The NEAR Protocol has proven to be extremely useful, especially because of its greater transaction capacity and security. To use this network, you have to own some NEAR tokens. Unlike coins like Bitcoin, this one doesn’t require a lot of energy as it is based on the proof of stake system.
Briefly about Near Protocol
This Near coin was founded by Erik Trautman, an entrepreneur who has worked on Wall Street for a long time. Erik is also the founder of Viking Education. The coin was primarily meant to power the NEAR Protocol, a project that aims at making Blockchain technology scalable and highly secure. Anyone who intends to use the network has to own NEAR tokens as these will pay for transactions and storage space.
Simple, secure, and scalable technology from Near Protocol.CryptoLists.com
This is the native cryptocurrency of the NEAR Protocol. The company increases the supply of the token by 5% every year, but it also partially burns the existing tokens to control the supply of the coin. According to the white paper of the protocol, the company burns tokens that are used to pay for storage space and computations on the network. 90% of the newly released tokens on the network are paid out to validators, and the rest goes to the treasury to support the development of the platform.
Utility of Near Protocol?
The main purpose of this token is to pay the transaction fees of the network. You can also use it to purchase storage space on the blockchain, and this is essential for developers who are running applications on the network. In addition, the coin can be used to pay for computations performed on the blockchain. Investors can purchase the coin to speculate on its price, especially given the innovative nature of its associated blockchain. However, you should remember that the price of the token can rise or fall at any time.
Near Protocol Price details
›› NEAR tokenomics and social media
Advantages at Near Protocol+ Near's development team has extensive experience in tech.
+ It is attached to the NEAR Protocol, which is quite useful.
+ Lots of respected firms support Near.
+ You can transfer Near Protocol instantly and securely.
Disadvantages- NEAR Protocol experiences direct competition from giants like Ethereum.
- As a cryptocurrency, its price can be highly volatile.
- The Near coin has only been around for a few years.
- New investors may be exposed to security risks.
Costs▪ Rated at 10/10
As noted earlier, the transaction fee of this token has to be paid in NEAR tokens. The fee varies from time to time, but it is always below 1 NEAR token. You should note that the network uses sharding technology to minimize the transfer fees. The transfer fees on this network are more than 10X lower than those of Ethereum, and this is one reason why it is quickly gaining popularity in the community.
Reputation and Buzz▪ Reputation rated at 9/10
▪ Buzz rated at 9/10
NEAR token is extremely popular and currently has a market cap of over $4 billion. It is ranked among the top 25 cryptocurrencies by market cap. The crypto community has generally appreciated the innovative nature of the company, especially the fact that it solves the scalability problem in blockchain technology. The main challenge that has been noted is that it has to compete against established giants like Ethereum. Given the current sentiments of the community, it is highly likely that NEAR Protocol will survive for a very long time.
Who is the founder of NEAR token?
This cryptocurrency was founded by Erik Trautman, an experienced entrepreneur. The co-founders of the project include Illia Polosukhin and Alexander Skidanov, both of who have extensive experience in the tech industry.
What is the purpose of NEAR token?
This cryptocurrency is used to pay fees for processing transactions and storing data. It is also used to run validator nodes on the network through staking rewards.
Where can I trade NEAR token?
If you want to buy or sell this cryptocurrency, you should use crypto exchanges like Binance, Mandala Exchange, FTX, and OKEx. Lots of decentralized exchanges will also allow you to buy and sell this altcoin.
Is NEAR token an ERC-20 token?
No, this is the native cryptocurrency of the NEAR Protocol. However, the company has built a bridge to Ethereum, meaning users can transfer ERC-20 tokens from the Ethereum blockchain to the NEAR network.
What is the total supply of this token?
The total supply of this token is 1 billion, and 5% of the supply is issued each year to support the network as epoch rewards. 90% of the newly issued tokens are distributed to validators and the rest goes to the treasury.