Investing in NEAR Protocol

By   |   Verified by David Boyd   |   Updated 15th August 2022

Near Protocol (NEAR) is a decentralized and highly scalable development platform for Web 3. It was engineered to solve the scalability issues faced by earlier generations of cryptocurrency platforms in a climate-neutral way.

Launched in 2020, the third-generation crypto platform can process over 1,000 transactions per second.

Scroll down to find out more about the project and investing in its token.

What is Near Protocol?

Near Protocol is a smart contract-capable Layer-1 blockchain platform that uses a proof-of-stake (PoS) consensus mechanism. The decentralized application (dApp) platform uses a database partitioning technique called sharding to provide the scalability required to serve the needs of both developers and end users. Sharding splits the network into smaller partitions or parallel ‘shards’, allowing it to process transactions at higher speeds.

Sharding improves the primary functions of the blockchain’s nodes, including transaction processing, communication of validated transactions and completed nodes, and storage of the network's state and history.

NEAR is the primary token used by the platform to perform transactions. It is used for the payment of transaction fees and as collateral for data storage on the network. NEAR tokens are rewarded to several stakeholders in the blockchain for validation of transactions, but can also be bought from many top cryptocurrency exchanges.