Near Protocol is
a major project aimed at creating a conducive atmosphere for the development of
altcoins in the cryptocurrency market. As you may know, the inability of the
Ethereum blockchain to properly meet the needs of network users was the trigger
for creating this project. The Ethereum network has recently suffered greatly
from increased demand (NFT, DeFi). Unreasonably high fees, delayed
transactions, and a high barrier to entry for new developers wishing to enter
the ETH ecosystem.
Near Protocol stood
out as a solid blockchain at the start of its journey, with the intention of
gaining a high niche in cryptocurrency. The team's prominent programmers were
able to entice a number of powerful investors to their ideas, including:
Of course, this
does not go ignored, and investors are clamouring for the Near Protocol to
fulfil its promises to expand and incorporate Near technology into the
cryptosphere.
Although the
Near ecosystem is still in its early stages, it is already clear that it is a
robust economic structure in which every crypto enthusiast can find work.
Near Wallet,
Aurora, REF Finance, and Berry Club are all applications you've probably heard
of or used.
Let's take a
deeper look at the ecosystem and try to figure out what it's made up of and how
it all works together.
Near Wallet/Token
You're all aware
that any economic and financial system requires its own payment system to
function. For their users, the Near team has designed their own user-friendly
wallet. I've never seen a wallet with such functionality before. To create a
wallet, you'll need a mnemonic phrase, but you don't have to enter it every
time you want to access it.
You can simply
log into your wallet with two-step verification, which is usually done with
your phone. The wallet naming method was also a big hit with me. There will be
no more 0x1023123asdASDwqe symbols.... Everything is highly accessible with
Near; for example, you may name your wallet baxoff.near, and that is all you
need to send tokens to it.
APY of Near Staking
The staking rate
for Near token is now about 13 percent! Don't you think that's a fairly decent
result? Given the minimal fees, this is a fantastic way for anyone who wishes
to supplement their income.
Near Explorer
The ecosystem
includes a user-friendly explorer that displays all transactions, as well as
the number of nodes and validators. There are also daily transaction statistics
and a very low gas cost per transaction. It's incredible, but any action on the
Near blockchain will only cost you 0.0001 N/tgas, or less than $ 0.0025 USD.
The increase in
transaction volume is also remarkable; during the month, the average daily
transaction volume increased by 48%. There were roughly 140k at the end of June
2021; presently, this number is up to 212k each day!
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