What is NEAR Protocol (NEAR), How and Where to Buy?

Esat Demirtaş 16 April 2023Last Updated: 16 April 2023

4 minutes read

What is NEAR Protocol (NEAR), How and Where to Buy?

NEAR Protocol, one of the projects that have increased in popularity with the rapid price rise recently, and the local token token NEAR Coin continue to attract the attention of users day by day. So much so that his name has started to appear frequently in many altcoin lists recently.

In this article, we will try to convey all the details about NEAR Protocol (NEAR) with answers to the questions of what is NEAR Protocol and what is NEAR Coin.

Contents

What is NEAR Protocol?

NEAR Protocol is a layer one blockchain project used to build and run decentralized applications (DApps).

NEAR Protocol aims to solve the scalability problem and increase the processing capacity for decentralized applications with the first layer solution used in its infrastructure. Thus, project developers on the NEAR Protocol can quickly perform their operations.

As we mentioned in our previous article, decentralized applications (DApps) are applications that run on blockchains and are not connected to any center. For more detailed information about DApps, What is a Decentralized Application (DApp)? You can read our article.

It would not be wrong to say that NEAR Protocol is a blockchain that provides innovative methods and conveniences for project developers who develop decentralized applications.

What is NEAR Coin?

NEAR Coin is the native service token of NEAR Protocol. Basically, the usage areas of NEAR Coin are as follows:

NEAR Protocol, on which application developers act,
Users earn additional income by staking tokens,
Participate in the management system of the decentralized NEAR Protocol and have some say in governance.

NEAR Coin, which was released on April 22, 2020; It emerged as limited by the supply of 1 billion units. At the date and time of this article, approximately 60% of the total supply of NEAR Coin is in circulation, and due to the periodic reward system of NEAR Coin, an additional supply of 5% is created and distributed every year. The distribution phase is as follows:

90% of the additional 5% supply to network validators,
10% of the additional 5% supply to the protocol account.

Another important detail at this point is: 70% of the transaction fees generated in the NEAR Protocol are distributed to the interacting contracts, while the remaining 30% is burned.

How and Where to Buy NEAR Coins?

NEAR Coin is one of the easiest cryptocurrencies to buy compared to other cryptocurrencies because many central exchanges have listed NEAR Coins. If you want to buy NEAR Coins from one of these centralized exchanges, our recommendation would be Binance Exchange.

To buy NEAR Protocol (NEAR) Coin on Binance Exchange, you can follow the steps below:

Sign in to your Binance account. If you do not have a Binance account, click here to create your account with discounted commission.
Deposit the amount you want to buy NEAR into your account. If you are going to transfer money in crypto, you can choose TRON (TRX) due to the low transfer fee.
After depositing money in your account, come to the Spot Trading, Market buying and selling platform and convert your currency into USDT or BUSD crypto-assets.
Then find the parity you want to buy from NEAR/USDT or NEAR/BUSD parities from the same place, and after determining the amount you want to buy, click the Buy NEAR button to complete the purchase.

If you need support on the detailed use of Binance Exchange, you can review our article titled Binance Exchange and Detailed User Guide.

If you want to buy NEAR Coin on a different crypto exchange other than Binance Exchange, although we recommend Binance Exchange, you can also choose the following exchanges:

Frequently Asked Questions About NEAR Protocol (NEAR)

In this section, we will try to convey the answers to all the questions about NEAR Protocol and NEAR. This section will be regularly updated in line with your requests and questions.

Who is the Founder of NEAR Protocol?

The founders of NEAR Protocol (NEAR) are ALex Skidanov and Illia Polosukhin.

Does NEAR Coin Have Its Own Blockchain?

Yes, NEAR is a crypto-asset running on its own blockchain and exists as the native token of the blockchain. Therefore, it can be called as NEAR Coin. In other words, NEAR is a coin-enabled cryptocurrency since it exists on its own blockchain.

Is NEAR Protocol (NEAR) a Future Project?

It would be wrong to say that it is not a project of the future, with the solution offered by NEAR Protocol and its structure that supports decentralized applications. Also, the steady rise in its price, even in a bear market, can give a clue as to whether it’s a project with a future. However, this is not investment advice. Please do your own research before investing.

What is the Scalability Problem and the First Layer Solution?

The scalability problem refers to situations where the capacity and efficiency of transactions on the blockchain are low. The first layer solution is created to solve the scalability problem. Layer one solution is the various work done on the blockchain to increase the processing power and speed of transaction processing in the blockchain.