NEAR Protocol (NEAR)
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Modified on: Thu, 28 Sep, 2023 at 4:45 PM
NEAR is the native utility token of the NEAR protocol. It can be used to pay transaction fees on the platform, stake to run validator nodes and earn additional rewards, and vote on resource allocation and the future direction of the protocol.
NEAR Protocol is a development platform built on a sharded, proof-of-stake, Layer 1 blockchain that brings faster transaction speeds, higher throughput, greater network interoperability, and improved usability/user experience to both developers and users.
NEAR accomplishes this through Nightshade, NEAR’s version of sharding, which allows transactions to be processed in parallel rather than sequentially like in traditional Layer 1 protocols. NEAR is able to achieve a throughput of up to 100,000 transactions per second while keeping transaction fees at practically zero.
NEAR has a variety of products driving Web3 adoption and development, such as Aurora, NEAR’s EVM, and Ethereum Bridge; Octopus Network, an interoperable multichain network that runs application-specific blockchains; and Allbridge, a cross-chain bridge that allows users to move their assets between EVM and non-EVM chains.
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