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NEAR Protocol Analysis - Is NEAR a Good Investment ?

 Because of its tremendous volatility, the cryptocurrency market is known to be a jungle for rookie traders. Investors, on the other hand, aren't the only ones that struggle when they first enter the market. In some circumstances, cryptocurrencies compete aggressively with one another, attempting to outperform their competitors in any way possible. Take, for example, the competition of Ripple and Stellar, both of which are attempting to build their networks and connections with financial institutions more than the other.

On the contrary, numerous cryptocurrencies collaborate with one another, fostering a friendly environment and assisting one another in a variety of ways. One example is cryptocurrencies that act as Layer 2 solutions, such as OMG Network, which is assisting Ethereum in resolving its scalability issues. This type of collaboration between different cryptos is frequently regarded as a win-win situation for all parties involved.

This amicable collection of cryptocurrencies includes the crypto we'll be discussing today. NEAR Protocol is the name of this cryptocurrency, and CoinBureau has dubbed it the "kindest" cryptocurrency on the market.

Fundamentals of the NEAR Protocol

To begin, let us define what a NEAR is and how it came into being. NEAR Protocol is a developer-friendly blockchain-based platform for decentralised apps with extraordinarily high scalability, according to the company. Its platform is designed to provide a perfect environment for decentralised apps, with high speeds, cross-compatibility, and throughput. This is claimed to make it possible for developers to create decentralised applications in minutes.

The NEAR Collective, as they prefer to call themselves, is what makes this endeavour even more robust. Alexander Skidanov and Illia Polosukhi, both with more than ten years of experience in famous companies such as Google and Microsoft, established the NEAR protocol.

NEAR Protocol has been dubbed "The Protocol of the Future" several times in recent months, owing to its effectiveness. Moreover, despite being Ethereum's competitor, there are Layer-2 solutions developed on top of NEAR that help Ethereum's network. Aurora, for example, is an Ethereum Layer-2 that promises 1000x cheaper transaction fees.

NEAR Protocol supports Smart Contracts and employs a delegated Proof-of-Stake consensus method. NEAR Protocol, like various newer cryptocurrencies, employs sharding to increase efficiency. You can stake this coin and receive rewards because it is a PoS blockchain; however, the minimum staking amount to become a validator is directly tied to the quantity of NEAR tokens other validators are staking in a single shard at that time.

Many cryptocurrency exchanges, including two of the largest, list this token for trading, including Binance and Huobi Global. After purchasing the token, you can store it in wallets such as Trust Wallet, Math Wallet, or the official NEAR Wallet, as well as cold wallets like Ledger.

The NEAR Protocol is noteworthy for its free interactive training for web developers. This course, also known as NEAR Academy, teaches developers how to integrate blockchain technology into their apps. 

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