What is the Near Protocol, and how does it work?

• Ayushi Abrol
• April 19, 2023

Near Protocol is a decentralized application built on blockchain technology to create a platform for people to quickly find and pay for services. The Near Protocol solves some of the biggest problems in the freelance industry.

Near allows users to securely hire freelancers from all over the world without any worry about their ID or if they are safe due to blockchain technology being able to verify every transaction. On top of that, it offers up-front payment so that people can be sure they are hiring reliable individuals when there is low downtime between projects and emergencies that will not interfere with payment methods.

The problems with the current system in the freelance industry are plentiful. These include censorship, lack of professionalism, and fraud. The Near Protocol is a DApp platform that does not rely on centralized servers to function, which means no censorship and no data breaches. Furthermore, because the system is decentralized and hence not under the control of any institution, Near Protocol provides a better level of professionalism than traditional freelancing platforms. Additionally, the transaction cost in Near Protocol is low, which eliminates unnecessary fees and enables both clients and freelancers to get more value for their money.

What is a Near Protocol Blockchain?

It is a new public chain that aims to resolve the problem of sharing bandwidth between users and telecom providers. Near Protocol provides a solution that allows users to share and utilize their idle bandwidth through blockchain technologies. In addition, the Protocol offers a way to improve the payment transaction experience. It is a blockchain-based ecosystem that includes a next-generation DApp platform and a private chain with high throughput. Near Protocol will create the foundation for blockchain technology in the telecom industry.

How does Near Protocol work?

Near Protocol aims to resolve the problem of sharing bandwidth between users and telecom providers by using blockchain technology. In addition, the Protocol also provides a solution that enables a better payment transaction experience. Through the development of Near Protocol, we will work towards improving the ecosystem of blockchain technology in the telecom field.

What are the highlights of Near Protocol?

We have summarized the highlight of Near Protocol below:

• Telecommunication companies can issue tokens based on Near Protocol to collect funds. The capital raised through these tokens will build telecommunications infrastructure and offer services in emerging markets.
• There is no transaction fee for holders of NRC 20 tokens, which allows it to function as a stablecoin for use in micro-payments and cross-border transactions.
• The DApp platform on Near Protocol offers features like intelligent escrow contracts that make hiring freelancers far more efficient and secure than conventional methods such as freelancing websites or Craigslist.
• Moreover, Near Protocol is better for the environment because it does not produce massive amounts of CO2 like other traditional methods of payment that are harmful to the environment.
• Near Protocol is backed by a team with years of experience in the telecommunications industry committed to making the platform work long-term.
• Finally, Near Protocol aims to reduce censorship and fraud by using blockchain technology. Blockchain enables users to securely hire freelancers from all over the world without any worry about their ID or if they are safe due to blockchain technology being able to verify every transaction.

What is the problem with Near Protocol?

The problems with the current system in the freelance industry are plentiful. These include censorship, lack of professionalism, and fraud. The Near Protocol is a DApp platform that does not rely on centralized servers to function, which means no censorship and no data breaches.

Near Protocol’s Distinguishing Characteristics:

Sharding strategy

Near Protocol uses a sharding strategy to process transactions quickly and efficiently. Near Protocol can process thousands of transactions per second without using the traditional block structure.

Censorship-resistant Protocol

Near Protocol is censorship resistant by removing central servers, improving the data security for users, and verifying every transaction through blockchain technology.

Private chain with the fastest transaction speed

Near Protocol uses DHT, a distributed hash table, to create a private chain for every user and provide fast transaction speed. Unlike mainstream public chains like Ethereum, Near Protocol only processes transactions for the users involved in each smart contract.

Distributed file storage 

A distributed file system is the underlying technology that allows users to exchange data without relying on central servers or other centralized institutions. In this type of system, each computer connected to the network stores some information so that all connected computers can access it at any time on demand.

DApp platform

Near Protocol is developed as a DApp platform, which helps users to achieve a decentralized experience and allows them to interact with each other in the product ecosystem on top of the Blockchain technology.

Providing payment solutions on near Protocol

Near Protocol offers a low threshold for payment on Near Protocol and provides various ways to adopt intelligent contracts to improve payment experiences such as printable invoice templates, online remittances, settlements, etc.

Anti-fraud platform

Near Protocol’s anti-fraud measures are developed based on smart contract and identity technology (ID) to prevent fraud. The API provided by near Protocol to allow users to build decentralized applications is a seamless system that secures the payments and reduces fraud.

Low transaction cost

Near Protocol has eliminated unnecessary fees, which allows both clients and freelancers to get more value for their money. In addition, Near Protocol resolves the problem of sharing bandwidth between users and telecom providers by using blockchain technology. The Protocol also provides a solution that enables a better payment transaction experience. Through the development of Near Protocol, we will work towards improving the ecosystem of blockchain technology in the telecom field.

Integrating with telecom infrastructure

Near Protocol will integrate with telecom infrastructure by using consortium blockchain infrastructure and add value to existing networks by improving the efficiency of transactions, increasing the speed of transactions, etc.

Advanced APIs

We will provide a set of APIs that cover most of the communication interface to facilitate third-party DApp developers and make Near Protocol the infrastructure for next-generation DApp development.

Why use the Near Protocol?

• Because of the sharding strategy, Near Protocol can process thousands of transactions per second.
• The Near Protocol does not rely on central servers. Therefore, it is censorship-resistant and has better data security.
• It has a stable coin that can be used for micro-payments and cross-border transactions and settling disputes through intelligent contracts.
• It is better for the environment because it does not produce massive amounts of CO2 like traditional payment methods.
• Near Protocol has a good team with many years of experience in the telecom industry. In addition, almost 100 global telecom companies support Near, which shows its credibility and stability.

