ITSMYNE

A decentralized application (DApp) framework called Near Protocol places a strong emphasis on developer and user-friendliness. NearProtocol, an Ethereum rival, supports smart contracts and is a proof-of-stake (PoS) blockchain.Sharding technology is used by Near to achieve scalability. On the Near crypto platform, the native currency, NEAR, is employed for storage and transaction fees. To become transaction validators and advance network consensus, NEAR token owners can also stake tokens.The NeaCollective developed Near, which was envisioned as a community-run cloud computing platform created to host decentralized apps. It also has features like account names that are readable by humans because it was designed to be both developers- and user-friendly (instead of cryptographic wallet addresses).The number of decentralized applications (DApps), which range from financial services to games, has exploded in the cryptocurrency industry. But it&#39;s also become clear that scaling is still an issue for the majority of blockchains.Scalability is a problem that affects many blockchains, particularly more established ones like Bitcoin and Ethereum. Blockchains&#39; inability to handle massive quantities of transactions at affordable costs and quick speeds is the fundamental cause of the problems.This problem is being addressed by initiatives like Near, which is creating a brand-new blockchain with a different architecture. Sharding was the Near team&#39;s implementation of a solution to the issue.The sharding approach allows Near to divide the blockchain into smaller, easier-to-manage chunks. Lowering the computing effort, lightens the pressure on the network and boosts transaction throughput.As was already mentioned, the Near protocol makes use of a PoS system. To be eligible for participation, nodes that are interested in becoming transaction validators stake their NEAR tokens. If token holders don&#39;t want to run a node, they can transfer their stake to the validator of their choice.Validators with higher stakes typically have more sway over the consensus process. On Near, validators are selected using an auction system once every epoch, which is typically 12 hours.DApps can also be created on Near, just like they can on Ethereum. Near&#39;s cloud architecture, which mixes serverless computing and decentralized data storage, enables this. Nea operates with thousands of servers spread over the globe.About us:NFT Labs is a web3 company exploring big ideas in community, utility and engagement to push the crypto, NFT and metaverse space forward. To learn how your organization can participate in the web3 revolution, write to us at hello&#64;itsmyne.club.We’re backed by leading blockchain institutions including Longhash Ventures, Antler, Oracles Investment Group, and Shima Capital among others. NFT Labs is also the issuer of the MYNE token ($MYNE), a BEP-20 utility token for Itsmyne and partner applications. MYNE serves as the gateway between traditional social media and blockchain-based social economies.

What is the Near protocol and how is it implemented?

Itsmyne

Další články publikované 14. 10. 2022

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