NEAR is a layer 1 blockchain. It is simple to use and super secured via a technology called Night Shade. This technology helps in recording and verifying transactions faster, cheaper, and more secure. Nevertheless, new protocols are built by a Near Collective. Undoubtedly there are lots of layer 1 blockchains, however, this article talks about NEAR, Its features, and how it works.
Key features
High Technological performance: It uses a piece of technology called Night Shade. Night Shade makes transaction recording and verification to be done more faster, cheaper, and more securely.
Security: It is a layer 1 blockchain therefore it is simple to use and ensures that users’ transactions data are well secured.
Near Collective: It has a community of developers, researchers, and scientists that are called Near collectives. These Near collectives are responsible for building new protocols.
NEAR Coin In Crypto Market
Concisely, according to analysts’ market surveys, there is a sad detection. Analysis detects that its price is expected to have a -4.32% decrease and drop as low as March 16. 2025. As of March 18, 2025, the live price of NEAR Protocol is approximately $2.56. With a 24-hour trading volume of around $183.99 million.
Below is a More Detailed Explanatory Of NEAR In Crypto Market:
- 7-day change: +9.08%
- Current Price: $2.56
- 24-hour trading volume: $183.99M
- Market Cap: $3.06 Billion
- Circulating Supply: 1.2 Billion NEAR
- 24-hour change: -0.25%
How it Works:
First and foremost, it is built with a technology called Nightshade, which records and verifies the users’ transaction data securely. Also, It has a protocol which is built by the Collectives. The collectives is a worldwide community of developers, researchers and scientists (Alexander Skidanov and Illia Polosukhin inclusive).
Additionally, it was created with a proof-of-stake method (POS). POS is a consensus model that is different from the traditional proof of work method used on Bitcoin. Validators secure the network by locking up NEAR tokens and the only reward is shown. if a validator tries to cheat the system, they lose their stakes or the community votes them out.
For an efficient record of users, each delegates their token to a validator to earn rewards. Basically, It is a more eco-friendly platform, there is no need for a giant power machine to protect the network, unlike Bitcoin. Generally, It uses its smart nightshade technology called sharding makes it super fast.
Benefits Of its Blockchain
Furthermore, with smart bridging and building, an Ethereum developer can take advantage of its speed and scalability. The developer will not have to leave the Ethereum network. Additionally, Octopus networks allow anyone to build their own version of an application-specific blockchain. For speed, scalability, and security, the created blockchain can then be connected to NEAR’s mainnet.
In conclusion, Its platform is also for users as it has an easy wallet setup within seconds. There will be no need for power-ups and switching of networks, an effortless wallet will be created after its slug. Ethereum developers can create a seamless user experience.
