentivizing positive behavior.
- Randomness: Implements an unpredictable randomness approach for enhanced security and fairness.
Guiding Principles of Near’s Technology
The development of these core technologies adheres to fundamental principles: ease of use, developer friendliness, scalability, simplicity, and sustainable decentralization.
Near Coin: Tokenomics and Utility
Key Metrics of NEAR Coin
- Ticker: NEAR
- Blockchain: Near
- Token Type: Utility + Governance
- Token Standard: https://explorer.near.org
- Total Supply: 1,000,000,000
- Circulating Supply: 476,366,166
NEAR Token Allocation
The 1 billion NEAR tokens are allocated as follows:
- Backers: 17.6%
- Community Grants, Programs: 17%
- Core Contributors: 14.5%
- Early Ecosystem: 13.3%
- Operation Grants: 11.5%
- Community Sale: 10%
- Foundation Endowment: 10%
- Small Backers: 6.1%
NEAR Token Initial Circulating Supply
A significant portion of the initial NEAR coin supply is subject to long-term lock-ups. The initial circulating supply consists of tokens allocated for community sales, future distribution activities, and community contracts. All tokens existing in the genesis block will be unlocked within 60 months. The following charts illustrate the projected increase in circulating supply due to unlocking and new token minting:
NEAR Coin 5-Year Circulating Supply
NEAR Initial Circulating Supply Breakdown
NEAR Token Release Schedule
Backers: Initial fundraising from backers began in 2017, with token releases scheduled as follows:
- Community Grants & Programs: Tokens are allocated for community building, education, and awareness initiatives through giveaways and sales. Distribution occurs over 60 months.
- Core Team: Subject to a 4-year lock-up with full vesting after 12 months from launch.
- Early Ecosystem: Lock-up periods of 6 or 12 months. Unlocking schedules for this program are yet to be announced.
- Operation Grants: Initial distribution anticipated in the latter half of 2020 and early 2021.
- Community Sale: A maximum of 100 million NEAR tokens were allocated for the community sale, with 25 million unlocked and the remainder subject to 12-24 month lock-up periods.
NEAR Token Release Schedule for Backers
NEAR Token Sale
2.5% of the total supply (25 million NEAR tokens) was offered in a public sale on Coinlist on August 12, 2020. The sale has concluded.
Benefits of Holding NEAR Coin
NEAR coin serves multiple purposes within the ecosystem:
- Transaction Fees: Covers transaction processing and data storage costs.
- Validator Staking: Enables participation in network validation and earning staking rewards.
- Governance: Grants voting rights in ecosystem governance decisions.
NEAR Coin Wallets and Exchanges
Storing NEAR Coin
NEAR coin can be stored in Near Wallet, on supported exchange accounts, or within the Coin98 Super App by following these steps:
- Select the Near wallet on the main screen.
- Choose “Receive.”
- Copy the wallet address and transfer NEAR tokens.
Trading NEAR Coin
NEAR is currently tradable on Binance, CoinTiger, Hotbit, and MEXC. It can also be traded on Coin98 Exchange.
Near Protocol: Team and Investors
Investors
Near Protocol is backed by prominent investors, including a16z, Coinbase Ventures, and Libertus Capital.
Team
The project boasts a robust team of 200 contributors, with core members possessing extensive experience from leading companies like Facebook, Google, Microsoft, and Consensys.
