What is NEAR Protocol (NEAR)?

NEAR - The native cryptocurrency of the NEAR Protocol project

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NEAR is the native cryptocurrency of NEAR protocol, a highly scalable blockchain project launched in 2020.
Thanks to its design, it offers the possibility to operate on other blockchains such as Ethereum, giving users the opportunity to move their tokens freely.
The NEAR native token allows obtaining the necessary incentives for the infrastructure to work. In addition, it is a deflationary type of currency, as there are always a limited number of cryptocurrencies in circulation.

Key NEAR metrics

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About NEAR

NEAR Protocol is the blockchain project launched in 2020, based on the deployment of decentralized applications (dApps). For that reason, it is able to offer high scalability and can operate on networks such as Ethereum, so users can send their cryptos from different blockchains directly to the NEAR Protocol chain.

As for its native token, also called NEAR, it has the main task of maintaining the incentives for this entire infrastructure to operate at any time, not to mention providing staking and governance functions within the protocol. NEAR created its own cryptocurrency to have a means of payment with which the network can subsist.

Speaking of NEAR Protocol's native token, it is derived from the ERC-20 chain, but takes advantage of Aurora's capabilities to function properly. It is counted with a maximum supply of one billion tokens, something that gives it the characteristic of being deflationary.

NEAR Protocol created this token mainly for the payment of commissions within its chain, in addition to using them for the payment of rewards in its programs to generate interest with cryptocurrencies. During these last years, it has also served for payment for accesses to dApps and to settle services within the chain and the governance of the entire protocol.

In order to maintain the scarcity and the character of 'deflationary currency', NEAR burns the rest of the commissions generated by the transactions, this to keep the inflation of its chain under control and incentivizes this cryptocurrency to increase in value over time or at least not to lose it abruptly.

Governance: one of NEAR's key features.

Governance within the entire NEAR Protocol has allowed its community to actively participate in decisions that have to do with the future of the cryptocurrency and the chain in general. Its community is able to make its proposals and vote for those suitable to improve the future of NEAR.

These characteristics of freedom have been present since NEAR's design principles:

Usability: all governance processes must be clear and understandable, i.e., that everyone, even if not very familiar with the protocol, can understand, practice and join the project. In addition, it is requested that all its communities must have a voice and vote to legitimize decisions.
Scalability: governance should be expanded when the scope and complexity of the platform warrants. In other words, participation should be expanded as the project progresses.
Simplicity: robust processes to be much simpler. Even person-to-person communication should also be easy. Everything in NEAR should be done in a clear manner.
Sustainable decentralization: all stakeholders are allowed to participate in the platform, but it must also be resistant to any problems or attempts to change its main idea (e.g. private investment).

<aside> ✅ For TruBit Pro it is very important to be able to offer its users the widest list of trading pairs that suit the needs of each of them. It is for this reason that NEAR/USDT comes to our spot trading.

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