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What is NEAR Protocol (NEAR)?

NEAR Protocol (NEAR) is a decentralised blockchain platform created for creating and deploying dApps that are both scalable and safe. To achieve high throughput and low latency, it makes use of a novel sharding technique and PoS consensus method. The NEAR Protocol focuses on usability and acceptance across multiple industries in order to provide a user-friendly environment for developers and users.

The History of NEAR Protocol

NEAR Protocol was created starting in 2017 and launched formally in April 2020. The project's goal was to overcome existing blockchain platforms' shortcomings, such as scalability, usability, and affordability, which frequently prevented the widespread adoption of decentralised apps.

The Use Cases of NEAR Protocol

NEAR Protocol uses a Proof of Stake (PoS) consensus technique called "Nightshade," which is intended to be very scalable and energy-efficient. Since it attempts to achieve high transaction throughput and low latency, it can be used for a variety of use cases, including gaming, social media, finance, and decentralised marketplaces.

The NEAR Protocol also uses a novel sharding strategy in which the network is broken into numerous smaller chains, or shards, with the ability for each to independently process transactions and carry out smart contracts. With the help of this sharding strategy, the network is able to process many transactions concurrently.

The NEAR Protocol is intended to be a flexible blockchain platform that can enable a variety of decentralised services and applications. In order to construct and deploy dApps across a variety of industries, including financial, gaming, social media, supply chain management, and more, it wants to offer developers a scalable, secure, and user-friendly environment.