Embracing the NEAR Ecosystem: A Journey into the Future of Blockchain
An Introduction to the NEAR Ecosystem
NEAR is a layer-1 blockchain that acts as the foundation for the development of decentralised applications (dApps). It empowers developers and creators to unleash their potentials. It is a distributed network of setups that manages a computing platform that's run by the community.
In the vibrant world of NEAR, a groundbreaking dApp is cultivating a space where ideas flourish and cutting-edge technologies come together. This innovative platform nurtures a collaborative atmosphere, envisioning a future where the traditional barriers between creators and users fade away within the decentralized web.
NEAR is a carbon-neutral blockchain, built to be secure, and scalable! it is easy to use hence it is makes use of human-readable accounts, leverages a web-based wallet, without need for users to install programs or browser extensions, and also possess a simple but rich system of Access Keys to handle account permissions.
NEAR token and its Tokenomics
NEAR is the native token used in NEAR Protocol. It has multiple use cases, which include;
Security of the network through staking
Processing transactions and storing data
Serves as a medium of exchange
NEAR has 1 billion initial tokens created with the genesis block of the NEAR blockchain, which was at the launch of Near Protocol (NEAR) on October 13, 2020. The token had an initial distribution within the ecosystem.
17.20% is allocated to Community Grants, Programs
14.00% is allocated to Core Contributors
12.00% is allocated to Community Sale
11.76% is allocated to Early Ecosystem
11.40% is allocated to Operations Grants
10.00% is allocated to Foundation Endowment
15.23% is allocated to Seed Round
8.41% is allocated to Venture Round
NEAR protocol is big on community, hence one of the reasons why it is soaring the way it does! A large portion of this initial supply is subject to long-term lock-ups. All supplies that existed at genesis were to be unlocked at month 60.
The chart below explains the increase in circulating supply as tokens unlock and new tokens are minted.
The dotted line shows the total supply as it increases due to new issuance (burning not inclusive). NEAR protocol is big on community, hence one of the reasons why it is soaring the way it does! A large portion of this initial supply is subject to long-term lock-ups. All supplies that existed at genesis were to be unlocked at month 60. The chart below explains the increase in circulating supply as tokens unlock and new tokens are minted. The dotted line shows the total supply as it increases due to new issuance (burning not inclusive).
Use Cases of NEAR Token
Transaction Fee Payments:Transaction fee payments are a crucial part of any blockchain network. When users perform transactions on the NEAR protocol, they pay a small fee in NEAR tokens. This fee is used to compensate validators for processing the transaction and securing the network.
Staking: Staking is a process where participants lock up their cryptocurrency in a wallet to support operations of a blockchain network. In the NEAR Protocol, you can earn rewards for staking. Staking also helps secure the network against attacks and fraudulent activities.
Decentralized Autonomous Orgs (DAOs) Participation: Decentralized Autonomous Organizations (DAOs) are groups of individuals who come together to make decisions without the need for a central authority. On the NEAR protocol, developers can create DAOs that operate autonomously. Members can vote on proposals, manage funds, and execute actions based on the rules defined in the DAO's smart contracts.
Non-fungible Tokens (NFTs): NFTs are unique digital assets that represent ownership of a unique item or piece of content. On the NEAR protocol, developers can create and trade NFTs.
Medium of Exchange: NEAR facilitates transactions between parties within its network. Users can send, receive, and store digital assets on the NEAR blockchain, making it a practical tool for exchanging value.
Harnessing the Power of NEAR for Developers and Creators
The NEAR protocol provides numerous opportunities for both developers and creators. Some key areas are highlighted below:
- Decentralized Finance (DeFi): NEAR Protocol supports DeFi applications. This offers developers the chance to build and deploy their own DeFi projects on the NEAR platform. The protocol's cross-chain capabilities and extensive user base allow developers to tap into a wide range of assets and markets, opening up new avenues for liquidity provision, market-making strategies, and the creation of innovative financial products
Smart Contract Development: NEAR Protocol supports the development of smart contracts in Rust and AssemblyScript. Developers can leverage these languages to write secure and efficient smart contracts.
Integration with Ethereum: NEAR Protocol has built-in compatibility with Ethereum, allowing developers to easily migrate their Ethereum dApps to NEAR. This means they can take advantage of both platforms without having to rewrite their smart contracts.
Interoperability: NEAR Protocol is part of the Polkadot ecosystem, which means it can interact with other blockchains in the Polkadot network. This opens up opportunities for cross-chain communication and collaboration
Scalability: NEAR Protocol is designed to scale, offering high performance even as the number of users and transactions grows. This makes it suitable for large-scale applications.
Community Support: NEAR Protocol has a vibrant and growing community of developers and users. This can provide valuable resources and support for developers working on NEAR Protocol.