NEAR is a proof-of-stake blockchain that is sharded and developer-friendly. To put it another way, it's similar to a community-run public cloud platform. That is, it is a highly scalable, low-cost platform on which developers can build decentralised apps.
Allows developers to create blockchain native mobile dApps
and execute them, with consumers providing a key onramp into the dApps.
Allow the blockchain to scale roughly linearly with the
number of nodes in a network by sharding by state.
Because they both have scalable blockchain and simple access
to customers via the first mobile-native blockchain, blockchain entrepreneurs
can quickly iterate and come up with effective business models.
Problem to be solved:
·
Building better developer tools are some of the
issues that need to be addressed.
·
Sharding technique enables high transaction per
second.
·
Decentralization should be increased.
Business:
The NEAR platform is, at its core, a marketplace for eager
buyers and sellers. On the supply side, operators of validator nodes and other
basic infrastructure must be rewarded for providing these “community cloud”
services. On the demand side, the platform's developers and end-users who pay
for its use must be able to do so in a simple, transparent, and consistent
manner that benefits them.
At the micro level, new business models are being developed
by directly rewarding the developers who create the most valuable applications.
At the macro level, this is accomplished by coordinating the
actions of a larger group of ecosystem actors who are involved in everything
from education to governance.
NEAR is a protocol and platform that uses the blockchain to
create a place where developers may use the blockchain to build a place where
the token can be used for staking, governance, and payment of transaction fees,
among other things.
Epoch Rewards
Node operators are paid a fixed proportion of total supply
as a "security" fee of about 4.5 percent yearly for their services.
The protocol treasury receives 0.5 percent of total supply
each year, in addition to validators, to continuously reinvest in ecosystem
development.
Costs of Transaction:
The network's use uses two types of resources: immediate and
long-term. Every transaction generates instantaneous expenses because it
necessitates the utilisation of the network as well as some of its compute
resources. These are combined into a largely predictable transaction cost,
which is paid in NEAR tokens.
BANDWIDTH AND
COMPUTATION ("GAS")
A compute (CPU) resource is a temporary resource used to
complete a transaction. Each CPU instruction's cost is measured in
"gas" units, and its price is based on the gradually modified price
of gas (denominated in NEAR tokens)
Costs of storage:
Because holding data is a continuing strain on the network's
nodes, storage is a long-term cost. Maintaining a minimum balance of NEAR
tokens on the account or contract covers storage fees. This provides validators
with an indirect payment mechanism via inflation for maintaining contract and
account state on their nodes.
Inflation:
Inflation is calculated by subtracting payouts to validators
and the protocol treasury from transaction fees received (and with a few
additional NEAR burning processes like the name auction). Overall, the maximum
inflation is 5%, which may decrease over time as the network grows in
popularity and more transaction fees are spent. If there are enough fees
burned, inflation may reach negative (total supply declines).
Security Thresholds:
Economic incentives are used to create some security
thresholds that encourage good behaviour among members.
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