How does Near work?
Near is a decentralized application platform that enables developers to build and deploy applications on the blockchain.
It is built on a new consensus algorithm called Nightshade, which is designed to be more efficient and secure than existing consensus algorithms. Near's consensus algorithm allows for fast transaction times and low fees, while also providing scalability and security. Near also has a built-in sharding system that allows for horizontal scaling of the network, allowing it to process more transactions in parallel.
Near's architecture is designed to be developer-friendly, allowing developers to easily create applications using familiar programming languages such as JavaScript, Rust, and Go. The platform also provides tools for developers to deploy their applications quickly and securely. Near also has an integrated token economy that allows users to pay for services within the network using its native token, NEAR.
This token can be used to pay for transaction fees or rewards for validators who help secure the network. The token can also be used as a form of collateral when staking tokens in order to become a validator on the network. In addition, Near has an open governance system that allows users to vote on changes to the protocol or suggest new features through its governance portal.
This ensures that all stakeholders have a say in how the network evolves over time.
