Unlock the potential of the cryptocurrency with a nearby protocol: a unique consent mechanism for safe and scalable transactions
In recent years, the world has witnessed an increase in interest in cryptocurrencies as a means of archiving, sending and using digital resources. Among these cryptocurrencies, Near Protocol (Near) has acquired significant attention due to its innovative consent mechanism, which promises to revolutionize the way we think of decentralized networks. In this article, we will deepen the world of Near Protocol and explore its unique characteristics, highlighting the advantages it offers compared to traditional cryptocurrency protocols.
What is cryptocurrency?
Cryptocurrencies are digital or virtual currencies that use encryption for safe financial transactions and manage the creation of new units. The best -known cryptocurrencies are Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). They operate on a decentralized network, allowing users to send, receive and archive the value without the need for intermediaries such as banks.
What is the nearby protocol?
Near Protocol (Near) is a blockchain protocol based on open source tests that allows developers to create and distribute scalable and safe applications. It is an algorithm of hybrid consent that combines the benefits of fragment and tolerance with Byzantine failures (BFT), which are fundamental components to guarantee the safety and integrity of decentralized networks.
Single consent mechanism
The mechanism of single consent of the protocol is based on a combination of tolerance with Byzantine failures (BFT) and Proof-Of-Stake (POS). Here’s how it works:
- Sharding
: near the protocol divides its blockchain into smaller fragments, each containing 100,000 blocks. This allows faster transactions processing times, reducing the overall block time to one second.
- Byzantine failure tolerance (BFT) : the protocol uses a BFT algorithm that guarantees that the nodes on the network agree on a series of rules and values before agreeing a new state. This prevents harmful actors from manipulating the network.
- Proof-Of-Stake (POS) : the LOS of Near Protocol mechanism rewards validators with a part of their transaction commissions, encouraging them to maintain the stability of the knot and guarantee the integrity of the network.
Advantages on traditional cryptocurrencies
Near Protocol offers several advantages compared to traditional cryptocurrencies:
- Scalability : Near’s Shareded architecture allows faster and efficient transactions elaboration times, making it suitable for high volume transactions.
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- Decentralized Governance : The LOS of Near Protocol POS mechanism allows governance guided by the community, allowing users to participate directly in decision -making processes.
- Interoperability : Near’s Shareded architecture allows unprecedented integration with other blockchain protocols, making it easier to create decentralized applications (DAPPS) above the protocol.
Use cases and applications
Near Protocol has a wide range of use cases and applications that exploit its unique characteristics:
- Decentralized Finance (Defi) : Near’s Shareded architecture enables fast and safe transactions, making it an attractive platform for Defi applications.
- Gaming : The decentralized governance model of the protocol allows the decision -making process led by the community, creating a game experience more for players.
- Management of the supply chain : the scalability and safety features of the nearby protocol make it suitable for the management of the supply chain management.
Conclusion
Close to the protocol there is an innovative cryptocurrency that offers a unique consent mechanism that combines the benefits of failure tolerance and Byzantine (BFT) with the test (POS).