What is NEAR

NEAR Token or Near Protocol (NEAR/USDT – Trade it here) is a decentralized application platform that runs atop the NEAR Protocol blockchain. This blockchain, which runs across hundreds of machines around the world, is permissionless, performant, and secure enough to create a strong and decentralized data layer for the new web. Basic information for their token is available on the MEXC Digital asset introduction page.

What is NEAR Protocol
Near Protocol (NEAR Token) on MEXC

How Does it Work

NEAR aims at allowing developers and entrepreneurs to easily and sustainably build applications that secure high-value assets like money and identity. It also hopes to make them performant and usable enough for consumers to access.

NEAR’s “progressive security” model allows developers to create experiences for their users that closely resemble familiar web experiences. It quickens onboarding, removing the need for users to learn “blockchain” concepts and limiting the number of permission-asking interactions needed for users to use the application.

  • Simple Onboarding: NEAR allows developers to take actions on behalf of their users. They can onboard users without requiring users to provide a wallet or interact with tokens immediately upon reaching an application.
  • Easy Subscriptions: Contract-based accounts allow for the easy creation of subscriptions and custom permissions for particular applications.
  • Familiar Usage Styles: Developers can pay for usage on behalf of their users. This hides the costs of infrastructure in a way that is in line with familiar web usage paradigms.
  • Predictable Pricing: NEAR prices transactions on the platform in simple terms. It allows end-users to experience predictable pricing and less cognitive load when using the platform.

NEAR uses a sharding approach which allows the network to increase its capacity as additional nodes participate. This is done by dynamically splitting the network nodes into multiple shards when usage is high enough to require it and parallelizing computation across those shards. With this approach, the network can scale continuously as demand increases.

NEAR also uses a staking mechanism called “Thresholded Proof of Stake”. It is both deterministic and broadly fair so it doesn’t incentivize the pooling of large validators and it encourages broad participation from nodes. Furthermore, it lowers the barriers to entry for nodes and accomplishes more than simply decentralizing the network. In a horizontally scaling system like NEAR’s, the more nodes which can participate, the more it can scale as well.

NEAR Ecosystem

The ecosystem which makes up the NEAR platform is driven primarily by economic forces. This economy creates incentives, allowing participants to permissionless organize to drive the platform’s key functions while creating strong disincentives for undesirable, irresponsible, or malicious behavior. To ensure the platform’s effectiveness, these incentives need to exist both in the short term and the long term.

Fundamentally, the NEAR platform is a marketplace between willing participants. On the supply side, operators of the validator nodes and other fundamental infrastructure need to be incentivized to provide these services which make up the “community cloud.” On the demand side, the developers and end-users of the platform who are paying for its use need to be able to do so in a way that is simple, clear, and consistent so it helps them.

Further, they can apply economic forces to support the ecosystem as a whole. They can use it at a micro level to create new business models by directly compensating the developers who create their most useful applications. They can also use it at a macro level by coordinating the efforts of a broader set of ecosystem participants who participate in everything from education to governance.

NEAR Token

The native digital cryptographically-secured utility token of the NEAR Platform is a transferable representation of attributed functions specified in the protocol/code of the NEAR Platform, designed to play a major role in the functioning of the ecosystem on the NEAR Platform. It is also used solely as the primary utility token on the platform.

NEAR Token has the following features:

  • pay within the ecosystem for various services, such as processing transactions, providing bandwidth, and storing data
  • run a validating node (providing computational resources to validate information/produce blocks) as part of the network by participating in the staking process
  • help determine how network resources are allocated and where its future technical direction will go by participating in governance processes

Recent Price & Performance of NEAR

Currently, their market price is $1.30 per unit. It has a market cap of $1,094,840,912 and a fully diluted market cap of $1,297,609,265. It also has a 24-hour trading volume of $96,109,209. You can check the live price of their token right here!

How to buy NEAR

You can buy NEAR on MEXC by following the steps:

  1. Log in to your MEXC account and click [Trade]. Click on [Spot].
  2. Search “NEAR” using the search bar to see the available trading pairs. Take NEAR/USDT as an example.
  3. Scroll down and go to the [Spot] box. Enter the amount of NEAR you want to buy. You can choose from opening a Limit order, a Market order, or a Stop-limit order. Take Market order as an example. Click [Buy NEAR] to confirm your order. You will find the purchased NEAR in your Spot Wallet.

You can find a detailed guide on how to buy NEAR token here.

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