NEAR Blockchain / What is NEAR Blockchain?
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This article describes what a NEAR blockchain is. We will also show you how to create a NEAR account and the wallets you can use with NEAR.
Table of Contents
NEAR is a decentralized application platform that allows you to change how you design your system, how you build your applications, and how the Web itself behaves. This is a complex technology with simple goals. Developers and entrepreneurs can easily and sustainably build applications with consumer-accessible performance and ease of use while protecting valuable assets such as money and identities.
To do this, NEAR is built from scratch, providing an intuitive experience for end users, expanding capacity to millions of devices, and providing developers with a new sustainable business model for their applications. .. In doing so, NEAR is creating the only community-operated cloud that is powerful enough to extend the reach of Open Finance and enhance the future of OpenWeb.
NEAR is a decentralized application platform designed to enable the open web of the future and strengthen its economy. It uses the same core underlying technology that made Bitcoin a non-killing currency, combined with cutting-edge advances in community consensus database sharding and ease of use. With this web, you can create everything from new currencies to new applications to new industries and open the door to a whole new future.
Lowering the entry barrier of a node does more than just decentralize the network. In a horizontal scaling system like NEAR, the more nodes you can participate in, the more scaling you can.
This section describes the main functions of NEAR.
New blockchain-based platforms are generally differentiated by providing scalability compared to existing platforms. However, platform scalability is irrelevant unless the platform has sufficient adoption to demand that throughput. For example, it doesn’t make sense to build a huge stadium that can accommodate 100,000 people in the middle of a desert that no one wants to go to in the first place.
Therefore, the more important immediate issue to address is how to easily create useful applications that users can actually use and gain sustainable value for them.
Developers only create applications that are actually available to the end user. NEAR’s “progressive security” model allows developers to delay onboarding, eliminate the need for users to learn the concept of “blockchain”, and limit the number of interactions users need to ask for permission. You can create an experience for your users that is close to the familiar web experience. Use the application.
1. Simple onboarding
NEAR allows developers to take action on behalf of the user. This allows users to onboard immediately after reaching the application without having to provide a wallet or manipulate tokens. Human-readable accounts, such as foobar.near, track application-specific keys, so user accounts are also used for the kind of “single sign-on” (SSO) features that users are accustomed to on the traditional web. (For example, log in with Facebook / Google / Github).
2. Easy subscription
Contract-based accounts make it easy to create subscriptions and get custom permissions for specific applications.
3. Familiar usage style
The NEAR economic model allows developers to pay royalties on behalf of users and hide infrastructure costs in a way that is in line with the familiar web usage paradigm.
4. Predictable pricing
The ease of pricing transactions on the platform allows end users to experience predictable pricing and cognitive savings when using the platform.
Bitcoin and Ethereum are often praised at the level of decentralization, but in reality they suffer from many centralization issues. For example, 53% of Bitcoin’s mining power is controlled only by three pools. In addition, running mining nodes currently requires expensive hardware. This raises the entry barrier and reduces the incentive for the node to participate over time.
New networks often trade the desire for decentralization with operational efficiencies provided by a more centralized implementation that uses either a limited validator set or a fully “permitted network”. I have. This violates one of the basic beliefs of a truly decentralized network. That is, its value is protected by a level of redundancy between independent nodes.
To maintain true decentralization, the network should allow unauthorized participation from future node operators and avoid encouraging pooling. To address these concerns, NEAR uses a staking mechanism called “threshold stake proof.” It is specially designed to be deterministic, widespread and fair, so it does not facilitate a large pool of verifiers, but encourages widespread participation from the node. Lowering the entry barrier of a node does more than just decentralize the network. In a horizontal scaling system like NEAR, the more nodes you can participate in, the more scaling you can.
An early use case for blockchains like Ethereum was to allow projects to create their own tokens and raise funds through an Initial Coin Offering (ICO). Initially, this seemed like an innovative new way for infrastructure developers to access capital and bootstrap the network effects of their projects. It has long been lacking in the world of open source software and infrastructure. Unfortunately, creating an application layer token creates a major usability impediment in front of the user, and subsequent deliberate guessing and fraud reveals that this is not a viable path for most developers. Become.
NEAR provides developers and entrepreneurs with a more robust, unobtrusive, and more legitimate way to monetize their infrastructure. When a contract is invoked, some of the fees generated by the network are automatically assigned to that contract and may be deducted by the developer (if encoded). This facilitates early infrastructure development (because the initial contract creates a network effect that increases usage) and provides a business model that allows application and infrastructure developers to create their own failures. .. You can enjoy this benefit without having to create the proper tokens.
Aurora is a solution that allows you to run Ethereum contracts in higher performance environments. The NEAR blockchain is the latest layer 1 blockchain that is fast (complete a 2-3 second transaction), scalable and carbon neutral. Aurora is an Ethereum virtual machine (EVM) implemented as a smart contract for the NEAR protocol. Help developers extend the Ethereum ecosystem to operate their apps on Ethereum-compatible, high-throughput, scalable, and future-protected platforms to keep user transaction costs low.
Aurora provides an Ethereum 1.0 development experience with Layer 2 speed and scalability. For Ethereum developers, getting started with Aurora is as easy as changing the RPC endpoint you use.
You can create a NEAR account by going to the official NEAR page. You have both a testnet and a mainnet, and you need to make a note of the passphrase for adding an account. This is the same as when creating MetaMask. You can give your NEAR account any name you like, such as hideyuki001.near.
This is the same mechanism as hideyuki001.eth of ENS. Now you don’t have to remember a long account. When you create a NEAR account, you will be able to use your wallet at the same time. You can also use it as a NEAR wallet by installing the Sender Wallet associated with Binance. It seems that you can use it conveniently when you purchase NEAR with Binance.
NEAR is an open source web3 development platform. It’s complicated, but it’s a web3 protocol that benefits developers with an EVM called Aurora. We also keep in mind a .near account and an easy-to-use interface for end users. NEAR, which does not have a large pool like Ethereum and Bitcoin, is a true decentralized network, but it is still in its infancy.
But when the future of such decentralization comes, everyone may experience a world integrated with NEAR’s applications and the web. Either way, it’s a layer 1 protocol to watch in the future. Among the hottest NFTs, the Paras Marketplace, where you can buy NFTs using NEAR, is popular. We have many NFTs such as the popular Ape series and NFTs in collaboration with school children. By the time NEAR gets more and more exciting, the price of NFTs may be soaring.
Reference URL :
NEAR Protocol : https://near.org
NEAR Documents : https://docs.near.org/docs/develop/basics/getting-started
NEAR White Paper : https://near.org/papers/the-official-near-white-paper/
NEAR NFT Marketplace paras : https://paras.id
Aurora Protocol : https://aurora.dev
Aurora White Paper : https://doc.aurora.dev/