What is the Near Protocol, and how does it work?

0
146

How close is the blockchain protocol?
Near Protocol is a decentralized application platform (DApp) with a focus on user-friendliness between developers and users. As an Ethereum competitor, NearProtocol also supports smart contracts and the Proof of Stake (PoS) blockchain.

Near uses hashing technology to achieve scalability, which is a key aspect that will be discussed later. The NEAR token is used to pay for transactions and store it on the nearest crypto platform. The risk token can also be used by NEAR token holders who want to become transaction auditors and help build consensus on the network.

Near is created by NeaCollective and designed as a community-driven cloud computing platform designed to host decentralized applications. It is also designed to be scalable and easy to use, and as such has functions such as human-readable account names (instead of crypto wallet addresses).

How does the Near protocol work?
DApps has flourished in the crypto community, with DApps ranging from games to financial services. However, it is also becoming clear that scalability remains an issue for most blockchains.

The scalability problem is common among blockchains, especially older ones like Bitcoin and Ethereum. The problems are mainly related to the complexity of the blockchain in processing a large number of transactions with high speed and affordable costs.

Projects like Near are trying to solve this problem by creating a whole new blockchain with a different architecture. A close solution to the problem was the introduction of hashing.

By using a hashing strategy, Near can break the blockchain into smaller, manageable pieces. This reduces the load on the network by reducing the computational load, which leads to an increase in the transaction flow.

As mentioned earlier, the Near protocol uses a PoS system. Nodes that are interested in becoming transaction validators sign their NEAR tokens so that they can be considered for participation. Token holders can also delegate their efforts to a validator of their choice if they do not want to run a node.

In general, the validators with the highest effort have more influence on the consensus process. The nearest auditors are selected by an auction system and selected each period, usually at 12-hour intervals.

In the meantime, DApps can be created nearby, just like Ethereum. This was made possible thanks to the Near cloud infrastructure, which combines serverless data processing and decentralized data storage. Nea runs on hundreds of servers around the world.

Unique features close to protocol
exchange strategy
Nodes in any blockchain typically perform three main functions: process transactions, exchange valid transactions and completed blocks with each other, and store the history of network transactions. As the network grows and becomes more crowded, it becomes increasingly difficult for nodes to manage these features.

Nea uses a fragmentation method that allows the network to grow even if more nodes join. High network load means that network nodes are dynamically divided into several parts. The calculations are then parallelized across these segments, reducing the calculation overhead required for each node.

Thanks to hashing, nodes are not required to run the entire network code (as is the case with Bitcoin nodes), but only code related to parts of it. The Near protocol assumes that transactions will come in contact with multiple parts, which is the standard behavior for most smart contracts.

Focus on decentralization
To support true decentralization, the network must be unauthorized, which means that potential node operators must be free to join (as opposed to encouraging aggregation).

It is used close to the threshold for effort confirmation, a method that is considered fair and predictable. This prevents powerful validators from merging and promotes wide-ranging exchanges between network members.

First approach to usability
The Near protocol takes a usability-first approach, following a “progressive security” model that allows developers to create a web-like user interface.

Nair understands the need for usability first and foremost as developers most likely only build applications that provide value and usability to users. Near offers simple subscriptions, easy setup, predictable prices and familiar usage patterns for users as part of the effort to remain user-centric.

Source: CoinTelegraph

LEAVE A REPLY

Please enter your comment!
Please enter your name here