Near Protocol uses its native token 'NEAR' as a utility for transaction fees, running a validator node, and sets the network’s future through governance votes.
The developers use a unique set of tools for the protocol. It uses NEAR command-line tools, NEAR explorer, NEAR wallet, NEAR Gitpod, and NEAR SDKs.
Its network proof of stake consensus is called ‘Nightshade’, this runs the provision of stabilized fees and the dynamic scalability.
The team that develops the network is a group of people who have collectively built success in their respective companies and are ICPC contenders or participants who have won recognition.
The NEAR Protocol project is created to provide users and developers a platform in which they can easily and efficiently develop decentralized applications. It gives you the freedom to create your own and first applications within 5 minutes when using this platform.
Its protocol is made up of decentralized applications that are trustworthy enough to manage and secure digital high-value assets, money, and transactions that people make use of every day.
This feature will then help it become more user-friendly and make it easier to enter the mainstream market, thus boosting crypto usage and Blockchain technology as a whole. It also sets the benchmark for the crypto industry to ensure utmost security and UI user-friendliness.
The NEAR Protocol tokens are built in an economy with a unit value based on the platform's applications, participation in network governance, and token rewards through network staking.
The applications in the NEAR platform are known for their two approaches, the 'Building the Smart Contractors' and 'Calling the Smart Contractors'. Both of these approaches are similar in concept with the back to the front end part of a web application. You can then create smart contracts by Web Assembly.
At the moment, smart contracts currently support Rust and Assembly Scripts languages for development.
The network will release its MianNet Genesis. Introduction of its primary use, function, and development case.
Launching the mainnet with Proof of Authority consensus. This is to distribute initial tokens to contributors, only the NEAR foundation has the access of allocating tokens to first user contracts.
Community governance mainnet. This will allow more decisive interactions with the community, users, and developers in which future development
In the future, the network will continue its development on the expansion of users, supporters, and partnered companies.