What is NEAR?

Question

What is NEAR?

Accepted Answer

## TLDR

NEAR Protocol is a blockchain network for building decentralized applications, designed to make them scalable and easier to use.

1. It gives developers infrastructure for smart contracts and apps such as games and finance tools.
2. Its Nightshade design splits network work into shards to help process activity in parallel.
3. The NEAR token pays network fees and supports staking, while NEAR Intents helps simplify cross chain transactions.

## Deep Dive

### 1. Purpose

NEAR is a **Layer 1 blockchain**: a base network where developers can deploy smart contracts, or programs that run on the blockchain. It aims to make decentralized applications more scalable and accessible for users and developers. ([CoinTR overview](https://www.cointr.com/en/blog/cryptocurrency/near-protocol-near))

### 2. Technology

NEAR uses **proof of stake**, in which validators help secure the network by staking tokens. Its Nightshade architecture uses sharding, meaning network activity is divided across segments so work can happen in parallel. ([CoinTR overview](https://www.cointr.com/en/blog/cryptocurrency/near-protocol-near))

NEAR also develops cross chain tools. For example, NEAR Intents lets a user specify a desired result, such as a swap, while specialized participants handle the steps to complete it. ([CoinMarketCap overview](https://coinmarketcap.com/community/articles/6aaaadc9866f4368068b17c2))

### 3. NEAR token

NEAR is the network’s native token. It is used to pay transaction fees and to stake in support of network security; the project also uses it within cross chain and AI related services. ([BTC Markets overview](https://www.btcmarkets.net/blog/new-listing-near-protocol-near), [NEAR AI report](https://crypto.news/near-lets-users-pay-for-ai-services-by-staking-tokens/))

## Conclusion

NEAR is a proof of stake blockchain focused on scalable apps, simpler cross chain activity, and practical uses for its native token. How well can its tools make blockchain apps easier to use across networks?

What is NEAR Protocol (NEAR)?

Deep Dive

1. Purpose

2. Technology

3. NEAR token

Conclusion

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