What is NEAR Protocol (NEAR)?

NEAR Protocol is a highly scalable layer-1 blockchain network. It provides an improved dApp development environment by eliminating limitations like low throughput and poor interoperability faced by its competitors. It uses a unique consensus algorithm, Doomslug, and a sharding variation called Nightshade to achieve that. These approaches enable NEAR Protocol to process up to 1,00,000 transactions per second with nearly zero transaction fees.

For further convenience of its users, NEAR Protocol uses human-readable account names instead of general cryptographic wallet addresses like Ethereum. It also introduced a Rainbow bridge to Ethereum, enabling users to transfer ERC-20 tokens from Ethereum to the NEAR blockchain.

The platform has the NEAR token as its native currency. Its users can pay this token as fees for performing transactions, running dApps, and storing data on the NEAR Protocol. At its launch, the NEAR Protocol released a billion NEAR tokens. Now, the token has an inflationary supply in which 5% of the total supply is released annually to reward network validators. All the token fees collected by network validators get burned. Thus, as the network experiences increased usage, new token issuance can turn negative as more tokens will be burned than the newly issued tokens.

How does NEAR Protocol (NEAR) work?

NEAR Protocol (NEAR) works on Doomslug DPoS consensus with unique techniques like Nightshade sharding. Under the DPoS consensus, its users need to stake a certain amount of NEAR tokens in the network protocol to become validators in the network. If they do their validator tasks successfully, the network rewards them with its native token NEAR for devoting their time, energy, and resources.

However, the DPoS mechanism of NEAR has a unique element called Doomslug that it uses to generate new blocks. Under it, the validators do not compete on the number of tokens they stake in NEAR. Instead, they produce blocks by taking turns one by one. Doomslug also helps the NEAR Protocol introduce a new type of finality (the process through which blockchain transactions become irreversible) called Doomslug finality. This finality is immediate and is achieved with only a single round of confirmation by validators. It can not be reversed unless any of the validators involved is found malicious. It differs from the other types of finalities that occur after a few blocks get mined or after two or more rounds of voting are completed. While other finalities usually take almost an hour, the Doomslug finality in NEAR Protocol completes in seconds.

NEAR Protocol uses the Nightshade version of the sharding technique for further scalability. This version is one through which NEAR Protocol only shards the state of the blockchain and not its processing. That means that the validators process all transactions individually, but the network breaks into some separate shards. It makes the network work like a store with multiple checkout lines. With this setup, the transactions have more lines to proceed, which helps the network to process more transactions simultaneously and avoid congestion. It is important to note that Nightshade sharding helps the NEAR Protocol maintain a single chain of data while distributing the network into shards to process multiple transactions concurrently. Since the network nodes can split into as many shards as required to handle transaction traffic, it helps the network scale up and down according to demand and traffic.

Besides the Doomslug consensus and Nightshade sharding, NEAR Protocol has also introduced Rainbow Bridges to solve interoperability. These bridges facilitate the transfer of tokens between Ethereum and NEAR Protocol. To utilize these bridges, a user must first purchase some ETH tokens and enter a Smart contract. This contract locks in those ETH and mints NEAR tokens on the NEAR Protocol of equal value. The user can redeem the locked ETH through the NEAR tokens with the same Smart contract.

Another important element of the NEAR Protocol is the Aurora protocol, a layer-2 solution built atop Near Blockchain. The purpose of Aurora is to allow coders to create and deploy dApps on the existing NEAR Protocol. With the help of Rainbow Bridge and Aurora, it becomes possible to run Ethereum-backed dApps on NEAR Protocol.

How to Buy NEAR Protocol (NEAR) in India?

There are many crypto exchanges where you can invest and trade NEAR Protocol (NEAR) in India.

One such platform is Flitpay. To buy NEAR Protocol (NEAR) in INR, you have to sign up for the relevant application, where you will have to enter the required details and go through a small KYC verification process.

After the KYC approval, make sure you have correctly entered your bank details. Now, through the linked bank account, deposit the INR amount you want to buy NEAR Protocol (NEAR) and execute the NEAR Protocol (NEAR) purchase.

You can instantly convert your INR to Near Protocol (NEAR) and NEAR Protocol (NEAR) to INR and withdraw your INR through bank transfers whenever you want.

Flitpay is the safest cryptocurrency exchange to buy Near Protocol, Bitcoin, Ethereum, Dogecoin and other cryptocurrencies in India.

What to Do After I Buy NEAR Protocol Tokens (NEAR)?

NEAR Protocol (NEAR) can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY. You can also hold the NEAR Protocol (NEAR) until it reaches a high price, and then sell it through the FLITPAY Quick Buy/Sell order facility. Users can earn significant profits from buying it at a lower price and selling it at a higher price.

In case you are interested in utilizing the NEAR blockchain for developing or deploying dApps and other decentralized projects, then you can use NEAR tokens to pay the network fees. Moreover, NEAR token holders can also participate in the DPoS consensus of the NEAR Protocol and earn more NEAR tokens as a reward.

Why Use the NEAR Protocol (NEAR)?

NEAR Protocol works to eliminate the existing limitations in the dApp development and deployment like scalability issues, lack of interoperability, and high gas fees. All these issues are the key problems lying in the way for dApps to gain mainstream adoption. Thus, by working towards solving them, the NEAR Protocol proves its importance in the existing crypto industry.

Moreover, Its one-of-a-kind approach of introducing nightshade sharding and Doomslug consensus makes it efficient to handle up to 1,00,000 transactions per second. This number is way higher than most of its competitor blockchains. Additionally, the rainbow bridge addition has also enhanced the interoperability for dApps in the NEAR Protocol.

Its native token, NEAR, has multiple significant use cases in protocol functioning and governance, making it an integral part of the entire project.

FAQs

What is the NEAR Protocol (NEAR)?

NEAR is the native token of the NEAR Protocol that works to provide an improved and highly scalable blockchain ecosystem for the development and deployment of dApps. NEAR tokens can be used to pay the platform fees, exchange values, and participate in the consensus of the NEAR network.

What is the NEAR Protocol (NEAR) price in India?

Check out the LIVE! INR price of NEAR Protocol crypto in India on Flitpay.

Which is the best App to buy NEAR Protocol (NEAR) in India?

The best cryptocurrency app in India to buy NEAR or your favorite cryptocurrencies is Flitpay. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.

What are the advantages of the NEAR Protocol (NEAR)?

NEAR Protocol (NEAR) uses a unique sharding technique, Nightshade, to efficiently scale its throughput without boosting transaction fees and time. Compared to other similar blockchains, its transaction fee is lower, making it a good choice to deploy high-frequency applications.

Is it safe to invest in the NEAR Protocol (NEAR) in India?

Yes, investing and trading in NEAR Protocol is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges to invest in NEAR crypto. It offers the most real-time prices and advanced investing features.

Is NEAR Protocol (NEAR) a Good Investment?

NEAR Protocol (NEAR) presents a strong potential in the future of dApps and web3. It offers a highly scalable ecosystem for dApps with extremely low fees. The combination of Nightshade sharding and Doomslung DPoS consensus ensures a remarkable transaction throughput of 1,00,000 TPS, enhancing its potential for widespread adoption. However, as with any investment in the crypto market, it's important to consider the inherent volatility and risks. Careful evaluation and risk management are advisable when considering NEAR as an investment.