What you need to know about Near Protocol

What is Near Protocol?

Near Protocol is a dApp (decentralized application) platform that allows the development of such apps and usable on the internet. The Near Protocol runs on Proof of Stake consensus known as Nightshade. It is aiming to perform scalability and stable fee. Near launched their mainnet back in 2020.

Near Protocol Apps

The Near Protocol has many applications and tools. These include:

Near Wallet, Near SDKs that are used by developers for data structures, testing tools for Assembly and Rust. NEAR Explorer allows the developers to debug easily and also check the networks performance. Command Line to allow the developers to use local environment for using applications.

The Native Token

The native token of the Near protocol is Near. It has a number of uses such as Transaction Fees, validator nodes. It is also used for governance votes on the Near Protocol. Near can be bought at a number of exchanges such as Binance, Huobi.

At the time of writing Near is being traded at a price of $12.44. The price has increased by almost 2.30% in a single day. The daily trading volume has decreased by almost 13.36% in a day. Near is listed on coinmarketcap at 34th spot and has a market dominance of about 0.25%

Near has created its all time high this month and reached a price of $13.230 (its nearly trading at that price). The past 4 months have been extremely bullish for Near protocol. In July Near created a bottom around the price of $1.546 from where it showed reversal and reached a price where it is now.

The total number of Near coins is 1B and 526M are currently in circulation. According to coinmarketcap around new 5% of tokens are issued to support the network. About 90% of the newly issued tokens goes to validators as rewards and the remaining goes to the treasury. 30% transaction fee are rebates for smart contracts and the remaining 70% are burned.

Long Term Investment

In a one-year plan wallet investor predicts the price of Near to reach around $15.973. For a five-year plan, the price is expected to reach a level of $39.225. This means that they consider Near to be a sound investment.