NEAR Protocol is a cryptocurrency blockchain with smart contract functionality. It is designed to be developer friendly and facilitate the creation of decentralized applications. NEAR allows users to manage high-value assets like money or identity. It's also interoperable with Ethereum.
How does NEAR work?
NEAR also has "near-instant" transaction speeds and near-zero transaction fees. This means you can send money to someone anywhere around the world instantly, regardless of how much they have in their bank account or where they live. This is especially helpful for sending money to 3rd world countries who often face challenges with traditional banking or other financial institutions.
Near Protocol vs. Ethereum
Ethereum has been criticized for utilizing a Proof of Work consensus protocol which is inefficient and costly. NEAR Protocol believes they offer an alternative with a more cost-effective and environmentally friendly Proof of Stake protocol.
NEAR's Proof of Stake protocol allows miners to mine blocks by staking their coins. This is more efficient because it doesn't require as much energy to solve mathematical problems as it does in the traditional Proof of Work model. In addition, the system uses smart contracts as opposed to Ethereum's Turing complete scripts which are written in Solidity programming language.
Nearest Protocol's smart contracts use a simpler language that doesn't have Turing completeness which makes it easier for developers to create dApps on this platform.
NEAR enables trustless, decentralized, and scalable data exchanges. It provides a universal language with which users can securely share and trade data without having to rely on centralized third-parties.
Near Protocol is a global, decentralized data exchange protocol with a universal language for secure data sharing and trading. Near Protocol is designed to provide the building blocks for the next generation of applications by enabling trustless, decentralized, and scalable data exchanges.
Near Protocol uses the Near token (NEAR) as the unit of exchange for all transactions on the network. NEAR can be bought or sold on many exchanges.