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Near Protocol is a Layer-1 blockchain network built with a primary focus on usability for developers and users. It is a smart-contract platform that has adopted the Proof-of-Stake (PoS) consensus mechanism. 

Near Protocol was built as an alternative blockchain to Ethereum that could offer higher scalability through the use of sharding technology. The network’s native token is dubbed NEAR, and its primary use cases include transaction fees, governance, and offering rewards to NEAR token holders who act as validators on the network and help it achieve consensus.

Some of the unique features of Near Protocol include:

• Sharding – As blockchain networks grow, it becomes difficult for nodes to manage their functions. Using the sharding approach, Near Protocol can accommodate more nodes in its network as sharding enables it to grow its capacity.
• Decentralization – Near Protocol is permissionless, and anyone can set up a node to join the network. Moreover, it uses a PoS technique which ensures that the consensus process is fair.
• User-friendliness – Near Protocol’s primary focus is on usability. It enables developers to build decentralized applications that offer UX similar to web experiences users have already used. Moreover, Near has a unique onboarding process as it provides human-readable addresses for users.
• Governance – Near Protocol has taken measures to allow all NEAR token holders to participate in the governance of the Protocol. This enables it to promote community-driven initiatives for the Protocol.

Near Protocol addresses the common issue of scalability among blockchains by implementing a sharding technology known as Nightshade. Sharding is a blockchain design that allows each blockchain node to keep only a small portion of the platform’s data. This way, Near Protocol, divides the blockchain into smaller, more manageable portions, which help it scale more efficiently. Moreover, this eases the pressure on the network by lowering computational demand, resulting in higher transaction throughput. This technique varies from similar blockchains’ sharding systems. Here, each shard creates a part of the next block, referred to as a “chunk” and to complete the transactions included inside, these are processed and immutably saved on the NEAR blockchain.

The Near Protocol uses a Proof-of-Stake (PoS) consensus mechanism. To be considered for participation, nodes interested in becoming transaction validators must stake their NEAR tokens. These validators are rewarded for helping ensure that the NEAR Protocol remains secure. Validators on Near are chosen using an auction method at each epoch, usually a 12-hour period. Validators with bigger stakes tend to have more influence in the consensus process. NEAR token holders can also participate in the consensus process by delegating their tokens to a validator of their choice.

Alex Skidanov and Illia Polosukhin founded the Near Protocol. Skidanov was the director of engineering of MemSQL, a database firm. Polosukhin formerly worked at Google, where he assisted in developing the company’s artificial intelligence and search engine technologies.

Near Protocol has raised more than $20 million from renowned venture capital firms such as Andreessen Horowitz and Pantera Capital in numerous stages. 

On April 22, 2020, NEAR Protocol launched its Mainnet, with 1 billion NEAR tokens issued at genesis. Early-stage investors have purchased around 35% of the original supply of 1 billion NEAR tokens.

On October 25, 2021, Nean Protocol announced an $800 million fund. These funds will be utilized to support efforts to advance the NEAR protocol ecosystem’s growth. 

The Near Protocol uses Proof-of-Stake (PoS) consensus process to ensure the network’s security. It uses the Doomslug variant of PoS, built on two rounds of consensus, with a block deemed complete after receiving the first round of communication. By having validators take turns creating blocks rather than competing directly based on their stake, the Near Protocol is able to achieve near-instant finality.

The Near Foundation also plays a critical role in ensuring the security of the Near Protocol. Near Foundation is a non-profit organization that works on the protocol’s maintenance, governance, and funds the ecosystem’s development.

Online theft and fraud are frequently carried out by targeting users’ online/hot wallets to disclose their private keys rather than attacking the blockchain network. Such malicious actors use trickery to deceive consumers into disclosing their private keys or attack their systems with malware.

Hardware/cold wallets overcome this vulnerability by storing private keys on physical storage devices that are disconnected from the internet and hence out of reach of malicious actors.

A Ledger hardware wallet saves your private keys offline and thus makes your crypto assets inaccessible for anyone except you in the event of a computer hack. 

The Ledger Live app gives the option to manage 1800+ coins and tokens from a smartphone or desktop, making the system extremely convenient. The provision to use a PayPal account or Debit/Credit Card to purchase NEAR offered by Ledger is also beneficial for new users. Follow the simple steps below to purchase NEAR on a Ledger wallet: 

1. Get a Ledger hardware wallet.
2. Download and install Ledger web or mobile application.
3. Connect the Ledger app with the Ledger hardware wallet.
4. Install the Near Protocol application from the app catalog.
5. Start buying NEAR using Ledger Live.