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Near Protocol is a decentralized application platform designed to make applications usable on the web. The network operates on a Proof-of-Stake (PoS) consensus mechanism called Nightshade, aiming to offer scalability and stable fees.
Additionally, NEAR Protocol was designed by developers Alex Skidanov and Illia Polosukhin, both of whom have extensive experience in programming.
What is NEAR Coin?
NEAR Coin is the utility token of the Near Protocol. The token economy of NEAR is built around the NEAR token, a unit of value on the platform that allows token holders to use applications on NEAR, participate in network governance, and earn token rewards through staking on the network.
According to the platform’s statements, the NEAR token is used by 2 main groups:
- Applications and their users: Similar to Blockchains like Ethereum, the NEAR token is used by application users to pay for their transactions on applications built on the NEAR platform. These applications can range from new DeFi protocols to digital product markets and everyday gaming applications.
- Validators and delegators: The nodes that operate the network are compensated with inflationary rewards. Token holders of any size can lend their tokens to a validation pool, participate in the stake, and help secure the network, thus earning returns.
Additionally, it is stated that users can acquire NEAR tokens in various ways. Firstly, users can earn Near Protocol Coin by participating in development rewards, managing a community that helps people build on the Near Protocol, winning a NEAR hackathon, or otherwise being an active part of the community.
If you can attract others to lend you tokens for staking, you can also earn NEAR by running a validator.
Secondly, users can also buy NEAR coins using various exchanges. In addition, those without a NEAR account can also acquire NERZ coins through tokens sent by friends. According to the platform, new methods of acquiring tokens, such as borrowing, will be available on the platform in the future.
According to statements, NEAR’s economy is designed to keep the network secure while making it cheap to use even when scaling. Additionally, NEAR operates as a “Proof of Stake” network. This means that each block of the network is only confirmed when a sufficient number of validators accept that each transaction contained in the block has been executed correctly.
NEAR Coin Reviews
Looking at NEAR coin reviews, it is considered a relatively non-volatile coin due to its price movements. However, the Nera Protocol is especially thought to be promising. Because the platform allows even those without Blockchain knowledge to build applications on the Blockchain.
Therefore, both the usage of Blockchain and the NEAR token through the platform is expected to increase, positively affecting the overall cryptocurrency ecosystem.
For a clearer understanding of investor opinions on NEAR coin, let’s look at the current figures.
At the time of writing, Near Protocol Coin is trading at $0.9507 and against Bitcoin at 0.00006175 BTC. According to CoinMarketCap data, NEAR coin, which is ranked 71st in terms of market capitalization, has a market cap of 19,107,414 USD.
In addition, there are currently 174,876,443 NEAR in the market, and it is stated that there will be a total of 1,000,000,000 NEAR. It is also worth mentioning that NEAR coin saw its lowest level at $0.5259 on November 4, 2020, and its record level at $1.69 on October 14, 2020.
How to Buy NEAR Coin?
NEAR coin was listed on Binance on October 13, 2020, and reached its record price on October 14. Approximately one month ago, Near Protocol Coin listed on Binance, was offered to users in NEAR/BTC, NEAR/BNB, NEAR/BUSD, and NEAR/USDT trading pairs.
Therefore, NEAR coin can be purchased quickly and securely through Binance, the world’s largest cryptocurrency trading platform in terms of trading volume.
