Unlock the power of cryptocurrencies: understanding of the near (close) protocol and its innovative consensus mechanism

The world of cryptocurrencies has experienced enormous growth and innovation in recent years, many new projects emerging to disrupt traditional financial systems. Among these, the nearby protocol is distinguished as a revolutionary example of a decentralized open-source blockchain network which is about to revolutionize the way we think of digital transactions.

What is near the protocol?

Near the protocol is an open-source and decentralized public network designed by Blockstream and developed in partnership with the graph. Launched in 2018, Nargel is built on a mechanism for evidence for evidence (POS), which allows faster transaction times, lower energy consumption and greater scalability compared to traditional blockchain networks.

The unique consensual mechanism: proof of history

The innovative consensual mechanism of Narch is based on the concept of “proof of history”, where validators are selected according to their historical transactions. This approach guarantees not only the security and immutability of blockchain, but also introduces a new aspect called “state transitions”.

State transitions occur when new data or updates are made in blockchain, which triggers the validation process for potential validators. In traditional post -consensus mechanisms, validators are chosen according to their current blockchain state. However, the approach of Proof of History from Near guarantees that validators are selected according to their historical transactions and their reputation.

This unique mechanism has several key advantages:

* Increased security : by only allowing validators to offer transactions that have been valid in the past, almost reduced the probability that malicious actors falsify the blockchain.

* Improvement of scalability : Fragile architecture allows faster transaction times and greater scalability compared to traditional blockchain networks.

* Improved transparency : The mechanism of proof of the history provides a clear audit track of all transactions, which facilitates the monitoring and verification of the integrity of the blockchain.

Key characteristics of the near protocol

Narch’s innovative consensual mechanism is completed by several other key characteristics that make it an attractive choice for developers:

* Compatibility of intelligent contracts : Almost supports intelligent contract features thanks to its compatibility with popular frameworks such as the sequence of truffles.

* Decentralized finance support (DEFI) : Near has already been integrated into DEFI applications, offering transparent experience to users.

* Interoperability : Near’s fragile architecture allows a transparent interaction between different blockchain networks.

Conclusion

Near the protocol represents a significant leap in the development of decentralized open-source blockchain technology. Its innovative consensual mechanism, proof of history, provides a unique solution to traditional consensus mechanisms based on POS. With its scalability, security and transparency features, it has the potential to revolutionize the way we think of digital transactions.

While the cryptocurrency landscape continues to evolve, it is essential to understand the subtleties of the nearby protocol and its unique advantages. By adopting a nearby protocol and its cutting-edge technology, developers can unlock new possibilities for innovation and growth in the world of cryptocurrencies.

Sources:

• Blockstream. (2022). Near the protocol.

• The graphic. (2022). About close protocol.

Recommendations for developers:

• Familiarize yourself with the broken architecture of Narge and proof of the history consensus mechanism.

• Explore the compatible intelligent contract frameworks of Narch, such as the sequence of truffles.

• Join the nearby ecosystem to stay up to date on the latest developments and best practices.