NEAR Protocol cryptocurrency is a token of the NEAR blockchain, launched in 2020 and raising over $50 million in investment at the start. Given the popularity of the blockchain and NEAR’s trading volume of over $375 million, experts rate the cryptocurrency as one of the most promising. In this article, you will learn about the features of this cryptocurrency as well as the best crypto exchanges for buying the NEAR Protocol. To learn more about PayPal and Skrill payment systems, Bitcoin, or Ethereum cryptocurrencies, use Rates.fm – a currency finance rates advisor available to users from all over the world – from the USA to Italy.
What Is The NEAR Protocol?
The open-source NEAR blockchain runs on Proof-of-Stake. PoS is a consensus algorithm that many altcoins use. It is so popular that Ethereum has also switched to it.
NEAR is a decentralized platform designed for developing DApps. These solutions are very popular now. They underlie many cryptocurrency solutions, in particular, complex software for banks also uses DApps. However most of these platforms have difficulties associated with low throughput and poor cross-compatibility. It is also worth noting that many DApps that are trying to enter the market have a low transaction speed that does not meet modern requirements.
The NEAR blockchain has gained popularity due to the fact that its creators have managed to solve the key problems characteristic of competing projects. Thanks to innovative developments in terms of scaling, NEAR ensures minimal costs in time and resources for creating and launching decentralized applications.
NEAR is an open-source platform, and anyone can modify and improve it. It was a risky move for a young blockchain, but it paid off. The price of the project’s working token, trading volumes for the NEAR Protocol, as well as its other economic indicators, depend on the popularity of the parent project. This is typical for all working tokens.
Is NEAR Worth Investing In
The NEAR Protocol cryptocurrency is used by the network to ensure its operability. It is responsible for security, acts as a unit of account, and is a means of exchange for both the network’s own resources and for third-party ones. It is profitable to buy the NEAR Protocol cryptocurrency because, in the long term, it will become a means of saving money for users. Another feature of the project is that it is budget-friendly to use, and also has a high level of security and versatility.
It is also worth considering the fact that this is a coin that uses the Proof of Stake protocol. This fact indicates that a new block is registered only when a certain number of validators confirm the validity of the transactions. Thus, validators delegate their tokens to staking pools used by the network to confirm transactions. Anyone can buy NEAR cryptocurrency and provide some of it to a staking pool, receiving a reward for confirmation. In fact, this is called staking. Unlike mining, staking does not require providing the network with your technical capacity.
When Rainbow Bridge was launched, the NEAR cryptocurrency rate skyrocketed. Now the team is working on EVM, this is the Ethereum virtual machine, which will be deployed within the NEAR network. Simply put, any decentralized Ethereum application will be ported to NEAR without changes and will work stably. Plus scalability and progressive tokenomics – all this speaks in favor of the prospects of the NEAR coin.
You can buy NEAR cryptocurrency on any large exchange. This is a popular and in-demand asset. But in the case of long-term investment, it makes sense to consider those exchanges that are known for their reliability and allow you to receive additional income from the asset (staking, yield farming). Below are several suitable options:
- Bybit;
- Binance;
- OKX.
To learn more about these crypto exchanges, as well as current currency finance rates, use the Rates.fm service.
What Problems Does NEAR Solve?
NEAR Protocol is a working token of the blockchain, which is designed to perform many tasks. The platform allows developers to create any applications. Considering that this is an open-source blockchain, this is the most flexible tool a developer can have.
But the main feature of NEAR is the speed of transactions. Excellent speed is achieved by performing 100 thousand transactions per second. In a second, a new block is created in the NEAR network, but of course, for the user, all this is invisible and is carried out instantly. At the same time, the cost of a transaction of 10,000 is lower than in Ethereum.
Another distinctive feature of the project is its simplicity. Decentralized applications built on NEAR are understandable even to users who have never dealt with blockchain technologies.
10 Best NEAR Alternatives
The rate and trading volumes of the NEAR Protocol indicate that this cryptocurrency can be a good investment. However, you should never forget about portfolio diversification. One of the key rules of investing is risk diversification. It is always more logical to invest in several assets. You may want to consider the following options:
- BNB (BNB) – Binance ecosystem internal coin
- Solana (SOL) – decentralized applications
- Chainlink (LINK) – oracle
- Polkadot (DOT) – decentralized applications
- Polygon (MATIC) – Ethereum support network
- Uniswap (UNI) – DEX exchange, specializing in DeFi
- Tron (TRX) – decentralized applications
- Optimism (OP) – L2 solution based on Optimistic Rollup
- ZkSync (ZK) – L2 solution based on ZK-Rollup
- Aave (AAVE) – lending protocol
Conclusion
If you are a Bank of America customer who has never invested in cryptocurrency, then the NEAR Protocol launch may be preferable for you. It is a working token of the NEAR blockchain, which is one of the cutting-edge developments in the cryptocurrency field. The cryptocurrency is supported by major crypto exchanges, which means you can buy it using Visa, Mastercard, or any payment system available to you. Use Rates.fm to learn more about currency finance rates (dollars, euros, etc), the most reliable cryptocurrencies, and the fastest payment systems.