NEAR Protocol is a decentralized application platform designed to make apps similarly usable to those on today’s web. The network runs on a Proof-of-Stake (PoS)consensus mechanism called Nightshade, which aims to provide dynamic scalability and stabilizes fees.
NEARis the native utility token of the network and has the following utility:
- Feesfor processing transactions and storing data.
- To run a validator nodeon the network via staking NEAR tokens.
- Used for governance votesto determine how network resources are allocated and where the protocol’s future technical direction will go.
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