The NEAR Protocol is a layer-1 blockchain (layer-one blockchain is used to improve the main protocol that will contribute to the scalability of the overall system). Simultaneously, it’s a cloud computing platform that abolishes the disadvantages of other blockchains, including low speed of transactions, low bandwidth, and poor compatibility.
The NEAR Protocol is the perfect platform for DApps. The NEAR Protocol tries to achieve a user-friendly network. One of the features of the platform is that human-readable account names are used on the network. For instance, in Ethereum, there are cryptographic wallet addresses. Moreover, new users don’t have to have a wallet to interact with smart contracts and decentralized apps.
The NEAR Protocol is quite fast. It can enable around 100,000 transactions per second. The near-instant transaction finality is achieved via a one-second block cadence. At the same time, it doesn’t raise its fees, which are near the zero mark.
The platform is a combination of the functions of distributed storage, partition-resistant networking, and serverless computing.
The mainnet of the NEAR Protocol was created in April 2020. One billion NEARs were created at genesis at that time. The total supply of the tokens is capped at 1 billion.
NEAR is the native token of the NEAR Protocol. It’s applied for paying fees for transactions and data storage, staking to run validator nodes, and as a governance network token that is used to vote for the allocation of network resources.
The US dollar is a well-known fiat currency used as a means of payment in many countries. It’s one of the world’s reserve currencies. The USD is a safe-haven asset that rises in value in times of uncertainty caused by global economic or political events. The stability of the US dollar’s rate made it one of the refuge assets that is used by investors to hedge their funds.
Trading the NEAR/USD pair, you should be sure you are equipped with the information regarding the factors that affect the direction of both the USD and NEAR.
Risk warning: Trading in FX and CFDs entails high risk of losing capital.
