NEAR Protocol Structure and Highlights

NEAR's essential architecture is built on the Proof-of-Stake algorithm. It works similarly to a centralised data storage base. For example, Amazon Web Services (AWS) serves as the foundation upon which all apps are constructed. The most noticeable distinction between AWS and NEAR is that NEAR operates on the basis of a dispersed network of computers, whereas AWS relies on a single point of control.

It has the following fundamental components:

• NEAR token

• Mintbase

• NFT minting platform

• Flux protocols for developers

• NEAR smart contract

NEAR's Consensus Algorithm

The NEAR ecosystem is built on the Thresholded Proof of Stake election consensus process. The core idea behind NEAR is to operate in a deterministic manner to manage a large number of members who maintain the network, hence increasing its decentralisation.

NEAR Protocol is based on the PoS consensus mechanism and the Nightshade sharding approach to scale network data by separating it and allowing each node to store small chunks of data equally throughout the network.

NEAR Protocol Highlights

Sustainable network based on the PoS consensus method

Cost-effective and enforces a minimum gas fee

A user-friendly protocol with a human-readable account address

A highly safe ecosystem with a robust network of active validators

Interoperable with components such as EVM and Rainbow bridge

Pragmatic protocol using smart contracts built in community-supported languages such as Rust and Assembly

Popular usage cases for NEAR

• Paras

• Mintbase

• Finance Ref

• Proximity

• Flux Protocol

• Satori

• Few & Far

• Astro

• Sputnik DAO

• Guilds

NEAR's Founders

Alexander Skidanov

Illia Polosukhina

Check NEAR Review and Rating for further information about the NEAR Protocol.