NEAR Protocol
NEAR Protocol is a fully-sharded, proof-of-stake blockchain built for mainstream adoption. The protocol is a highly scalable blockchain network that provides a developer-friendly decentralized application platform. It empowers builders to create apps that scale to billions of users and across all blockchains and leverages a sharding mechanism to achieve increased scalability and fast, cheap transactions. NEAR seeks to improve on earlier iterations of blockchain infrastructure by implementing flexible scaling technology and an improved suite of developer tools. It aims to address challenges such as slow transaction speeds, low throughput, and limited interoperability that have been a hurdle for other blockchains.
ABOUT NEAR
NEAR Protocol is a Layer-1 blockchain that functions as a community-run cloud computing platform.
It is a smart contract platform that leverages its unique consensus mechanism, Thresholded Proof-of-Stake (TPoS), and the Aurora Virtual Machine to improve its scalability and reliability.
NEAR emphasizes user experience with features like human-readable account names instead of long cryptographic addresses.
It has also been designed to be developer and user-friendly as it features a few key innovations to accelerate the application development and user-onboarding processes.
NEAR FEATURES
Truly developer owned.
Web3 services are public and open source, and you alone hold the keys to your data.
Application hosting with zero setup, fewer costs, & less headaches.
NEAR's Blockchain Operating System (B.O.S) enables you to host and serve your applications entirely on the blockchain, eliminating reliance on traditional web hosting services.
A new & more open digital economy.
Develop unique and powerful ways to earn, transact, and exercise digital ownership through online experiences accessible to anyone with an internet connection.
MAIN COMPONENTS
Sharding.
Splits the network into multiple segments, allowing parallel processing of transactions and smart contracts.
Nightshade.
A unique sharding mechanism that boosts capacity and speed.
Rainbow Bridge.
Facilitates interoperability with Ethereum, allowing asset and data transfer between the two blockchains.
Human-Readable Account Names.
Improves usability with easily recognizable account names.
Gas Fee Rebates.
Developers can cover transaction fees, improving user experience.