UNDERSTANDING NEAR PROTOCOL || 10% beneficiary to tron-fan-club

INTRODUCTION

Hello friends, I will like to talking about Near protocol, it censensus mechanism, doomslug, night shade, human readable domain, human-readable address, aurora, rainbow bridge, and it tokenomics.

WHAT IS NEAR PROTOCOL

Near protocol was developed by some people who had worked in micro soft and google and some of the developers of Near protocol are Alex Skidanor and Illia Polosukhin. The developers raised over $50 million to found the Near protocol project without having any form built yet.

Near protocol is making sure that big companies like Google and Facebook do not steal information and also prevent some countries from taking it down.

CONSENSUS MECHANISM

You might have heard of the consensus mechanism before, Near protocol uses the DPoS consensus mechanism. Proof of Stake simply stake your coin to validate transactions and earn more coin from it while the delegated Proof of Stake is simply when you don't have the coin or computer to set your personal validator node, you just lend coin some to help you validate a transaction and you will earn more coins.

DOOMSLUG

Near protocol has a special PoS that produce block uniquely, the protocol is called DoomSlug. DoomSlug finalizes transactions after a single block, it is very different from how the Ethereum blockchain works because Ethereum usually achieves its finality in 35 blocks.

NIGHT SHADE

Near protocol has designed a new way to make transactions with something called Night Shade. They achieve this with help shard, they simply bypass having a lot of different blockchains to process transactions fast. With help of Shard, they can process up to 1,000 transactions per second. Of course, there are some blockchains way there that is using a sharding mechanism but what makes Near protocol sharding unique is that each share has about 100 seats. The available seat helps you be a validator. There will be less incentive for the validator as more people are joining the shard and also it will be more expensive to be a validator.

HUMAN-READABLE ADDRESS

This simply means you don't worry about the long addresses, you will be able to read and understand the address just like Steemit works. Near protocol will automatically give your own preferred readable address.

GUILDS

A guild is a community of people with different areas of consecration that comes together to help out the Near protocol. The Near protocol only has 4 broad members which I do not like the idea because it makes it a little centralized.

AURORA

Aurora is a layer 2 solution to Near protocol, the idea is just simply to how Ethereum with Matic as a layer to reduce the insane gas fee. Aurora makes it easier for developers to copy their Ethereum applications into the Aurora network.

RAINBOW BRIDGE

The rainbow bridge is the idea implemented by the Near protocol to move from the Near blockchain into the Aurora blockchain.

TOKENOMICS

Near protocol is inflationary because more tokens are been created every day and it comes from the extra 5% staking reward process. The token is governed by its holders, The holders of the Near token can be part of the decision-making because it is governance.

CONCLUSION

The Near protocol can carry out about 1,000 transactions per second, those no big deal because some other blockchains are doing better than. I don't thing investor in near protocol is a good idea because the token is inflationary. I hope is have learn something from today content about near protocol and it consensus mechanism