What is Tron (TRX)?

Tron is not just a cryptocurrency, but a real revolution in the blockchain ecosystem! Founded in 2017 by Justin Sun, the platform had ambitious goals from the very beginning: to create a new internet where there are no middlemen and everyone can control their data. Tron quickly gained popularity thanks to decentralization and amazing transaction speeds. As of 2024, the platform has processed over 4 billion transactions and continues to grow rapidly.

Tron is not just TRX, it is an entire ecosystem with decentralized applications (dApps) and smart contracts that can be run on the blockchain. The platform has greatly improved its technological foundation, providing instant transfers and minimal fees, which has attracted thousands of developers around the world.

Tron is a step towards creating a new internet where there is no room for centralized structures like banks and governments. And for this purpose, the platform is already actively cooperating with major players in the blockchain industry, such as Ethereum and BitTorrent.

How does Tron work?

Tron is not just a cryptocurrency, but an entire ecosystem that uses blockchain to create a decentralized internet. It works on the basis of a distributed network, which guarantees maximum security and transparency of all transactions. Tron enables fast and cheap transactions, the creation of smart contracts, and the launch of dApps (decentralized applications).

TRX Price Forecast 2024-2025:

Many analysts predict a steady increase in the price of TRX in the coming years, with a possible 30-50% increase in 2024 if Tron continues to grow at the same pace. In 2025, the TRX price could reach even greater heights if the project fulfills its plans to scale and increase partnerships.

Thus, the outlook for Tron remains positive, especially given the growing interest in decentralized technologies and applications.

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Elements of Solana transactions

A Solana transaction is the transfer of SOL coins from one wallet to another. To better understand this process, it is important to know the basic elements that form it. They include all the same components as other cryptocurrencies, but they also have unique ones. Here’s a description of them:

• Signatures. This is a cryptographic confirmation that the transaction was executed by the legitimate owner of the coins. In other words, signatures authorize the transaction;
• Accounts. This is a system that assumes that various accounts store coin data. They are divided into payer account (the one who pays the fee), source account (from which assets are transferred), receiver account (the one who receives the assets), and program accounts (the smart contracts that are interacted with);
• Instructions. This element refers to the tasks that will be performed during the transaction. In other words, these are actions directed to Solana network programs, or smart contracts;
• Message. It contains signatures, accounts, and instructions. In general, it is all the data needed to execute a SOL transaction;
• Program ID. This component indicates which smart contract the transaction is interacting with;
• Hash. This is a reference or identification number of the transaction that allows you to track its status. Using the hash, you can find out if it has been validated in the blockchain or is in processing;
• Fee. This component refers to the cost of performing a transfer on the network, which is paid in SOL’s own coin.

Solana transaction process

Now let’s take a look at how the transaction lifecycle happens in Solana:

• Stage 1: Creation. In this stage, the user decides to send Solana coins and fills in all the necessary fields in the crypto wallet: coin, amount, blockchain, crypto wallet address, accounts and instructions.
• Stage 2: Signing. The cryptocurrency owner authorizes the transaction using private keys. This usually happens automatically after the user clicks “Confirm Send”.
• Step 3: Sending to the network. Once signed, the transaction is sent to the Solana network via the wallet, dApp, or directly through the node.
• Stage 4: Validation. The transaction is checked by blockchain validators for authenticity. This stage primarily checks the signature and the account balance, which should be sufficient to cover commissions.
• Step 5: Distribution to the network. After the first verification, the transaction is sent to other validators for verification. Solana uses a Proof-of-History (PoH) mechanism to conveniently organize the validation process, which ensures data order and high dispatch speed.
• Stage 6: Execution. The transaction instructions are executed by smart contracts. If necessary, changes are made at this stage, such as updating the account balance.
• Stage 7: Confirmation. When the transaction is completed, it is included in the blockchain. Validators then complete the processing, making the transaction irreversible.

