SIGN UPloading spinner

NEAR Protocol

Last Updated: January 30, 2024

NEAR is a layer 1, decentralized proof-of-stake blockchain that relies on a consensus protocol called Nightshade.
Nightshade allows NEAR to operate at about 100,000 transactions per second, and process a block a second with low transaction fees. The native token for the protocol shares the same name.

Background

llia Polosukhin and Alexander Skidanov started NEAR.ai in early 2017. They explored programmable smart contract platforms and crypto payments in later that year and realized that they wanted to design a blockchain that would better fit their needs. In August 2018, the NEAR Protocol started to be built with the goal of offering developers a scalable way to build decentralized applications using the Proof-of-Stake mechanism.

Launch

The NEAR mainnet went live on April 22, 2020 with its NEAR token subsequently launching on October 13, 2020.

How does it work?

NEAR combines a horizontal scaling approach with a new consensus mechanism that splits the network into parallel shards and dynamically distributes the computation to increase the network’s processing capacity. Individual nodes focus on validating these smaller blocks simultaneously rather than the whole blockchain at once. 

The NEAR token is used to incentivize validators, and it’s also the coin used to process transactions and power smart contracts. Near is building support for the Ethereum Virtual Machine (EVM), which allows developers to deploy their Ethereum-based decentralized finance protocols on Near without having to change much of the code.

Information on this page includes third party content. Such content has not been verified or endorsed by Bullish. Bullish does not warrant that such content is complete, accurate, up-to-date or appropriate for your intended use and Bullish is not liable for any errors or delays in updating such content or ensuring its availability. Any reliance on or interaction with such content is solely at your own risk. Material provided on this page is for informational purposes only and does not constitute investment advice. This information is not and should not be interpreted as a recommendation to buy, sell, or hold a digital or fiat currency or to use a particular investment strategy. You should conduct due diligence before deciding whether to transact in any digital asset or fiat currency. Any prices displayed are for illustrative purposes only. Please see the Risk Warnings for important additional information.

The Bullish Group and related parties engage in a range of businesses that may involve: trading their own assets on the Bullish exchange or elsewhere; holding or owning digital currencies or fiat currencies or derivatives contracts traded on or off of the Bullish exchange; participating in or performing other services and transactions on the Bullish exchange or that relate to activity on the Bullish exchange; and/or receiving benefits for assets of the Bullish Group or others held on the Bullish exchange. The Bullish Group and related parties may also make investments in issuers of digital currencies that trade on the Bullish Exchange; companies that develop the protocols or technologies on which digital currencies traded on the Bullish exchange may rely; or companies that are active in ecosystems that may benefit from the trading of particular digital currencies on the Bullish exchange. The Bullish exchange has policies in place to manage conflicts of interest.

 

Trade crypto’s biggest assets on Bullish.

Other digital assets