Near Protocol’s Value Proposition

Near Protocol offers a solution that allows users to share and utilize their idle bandwidth by using blockchain technology to build an ecosystem that integrates the DApp platform, private chain, and payment service.

Telecommunication companies can issue tokens by collecting funds for building telecommunications infrastructure and offering services in emerging markets.

We aim to reduce the cost of telecom services, which means we can offer lower prices for clients.

Near Protocol allows tradable tokens for users to obtain more value for their money.

Through a DApp platform, Near Protocol provides a unique experience for DApp developers and users, which is missing in traditional telecom companies.

Projects Based on Near Protocol

Mintbase

Mintbase is the first DApp based on Near Protocol, and it uses Near Protocol to provide a wallet, private key management system, and payment service.

The features of Mintbase include

• BTC/ETH wallet: Users can store BTC and ETH on the wallet. They can also transfer, receive and make payments using this wallet.
• Payment gateway: Users can pay for in-store purchases by scanning QR codes using the Near Protocol mobile app.
• Near token management platform: On top of the Near Protocol, users can buy/sell NEO or GAS tokens without any transaction fee by using their wallets.
• Off-chain private key: The private key of Mintbase is not stored on the blockchain. It is instead stored off-chain. This saves data, reduces security risks, and increases transaction processing speed.

DApp Express

DApp Express allows DApp developers to create DApps based on Near Protocol easily and quickly access telecom infrastructure.

Features include

• Near token wallet: Users can manage their tokens conveniently by using their wallets on their mobile phones or computers.
• Near token payment service: DApp Express will allow users to use their Near Protocol tokens for paying for DApps and telecom services.
• Near private chain: DApp Express will integrate a Near Protocol private chain, and we aim to provide functions such as off-chain storage, ICO-based data securitization, etc.

NPunks

NPunks is Near Protocol’s first DApp, a decentralized game where users can contribute to the ecosystem and earn tokens by mining. Users can experience mining with their mobile phones and get rewards after mining for a particular time.

Features: 

• Mining system: We have designed a Proof-of-Work (PoW) mining system in which users can easily mine using their mobile phones.
• NPunks Token: Users who have mined some Near tokens will be able to use the Near Protocol mobile app to manage, transfer or exchange their tickets.
• Cross-connecting with other DApps: Users can transfer their tokens to other DApps, such as paying for in-app purchases on NPunks, telecom services, etc.

Paras

Paras is an AI-based chatbot platform based on Near Protocol, and it is an innovative way for users to resolve their queries related to telecom services. Users can chat with the AI chatbot and obtain instant responses to resolve issues such as billing, customer service, and technical support by using Near Protocol tokens.

Features

• Easy question and answer interface: Users can send their inquiries using text, voice, or video, and Paras will respond in a humanized manner.
• Intelligent analysis: Paras can provide accurate solutions according to users’ requests and conversations with other users.
• Knowledge base sharing: Paras can share its knowledge with other phones that have installed the same application by sending data such as customer support tickets, customer feedback, etc.

Where and how to buy NEAR?

NEAR tokens are traded on Binance so that users can easily buy them through the platform’s market. In addition to that, users can also buy NEAR by directly sending ETH to Binance.

NEAR wallet

NEAR wallet is the native wallet for Near Protocol, and it supports all of the significant Ethereum wallets, including MyEtherWallet (MEW), Metamask, and Mist. Players must create an account with their account details before accessing their wallets, and they can also use this wallet to buy/sell tokens using their mobile phones or computers.

NEAR Token 

The NEAR token is used as the primary gas for Near Protocol, further utilized for paying for DApp services, telecom services, or in-game purchases. NEAR tokens are available with Ethereum only, which means users will need an excellent ETH to purchase NEAR.

NEAR Team

Near Protocol’s team consists of 7 members, and they are all from a traditional telecom background with many years of experience from large corporations such as Samsung and Nokia. As a result, the team has a strong foundation in building a blockchain startup by taking full advantage of their background in mobile technology, blockchain technology, telecommunications, and internet service provisioning.

Near Protocol: The Future

Near Protocol aims to utilize the telecom sector’s sophisticated infrastructure, payment systems, and muscular development capabilities with its near-frictionless blockchain technology. In addition to that, Near Protocol supports DApp developers by providing a development platform for them to access and integrate with Near Protocol easily.

Near Protocol also allows “trading” of telecom services because users can transfer tokens between different DApps based on the Protocol. This could potentially attract many users who have other preferences for service users. Still, they can all take advantage of telecom services and products on the same platform.

Conclusion

Near Protocol is an innovative solution that combines telecom infrastructure, blockchain technology, and a new generation communication network to create and develop the future telecommunications industries. NEAR tokens are the utility token used within the ecosystem by players such as DApp developers, telecom operators, and hardware manufacturers. We aim to achieve a decentralized ecosystem where everyone can play, leading to a more flexible supply-demand relationship for telecom services globally.

Let’s look at the current development trend in the telecommunications industry. The anticipations are that the traditional telecom services will decline compared with new technologies such as VR and AR. The telecommunications industry is a very volatile market as telecom operators are prone to changes in the telecom service provider. For example, 3D VR is also a new industry in which telecom operators and hardware manufacturers will be competing to stay ahead of each other. NEAR Protocol aims to equip DApp developers with its near-frictionless blockchain technology, creating a more competitive telecom ecosystem where players can easily access and enjoy the services from the same platform.