When all these steps are completed, the transaction is considered successful. And for a Solana transaction to be effective, you need to know a lot more about its aspects, especially the fees.

Solana transaction fees

Commissions on the Solana network, like on other blockchains, are based on a rewards system: the validators who check transactions receive them as payment for their work. But unlike many other networks, Solana’s fees are extremely low.

For example, SOL transfers are charged an average fee of 0.000005 SOL, which is less than a cent. Of course, this amount can vary, but only slightly. This is another advantage of Solana commissions: they remain low even during periods of high network congestion. This effect is due to the high scalability of the network, making SOL transactions a popular choice for high-frequency trading, DeFi and decentralized applications (dApps).

How long does a Solana transfer take?

Solana has another advantage over other blockchains – it has a high transfer speed. Solana takes 0.4-0.5 seconds to confirm a transaction, and up to 65,000 transactions can be processed simultaneously every second. This speed is due to a combination of Proof-of-Stake (PoS) and Proof-of-History (PoH) mechanisms, both of which increase the speed of transaction processing on the network.

Like fees, SOL’s transaction processing speed is generally stable. However, it can vary depending on a number of factors.

Solana transactions are most often chosen for frequent trading because of their high speed and low cost. This is the main advantage of this blockchain network compared to others. However, delays are also possible due to the state of the network and the peculiarities of a particular transaction, so try to choose the least busy time to make transfers and double check the correctness of the entered data.

We hope that this guide was useful to you and now you know everything about Solana transactions. If you still have any questions, feel free to ask them in the comments!

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What is the essence of the new update?

The new update is known as Kathmandu, continuing the Tezos tradition of naming protocol versions after ancient cities. This is actually a tradition that started with protocol version 004, and so far Tezos has had protocols named Athens, Babylon, Carthage, Delphi, Edo, Florence, Granada, Hangzhou, Ithaca, and Jakarta. Kathmandu is the last of these, but far from the last because of the changing nature of the protocols used.

The protocol brought a number of new features, improvements and fixes, including things like a new version of the environment, optimistic smart contract summary packages, data availability layer, contract event logging, updated random number generation, multiple critical changes, transaction receipts, RPC changes, bug fixes, invoices, and some minor changes like fixing the round_overflow encoding name, allowing implicit accounts to delegate at boot time, and the like.

According to Tezos co-founder Kathleen Breitman, the developers really took advantage of the platform’s unique ability to seamlessly update without the need for hard forks. Developers realized early on how difficult it would be to make changes to the blockchain when every step required a hard-fork, and how risky projects become because of it.

What makes Tezos different?

Tezos was built with upgrades in mind, and now developers can make as many changes as needed without risk. There is a formal mechanism that makes this process very easy, to the point where even the Tezos consensus algorithm has been completely changed twice, in addition to adding a number of other improvements around scaling and the like. Breitman added that scaling is one of the biggest challenges in the world of blockchain technology and that most chains, including Ethereum, are still trying to find ways to deal with it.

According to her, most of these networks do not scale well, so they cannot handle a large number of transactions. This results in common problems such as congestion, rising tariffs and the like. Ultimately, the cost of using blockchain is getting higher and higher as more people start using it.

In comparison, she noted that Kathmandu is introducing new concepts and technical capabilities that make Tezos ready for more users, but also make the network very scalable and very cheap to use.

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What sets Avalanche apart is its compatibility with Ethereum, allowing decentralized applications ( dApps ) to move seamlessly between the two platforms. The Avalanche ecosystem has seen significant growth in 2021, with the number of average daily transactions increasing by 470% and its own cryptocurrency token AVAX increasing by over 3300%.

The platform’s main strengths lie in its lower fees and faster transaction speeds compared to Ethereum, as well as its ability to process around 4,500 transactions per second, depending on the subnet. This is in stark contrast to Ethereum’s throughput of less than 20 transactions per second. These features, combined with near-instantaneous transaction completion, make Avalanche a highly scalable and efficient blockchain network.

