## What is NEAR Protocol?
NEAR Protocol is a blockchain platform that employs a public proof-of-stake and sharded architecture. Designed for high scalability and cost-efficiency, it provides an environment for developers to easily create decentralized applications (dApps). Unlike side chains or specialized blockchains, NEAR operates as a standalone Layer-1 protocol, supporting the Open Web platform independently.
### Key Features of NEAR Protocol
**System Design Problem Solving:**
NEAR Protocol is structured to address system design challenges, with a strong focus on developing scalable and efficient dApp platforms. Its organization is geared towards continuous protocol development and maintenance, ensuring longevity and relevance.
**Community-Driven Cloud Platform:**
The platform functions like a community-managed cloud service, leveraging a novel consensus algorithm and sharded architecture to achieve scalability and meet high-level design objectives.
### Core Technologies of NEAR
**Sharding:**
NEAR utilizes a sharding mechanism to distribute computational tasks across multiple parallel shards, enhancing scalability.
**Consensus Algorithm (Nightshade):**
The Nightshade algorithm achieves consensus across all nodes, ensuring security and efficiency.
**Staking and Game Theory:**
Stakers are selected through a secure random process, optimizing the distribution of resources and incentivizing good behavior among participants.
**Randomness:**
The use of an unpredictable random approach further secures the protocol.
### Design Principles
NEAR's technologies are developed with key principles in mind: user-friendliness, scalability, simplicity, and sustainable hierarchy. These principles ensure that the platform remains accessible, efficient, and long-lasting.
## Detailed Information About NEAR Coin
### Key Metrics
- **Ticker:** NEAR
- **Blockchain:** NEAR
- **Token Type:** Utility + Governance
- **Total Supply:** 1,760,437,537
- **Circulating Supply:** 1,002,491,129
### Token Allocation
NEAR tokens are distributed as follows:
- **Backers:** 17.6%
- **Community Grants and Programs:** 17%
- **Core Contributors:** 14.5%
- **Early Ecosystem:** 13.3%
- **Operation Grants:** 11.5%
- **Community Sale:** 10%
- **Foundation Endowment:** 10%
- **Small Backers:** 6.1%
### Token Release Schedule
**Backers:** Initial capital calls began in 2017, with a structured payment timeline.
**Community Grants & Programs:** Allocated to community-building activities, these tokens are issued over a 60-month period.
**Core Team:** Tokens are locked for four years, with full benefits realized after the first year post-launch.
**Early Ecosystem:** Lock-up periods of 6 to 12 months, with further details on unlocking schedules yet to be announced.
**Operation Grants:** Initial distributions occurred in late 2020 and early 2021.
**Community Sale:** Up to 100 million NEAR tokens are allocated through community sales, with 25 million unlocked initially and the remainder locked for 12 to 24 months.
**Vesting Schedule:** Over a five-year period, the NEAR project aims to fully unlock the total token supply.
### Benefits of Holding NEAR Coin
NEAR tokens serve multiple purposes:
- **Transaction Fees:** Used to pay for transaction processing and data storage.
- **Staking and Validation:** Holders can run validation nodes and stake tokens to earn rewards.
- **Governance:** Token holders can participate in the governance of the ecosystem.
### Wallets and Exchanges
**Storage Wallets:**
NEAR tokens can be stored on wallets like Metamask and Trust Wallet.
**Exchanges:**
NEAR is available for trading on platforms such as Binance, Hotbit, and MEXC.
For more detailed and updated information, you can visit the [NEAR Protocol website](https://near.org).
