NEAR Blockchain: A User-Friendly and Carbon-Neutral Solution

25 December 2023

NEAR’s innovative blockchain platform offers scalability, security, and accessibility for users and developers alike.

Blockchain technology has revolutionized various industries, providing secure and decentralized solutions. NEAR, a user-friendly and carbon-neutral blockchain, has emerged as a promising platform for running applications with access to a shared pool of money, identity, and data. With its unique features and consensus mechanism, NEAR aims to address the challenges of scalability and sustainability in the blockchain space.

Human Readable Address for Enhanced Usability

NEAR leverages human-readable accounts, making it easier for users to remember and interact with them. Each NEAR account is identified by a specific address, which can be of two types. Named accounts, such as Alice.near, have human-readable names, while implicit accounts are referred to by 64 characters, similar to Ethereum and Bitcoin addresses. This approach simplifies the user experience and enhances usability.

Thresholded Proof-of-Stake Consensus Mechanism

NEAR employs a consensus mechanism called Thresholded Proof-of-Stake (TPoS). Validators play a crucial role in producing blocks and ensuring the security of the network. In TPoS, a large number of participants, known as witnesses, are elected to make decisions. Block-producing validators are chosen based on the 300th proposal, promoting decentralization. Running a block-producing validator node is estimated to cost $330 per month for hosting, making it accessible to a wide range of participants.

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Sharding for Scalability

To address scalability challenges, NEAR utilizes a sharding approach. This technique allows the network to increase its capacity by dynamically splitting nodes into multiple shards when usage demands it. Computation is parallelized across these shards, resulting in improved scalability. By implementing sharding, NEAR aims to accommodate growing demand while maintaining network efficiency.

Reward System for Validators and Delegators

NEAR incentivizes node operators through its reward system. Validators and delegators receive rewards for their contributions to the network. Node operators earn a fixed percentage of the total supply as a “security” fee, approximately 4.5% annualized. Additionally, chunk-only producers receive a minimum of 4.5% annual rewards. Protocol rewards, totaling 45 million NEAR per year, are distributed to validators and delegators based on the amount staked. The current reward rate stands at around 12%.

Market Analysis and Trading Outlook

NEAR’s native token, NEARUSD, has experienced significant price movement recently. After hitting a low of $2.06, it surged more than 65% to reach a high of $3.40. Currently trading around $3.35, NEARUSD remains above short-term (21 and 55-day EMA) and long-term (200-day EMA) moving averages. The near-term resistance level is at $3.50, with potential targets at $4.27 and $5.28. On the downside, immediate support is at $3.09, followed by $2.74 and $2.

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Indicators on the daily chart suggest a bullish outlook, with the CCI(50) and Directional Movement Index signaling positive momentum. Traders may consider buying on dips around $3, setting a stop loss at $2.50, and aiming for a target price of $5 or $5.28.

Conclusion:

NEAR’s user-friendly and carbon-neutral blockchain platform offers a range of benefits, including enhanced usability, scalability through sharding, and a rewarding system for validators and delegators. With its innovative consensus mechanism and commitment to sustainability, NEAR is poised to make a significant impact in the blockchain industry. As the NEARUSD token continues to show positive price movement, traders may find opportunities to capitalize on its growth.

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