AVAX, Avalanche’s proprietary token, plays a critical role in maintaining the integrity of the network. It is used for transaction fees, network security and as the basic unit of account between the various blockchains in the Avalanche network. Avalanche’s governance model determines transaction fees and the rate of AVAX coin creation, further emphasizing its user-centric approach.

Launched in 2020, Avalanche is characterized not only by its speed and scalability, but also by its commitment to security, accessibility and affordability. As an open source project, it invites community participation, allowing anyone to review and contribute to the platform’s code, creating a collaborative and transparent environment.

How does Avalanche work?

Avalanche stands out from blockchains due to its innovative architecture and consensus mechanism, offering a multi-faceted platform that goes beyond the capabilities of typical blockchain networks.

At the heart of Avalanche’s uniqueness is the consensus mechanism, a new Proof-of-Stake (PoS) approach. This mechanism involves validators who place AVAX tokens to validate transactions. Unlike traditional PoS systems, each validator in Avalanche independently validates a transaction and then selects a small subset of other validators to reach consensus. This process continues until consensus is reached, typically in less than two seconds. This unique method allows consensus to be reached quickly while maintaining a high level of decentralization and scalability. The efficiency of the network is expected to increase as it grows.

The Avalanche architecture is characterized by the use of multiple blockchains, each performing specific functions. This division of labor between multiple chains makes Avalanche extremely efficient: it can process more than 4,500 transactions per second and complete transactions in less than two seconds.

The three main chains are:

• Exchange Chain (X-Chain) : this is the default blockchain for creating and exchanging digital assets, including AVAX’s own token.
• Contract Chain (C-Chain) : facilitates the creation and execution of smart contracts, using the Ethereum Virtual Machine for inter-chain communication.
• Platform Chain (P-Chain) : this chain coordinates validators and manages the creation and operation of sub-chains (sub-networks).

Avalanche’s ability to support subnets is another distinguishing feature. Users can run specialized chains with their own rules, similar to Polkadot parachains and Ethereum 2.0 shards. These subnets are groups of nodes that validate assigned blockchains, with all subnet validators also validating the main Avalanche network.

In addition, Avalanche boasts full compatibility with Ethereum, which increases its appeal. Tokens can be transferred from Ethereum to Avalanche using Avalanche Bridge, and Ethereum smart contracts can be deployed in Avalanche using the same code. This compatibility, combined with high transaction speed and efficiency, positions Avalanche as a versatile and powerful blockchain network for dApps, NFTs and blockchain gaming.

Avalanche’s combination of a unique consensus mechanism, multiple blockchain and sub-network capabilities, and Ethereum compatibility makes it a highly efficient, scalable and versatile blockchain platform. It is designed to effectively solve the blockchain trilemma by offering a combination of scalability, security, and decentralization.

While Avalanche demonstrates several strengths such as high transaction speeds and a robust rewards structure, it also faces challenges such as fierce competition and particular problems related to the validation mechanism. The future developments and strategies of the platform will play a crucial role in shaping its position in the blockchain sphere.

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What is Cardano

Cardano is a cryptocurrency issued on a blockchain created from scratch, working on the Proof-of-Stake (PoS) algorithm, designed for the development of smart contracts, as well as the creation of full-fledged decentralized applications dApps. Among the project’s goals: improving network scalability, interoperability, and resilience for efficient

Representatives of the project claim that it adheres to the principles of openness and transparency. All research and technical specifications that are relevant to Cardano are placed in the public domain.

History of Cardano’s creation

The project was founded by former Ethereum developers Charles Hoskinson and Jeremy Wood. In 2014, they were not in agreement with the course of development of “etherium”, so they started their own business.

In 2015, Hoskinson and Wood created Input Output Hong Kong (IOHK), which started developing Cardano. Later, as is always the case with the creation of such projects, the non-profit organization Cardano Foundation was also launched. The internal cryptocurrency ADA, which is used in the Cardano network, was named after the first programmer in history, Ada Lovelace.

