NEAR Protocol (NEAR)

NEAR Protocol was founded by Alexander Skidanov, Illia Polosukhin, and Evgeny Kuzyakov.

Here is some detailed information about each of the founders:

1. Alexander Skidanov: Alexander Skidanov is a co-founder of NEAR Protocol and serves as the project’s CEO. He has a background in computer science and has previously worked as a software engineer at Microsoft. Skidanov is known for his expertise in blockchain technology and is passionate about building scalable and user-friendly decentralized applications.

2. Illia Polosukhin: Illia Polosukhin is a co-founder of NEAR Protocol and serves as the project’s Chief Scientist. He has a strong background in artificial intelligence and machine learning, having previously worked at Google Research. Polosukhin is responsible for leading the technical development of NEAR Protocol and ensuring that the platform remains innovative and cutting-edge.

3. Evgeny Kuzyakov: Evgeny Kuzyakov is a co-founder of NEAR Protocol and serves as the project’s Head of Engineering. He has a background in computer science and software development, with experience working at companies like Microsoft and MemSQL. Kuzyakov is responsible for overseeing the engineering team at NEAR Protocol and ensuring that the platform’s infrastructure is robust and secure.

Together, these three founders bring a diverse range of expertise and experience to NEAR Protocol, helping to drive the project’s success and innovation in the blockchain space.

NEAR Protocol offers several unique features and capabilities that set it apart from other blockchain platforms.

Here are some key aspects that make NEAR Protocol unique:

1. Sharding: NEAR Protocol utilizes a sharding mechanism to improve scalability and performance. Sharding allows the network to partition data and transactions into smaller subsets, known as shards, which can be processed in parallel. This helps NEAR Protocol achieve high transaction throughput and low latency, making it suitable for a wide range of decentralized applications.

2. Developer-Friendly Environment: NEAR Protocol is designed to be developer-friendly, offering tools and resources that make it easy for developers to build and deploy decentralized applications. The platform supports multiple programming languages, including Rust and AssemblyScript, and provides a range of developer tools, such as NEAR SDKs and NEAR CLI, to streamline the development process.

3. User-Friendly Experience: NEAR Protocol focuses on providing a seamless and intuitive user experience for both developers and end-users. The platform offers features like human-readable account names, easy onboarding processes, and simple wallet integrations to make interacting with decentralized applications as user-friendly as possible.

4. Proof-of-Stake Consensus: NEAR Protocol utilizes a Proof-of-Stake (PoS) consensus mechanism to secure the network and validate transactions. PoS is more energy-efficient and environmentally friendly compared to Proof-of-Work (PoW) consensus used by many other blockchain platforms. PoS also incentivizes token holders to actively participate in network governance and decision-making.

5. Rainbow Bridge: NEAR Protocol has developed the Rainbow Bridge, a cross-chain interoperability solution that enables seamless asset transfers between NEAR Protocol and other blockchain networks, such as Ethereum. This allows users to leverage assets and applications from different blockchains, expanding the utility and interoperability of NEAR Protocol.

Overall, NEAR Protocol’s focus on scalability, developer-friendliness, user experience, PoS consensus, and cross-chain interoperability makes it a unique and promising blockchain platform in the decentralized finance (DeFi) and Web3 ecosystem.

As of the time of writing, the total supply of NEAR Protocol (NEAR) coins is 1,000,000,000 NEAR. NEAR Protocol has a fixed maximum supply, meaning that there will never be more than 1 billion NEAR coins in existence.

The initial distribution of NEAR coins was done through a token sale, community incentives, and ecosystem development funds. A portion of the total supply is allocated to support the growth and development of the NEAR Protocol ecosystem, including funding grants, partnerships, and initiatives to drive adoption and innovation on the platform.

NEAR Protocol also implements a mechanism called “inflation” to incentivize network validators and stakeholders. Through inflation, new NEAR coins are minted and distributed to validators who secure the network and stakeholders who participate in governance activities. This helps ensure the security and decentralization of the network while also rewarding active participants.

It’s important to note that the circulating supply of NEAR coins may vary over time as new coins are minted through inflation and as existing coins are distributed through various ecosystem activities. Users can track the current circulating supply of NEAR coins on cryptocurrency market data websites and block explorers that provide real-time information about NEAR Protocol’s token metrics.

The NEAR Protocol (NEAR) network is secured through a combination of mechanisms designed to ensure the integrity, reliability, and decentralization of the platform.

Here are the key components that contribute to the security of the NEAR Protocol network:

1. Proof-of-Stake (PoS) Consensus: NEAR Protocol uses a Proof-of-Stake (PoS) consensus mechanism to secure the network and validate transactions. In a PoS system, validators are chosen to create new blocks and validate transactions based on the number of tokens they hold and are willing to “stake” as collateral. This incentivizes validators to act honestly to protect their stake, as malicious behavior could result in the loss of their staked tokens.

2. Validators: Validators play a crucial role in securing the NEAR Protocol network by participating in block production, transaction validation, and network governance. Validators are selected based on their stake and reputation within the network. Validators are responsible for maintaining the integrity of the blockchain and ensuring that transactions are processed accurately and efficiently.

3. Shard Chains: NEAR Protocol implements sharding, a technique that partitions the network into smaller subsets called shard chains. Each shard chain is responsible for processing a portion of the network’s transactions, allowing for parallel processing and improved scalability. This helps distribute the workload across the network and reduces the risk of congestion and network bottlenecks.

4. Rainbow Bridge: The Rainbow Bridge is a cross-chain interoperability solution developed by NEAR Protocol to facilitate seamless asset transfers between NEAR and other blockchain networks, such as Ethereum. By enabling interoperability between different blockchains, the Rainbow Bridge expands the utility and flexibility of NEAR Protocol while maintaining security and trustlessness in cross-chain transactions.

5. Economic Incentives: NEAR Protocol uses economic incentives to encourage participation and engagement from network validators and stakeholders. Validators are rewarded with newly minted NEAR tokens and transaction fees for their role in securing the network and validating transactions. Stakeholders who actively participate in governance activities also receive rewards for their contributions to the network.

Overall, the combination of PoS consensus, validators, shard chains, cross-chain interoperability, and economic incentives work together to secure the NEAR Protocol network and ensure its resilience against potential attacks or disruptions.