What is NEAR Protocol and How to Buy NEAR Token? – Bitrue FAQ

NEAR is one of the biggest projects in crypto. It is a carbon-neutral, user-friendly blockchain designed for high performance, robust security, and limitless scalability. At its core, NEAR is a layer-one (L1) blockchain that employs sharding and proof-of-stake (PoS) mechanisms, crafted to prioritize ease of use without compromising efficiency.

What is NEAR Protocol?

NEAR Protocol is a layer-one (L1) blockchain that serves as decentralized application (dApp) platform designed to overcome the limitations of traditional cloud services and other blockchain technologies by offering a user-owned, secure, and permissionless data layer for crypto space.

NEAR operates on a global, permissionless network of hundreds of machines within the crypto ecosystem, ensuring high performance, security, and decentralization.
Unlike centralized cloud services like Amazon Web Services or Microsoft Azure, which have single points of failure and control, NEAR's crypto-based distributed architecture ensures that applications and data are transparent, secure, and resilient against censorship, loss, or hacking.
NEAR enables developers to create dApps where users retain ownership of their data, identity, and assets, facilitating secure transactions without the need for intermediaries.

NEAR leverages advanced features like partition-resistant networking, serverless compute, and distributed storage to provide a scalable and user-friendly platform for crypto / decentralized applications.

NEAR uses a sharding approach to provide scalability horizontally, which allows it to scale capacity alongside increases in demand.
NEAR's Nightshade technology enhances transaction speed by using sharding to process transactions in parallel, achieving up to 100,000 transactions per second with near-instant finality and low fees.
NEAR employs a "Thresholded Proof of Stake" staking mechanism to ensure real decentralization without encouraging large validator pools, promoting wide node participation by being deterministic and fair.

Through those features, NEAR is pushing a significant evolution in blockchain technology, aiming to address usability, scalability, and security challenges to achieve mainstream crypto adoption with their cutting edge approach and mechanism.

What Makes NEAR Stand Out as a Layer-1 Blockchain?

NEAR stands out as a layer-1 blockchain by directly addressing the challenges that hinder mainstream adoption and scalability of decentralized applications, issues that predecessors like Bitcoin and Ethereum have struggled with.

Unlike Bitcoin and Ethereum, NEAR's platform and organization are meticulously designed to overcome usability and scalability obstacles, enabling real adoption of global-scale applications.
NEAR's technical architecture significantly reduces the high drop-off rates experienced by end-users and the frustration developers face when creating and maintaining applications.
Additionally, NEAR's governance structure is built to ensure rapid and continuous protocol evolution, preventing its technology from becoming outdated.

The focus on usability, scalability, and future-proofing distinguishes NEAR from other blockchains, positioning it as a leading solution for achieving mass adoption of dApps.

For full details of NEAR Protocol, check out the NEAR Whitepaper.

What is NEAR Token: NEAR Tokenomics

The NEAR crypto token serves as the cornerstone of the NEAR blockchain ecosystem, playing multiple critical roles to ensure the smooth operation and governance of the network.

NEAR token functions as a means of crypto payment for transaction processing and data storage, ensuring that those who use network resources contribute to its maintenance.
NEAR token is also vital for securing the network through crypto staking, where token holders can either run validating nodes themselves or delegate their tokens to others.
Beyond these operational roles, the NEAR token is instrumental in governance processes, allowing NEAR's crypto holders to influence decisions regarding the network's technical evolution and resource allocation.

This multifaceted utility of the NEAR crypto token not only underpins the economic model of the NEAR ecosystem but also fosters a decentralized and collaborative environment where users and developers alike can shape the future direction of the platform.

Near Token Allocation & Circulating Supply

There are 1,000,000,000 NEAR tokens created at Genesis on April 22, 2020. The token will be allocated in the following way:

Backers: 17.6%
Community Grants & Programs: 17.2%
Core Contributors: 14%
Community Sale: 12%
Early Ecosystem: 11.7%
Operations Grants: 11.4%
Foundation Endowment: 10%
Small Backers: 6.1%

This year, the circulating supply of NEAR crypto token will be at 1,012,100,000 with 1,161,500,000 in total supply.

For detailed explanation on NEAR tokenomics, check out NEAR's official post on Token Supply and Distribution.

Currently, NEAR is trading at around $4. Up 15% from 7 days ago, 33% MoM, and 71% YoY. The all-time high for NEAR prices was $20.44 in January 2022, while the all-time low is $0.5268 recorded in November 2020. Here are the key statistics on NEAR:

Market Cap : $4,136,502,018
Fully Diluted Valuation : $4,692,576,025
Circulating Supply. : 1,039,156,880
Total Supply : 1,178,851,754
Max Supply : ∞

NEAR is an important project and token during the bull market, as it is designed to push for mass adoption by addressing usability, scalability, and security challenges. As an L1 platform for dApps, NEAR plays a crucial role in demonstrating the real utility of blockchain for widespread use. Thus, NEAR and its token will play a significant role in the future of the blockchain industry overall.

How to Buy NEAR Token?

You can buy NEAR token at Bitrue. Bitrue offers low fees for spot trading and futures trading, 0.098% fee for spot trading with BTC, ETH & USDT trading pairs and 0.038% maker fee and 0.07% taker fee for NEAR-USDT futures trading fee.

Bitrue is protected with proprietary multi-level clustering structure & cold wallet with advanced security system that ensures your funds will always be safe.

You can visit this page https://www.bitrue.com/how-to-buy/NEAR and follow the guide if you want to buy NEAR on Bitrue.

After you buy NEAR on Bitrue, you can also stake your NEAR through Bitrue:

Earn interest up to 8.4% annually with Bitrue's Power Piggy. The reward is distributed daily and there is no lock-up, meaning your funds will not be locked, so you can opt out anytime you want and you can opt in again as long as there is a cap opening.
You can earn even more with Bitrue Staking, up to 15% in annual percentage yield, but there is a lock-up period.

Disclaimer: The opinions and insights presented in this article are exclusively those of the author and should not be interpreted as representing the views of this platform. This content is provided for informational purposes only and is not intended to serve as financial or investment advice. Readers should conduct their own research or consult with professional advisors before making any investment decisions.

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