Decided NEAR is a good investment? You can get NEAR on Crypto.com today!
As technology continues to advance, developers are constantly looking for new networks to build their projects on. NEAR Protocol offers a wide range of utilities for both developers and investors.
Other Layer 1 networks have become flooded with transactions, leading to an increase in gas fees. NEAR Protocol has a different approach to combating high gas fees by using its signature Doomslug mechanism. Here is a look at how NEAR aims to eliminate the barriers to Web3 adoption.
What Is NEAR?
NEAR Protocol is a Layer 1 blockchain designed as a community-run cloud computing platform that provides an environment to host the creation of other decentralized applications (DApps) like non-fungible tokens (NFTs).
The NEAR network is secured through a proof-of-stake variation consensus mechanism called Doomslug. Doomslug has two rounds of consensus, where the block is finalized after the first communication round, allowing for relatively instant block confirmations by having validators take turns verifying blocks, rather than competing directly.
NEAR uses Nightshade technology, a variation of sharding, which improves its transaction scalability. Sharding allows for a more scalable approach by splitting the blockchain transaction history so that each shard can be processed in parallel.
The project was founded by Erik Trautman, an entrepreneur who previously worked on Wall Street. Co-founders include Illia Polosukhin, who formerly worked at Alphabet Inc. (NASDAQ: GOOGL), and Alexander Skidanov, a computer scientist who previously worked at Microsoft Corp. (NASDAQ: MSFT).
NEAR Price History
The total supply of NEAR is 1 billion tokens with a current market cap of roughly $17 billion, ranking it in the top 25 coins by market cap. The network launched its mainnet on April 22, 2020. Since its launch, NEAR has been used for processing transactions, storing data, running validator nodes and providing governance for the network.
The NEAR network hosts the creation of other DApps that makes the project a direct competitor with other Layer 1 platforms like Ethereum, Solana and Avalanche. These networks have much more credibility in the community, which gives them an upper hand when it comes to a potential return on investment. However, people seem to feel that there is room for more Layer 1 networks within the crypto industry.
How to Buy NEAR
You can buy NEAR on Crypto.com. A centralized exchange like Crypto.com is a great choice for individuals to start buying cryptocurrency. Before you begin trading you will be required to verify your identity by stating your legal first and last name, uploading a photo of your government ID you wish to use, and sending in a photo of yourself.
Crypto.com strives to make cryptocurrency a part of everyday life by offering a full suite of services for crypto users. The company offers a Crypto.com App, Exchange, Visa Card, DeFi swap, DeFi Wallet, DeFi Earn, Crypto.com Price, staking, crypto lending, and many other services. What really sets them apart, however, is the combination of super low fees and incredibly generous rewards programs for their users.
- Traders who want access to a secure, low-cost cryptocurrency exchange
- Passive investors who want to earn interest on their balance without frequent trading
- Mobile investors who prefer to handle all their crypto needs via their phone or tablet
- Low fees
- High security
- One-stop shop for all your crypto needs (wallet, trading, spending, and more)
- Lots of ways to earn interest, rewards, and rebates
- Low privacy
- Customer service response time could be improved
Best Hardware Wallet: Ledger
Ledger is the most recognized offline hardware wallet currently available. It connects to Bluetooth and USB, depending on whether you want to use your computer or mobile device. Ledger’s application also makes it much easier to secure, store and manage your assets.
Best Software Wallet: Trust Wallet
Trust Wallet is a decentralized mobile software wallet that does not hold your funds, leaving everything on the blockchain. The best part is that Trust Wallet encrypts users’ personal information and keys.
Keep an eye out for new projects on the NEAR network, as an increase in dApps may help price gain some momentum.
Cryptocurrency Market Outlook
The current market sentiment around crypto has started to fall as the price of blue-chip cryptos like Bitcoin and Ethereum have continued to decrease over the last few months. Although many investors think this reduction may be the start of a bear market, it is probably too early to make such a claim. The following months will be v important for determining the future of the crypto market.
Is NEAR a Good Investment?
NEAR is a promising network with the capacity to host other applications. Within the future, influential projects may be built on the network. For investors looking to diversify into other Layer 1 networks, NEAR may be a great investment for you. For investors looking to make high returns in a short period, NEAR may not be the best investment for you.