NEAR Protocol is the project with a main focus on providing the best user experience and being a developer-friendly ecosystem. The project aims to make a contribution to the Web 3.0 development. The platform utilises PoS (Proof-of-Stake) consensus mechanism, which provides scalability to the platform via the usage of sharding technology.
NEAR is the native coin operating within the platform. NEAR coins are used to pay for transaction fees and to reward stakeholders. As the platform is a PoS platform, users get paid for completing transactions on the blockchain with NEAR coins.
There is a NEAR protocol treasury with 0.5% of the total NEAR supply each year, which is constantly being reinvested in the system development.
The first concept of the project emerged in 2017 and was formed by Illia Polosukhin and Alexander Skidanov. One had the experience of being a leading contributor for TensorFlow at Google and the other worked as a lead engineer at MemSQL.
The first testnet of the project was launched in April 2020, in October that year the official testnet went live.
The NEAR Protocol is created by the NEAR Foundation. It is represented by the community of researchers, developers, and enthusiasts from all over the world. They altogether wrote the first code of the platform and continued the project development. They have been managing all the bugs and updates on the platform since then. Besides, the NEAR Protocol is an open-source project, so anyone can take part in its development.
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