Near Protocol is a Top 100 Crypto, But Very Few Have Heard of it – What is Near?

However, the case is not the same for all top-performing coins. Some of them are so unpopular that most crypto users have never heard of them. A good example is the NEAR token. NEAR token is performing very well and is currently number 39 in CMC rankings. Yet, there is very little information on Near Protocol in the media. So, what is Near Protocol?

Understanding Near Protocol

Near Protocol is a crypto blockchain designed as a center for dApp development. This platform works like Ethereum by hosting dApps like DeFi and NFTs. On creation, Near Protocol’s creation aimed to improve decentralization, scalability, and security on-chain. It provides many tools for developers to create high-performance dApps.

Already, Near Protocol is a hub of about 8 dApp projects. Hopefully, more dApp projects will launch on the chain soon. However, let’s look at the fundamental features of this platform.

How Does Near Protocol Work?

Near Protocol uses a combination of different tools and features to enhance the efficiency of its services.

  • Near Protocol uses a unique POS called Thresholded proof of stake as its consensus mechanism. TPOS fosters decentralization by involving a large pool of people.
  • Another feature is the sharding mechanism called Nightshade. Nightshade is a system ensuring all shards (small partitions) function as one blockchain. All blocks created in the Near chain have transaction information from each shard.
  • The shards in the Near chain operate in parallel to each other, thus enhancing speed. This chain is capable of completing over 100k transactions in a second.
  • Another feature defining the Near Chain is its interoperability with Ethereum. Being a new and ‘slightly advanced chain,’ Near provides a tool allowing the transfer of ERC 20. Using the rainbow bridge, you will in the future be able to interact with dApps on both Near and Ethereum chains.
  • Near Protocol’s business model helps developers benefit from their work. Every transaction fee is shared with the dApp developers of the ecosystem.
  • This Protocol is intended to create a blockchain offering user-friendliness. The End-user in the platform enjoys simple onboarding, easy subscription, and predictable fees. On the other hand, the developers get an easy programming language.

The NEAR Token

NEAR token is the most fundamental asset of the Near Protocol ecosystem. It runs on the near blockchain and is the foundation of all other services. The NEAR token helps in the following ways;

  • Payment of transaction fees within the network.
  • The coin is also compulsory for all persons intending to be validators.
  • For governance purposes.
  • Economic coordination in the network.

The Near token has a top supply of 1 billion tokens. Currently, 450.9 million tokens are in circulation. The unit value of the coin is $8.94, and the market cap is over $4 billion. You can buy the token at some top exchanges like Coinbase, Binance, Huobi, and Gate.io.

NEAR Staking

As mentioned earlier, the Near chain uses proof of stake to release new coins. Generally, all participants in staking receive rewards in the form of NEAR coins. Like in every other staking, the value of your stake and length determines your worth of rewards. Here are the must-know things when staking NEAR;

  • You can stake with the NEAR wallet, Moonlet wallet, or Dokia capital staking.
  • Select a validator but do so with caution.
  • Distribute your stakes on small pools.
  • The least staking duration is 12 months.
  • Join their discord community.

Why is The Coin Performing Well?

As mentioned earlier, Near Protocol is a dApp center. Already projects are building in the chain, increasing the coin’s use cases. In fact, as of April 30th, dAppradar tracked around 8 dApps on the Near chain. As the number of dApps grows, the demand for NEAR increases.

Its link to Ethereum provides Ether investors with a friendlier network to work with. This explains its current performance. This platform has an opportunity to grow even further. It can provide interoperability with other chains like BSC, Cardano, and HECO.

The Lacking Popularity Issue

A project performing as well as NEAR should be pretty popular in the crypto community. So, why is this project not popular?

The first and foremost reason for the projects’ lacking popularity is poor marketing. When compared to other top projects, there are very few articles about Near Protocol on the internet. Therefore, the marketing team should do a better job with advertising.

Furthermore, the community behind the project does not bring hype to the project. Other chains like Ethereum and Bitcoin have vast and active community members. However, Near Protocol’s community is dormant.

Other Problems Associated with Near Protocol

This guide has looked into the features and good services that Near Protocol offers. Yet, investors must know the problems connected to Near Protocol. The issues are outlined below.

  • The governance model, although said to be decentralized, is highly centralized. The network validators control most of this network’s operations. That for sure diminishes the idea of decentralization in a blockchain network.
  • A user discovered an issue in the development tool about the account keys. However, the customer service responded to the complainer.
  • This project does well by interoperating with Ethereum. However, some investors complain that it would be better to connect with other chains. Some gave the option of BSC as a better option.

Final Word

This guide has been looking into the near Protocol, a top 100 coin that is not popular. Its lack of popularity is because of the small inactive community and poor marketing. However, the network, in general, is a good project.

The blockchain has solutions that Ethereum 2.0 is introducing and thus is slightly ahead. Its TPS is high, so projects enjoy higher scalability and friendlier fees. The coin is also performing well in the markets, and holders can get good benefits.

However, the marketing team should put lots of effort into advertising to take this project to the next level.

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