On September 29, 2017, Cardano was officially launched. Trading of the token started a few days later – on October 1. Since then, the cryptocurrency has risen in value by 2,342%, although it is now trading well below historical highs – at $0.4 versus a peak of $3.1 set in the fall of 2021.

What is the Cardano roadmap (ADA)?

The Cardano Roadmap is a project development plan divided into five eras: the Byron, Shelley, Gauguin, Basset, and Voltaire eras. Each era refers to a specific functionality. Although the epochs are sequential, work on each is done in parallel – research and development often go on simultaneously.

The first epoch – “Byron”

This era is also called the foundation. With it, the first version of Cardano was launched. Users were able to buy and sell ADA cryptocurrency in a network operating on the Ouroboros consensus protocol. Also in the Byron era, the Daedalus wallet (the official desktop wallet for ADA) was launched, as well as the Yoroi wallet designed for fast transactions and everyday use.

In addition to the first technical developments, this fundamental era was associated with the creation of the Cardano community. As a result, the number of users of the project approached 500 thousand, and the cryptocurrency was represented on more than 30 exchanges.

The second era – “Shelly”

The “Shelly” era was the first steps of the project on the way to decentralization. As it evolves, more and more nodes of the Cardana network will come under community management. Another milestone is the introduction of a delegation and incentive system, rewards for steak pools and the community.

The Shelley hardfork took place on the Cardano network four years ago in July 2020. After it, users were able to deposit more ADA for steaking, and the commission to validators was also increased. Among other things, a “steaking pool” appeared on the network.

The third era – “Gauguin”

The next stage of the project’s development was the introduction of smart contracts. In September 2021, the Alonzo update was successfully integrated into the main Cardano network. It became the final part of the Goguen era, aimed at creating an ecosystem of decentralized applications in the project network.

One of the goals of this era was the creation of the Plutus programming language. In addition, the developers aimed to make launching smart contracts simple enough that financial and business experts could do it without advanced technical knowledge.

The fourth era is Basho

The Basho era is necessary to optimize the network as well as improve its scalability. Unlike other network development eras, it focuses specifically on improving the underlying performance to better support applications with increasing transaction volumes.

One key feature: the introduction of sidechains that will be interoperable with the core Cardano network to expand the blockchain’s capabilities. For example, a sidechain can be used to shift some of the load from the core network, thereby increasing its capacity. Among other things, sidechains are used for experimentation without affecting the security of the main blockchain.

The fifth epoch is “Voltaire”

Cardano is currently approaching this epoch, which is the final one according to the project roadmap. This phase aims to transform the network into an autonomous, decentralized system. In particular, the blockchain updates should result in the introduction of a new format for voting and governance actions.

The project developers themselves call the upcoming hardfork the most important for the blockchain industry. Once the update is activated, the Cardano network will move out of the hands of IOHK under the full management of community members. A treasury system will also be implemented, which will be funded by transaction fees. The collected funds will be used for the development of the network, and the community will participate in this by voting.

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What Are Smart Contracts?

Before diving into Ethereum, it’s essential to understand what smart contracts are. Smart contracts are self-executing agreements where the terms of the contract are written directly into lines of code. They automatically enforce and execute the terms of an agreement without the need for intermediaries. These contracts run on blockchain networks, ensuring that they are secure, transparent, and immutable.

Ethereum introduced the concept of a blockchain that could handle not just digital currency transactions, but also complex decentralized applications (dApps) and smart contracts. This expanded the potential use cases of blockchain technology beyond simple transfers of value, paving the way for decentralized finance (DeFi), NFTs (non-fungible tokens), and much more.

Ethereum’s Pioneering Role

Ethereum’s key innovation was the introduction of Ethereum Virtual Machine (EVM), which allows developers to write smart contracts in a flexible programming language called Solidity. Solidity is a high-level language specifically designed for Ethereum’s platform, making it easier for developers to write smart contracts that can execute various tasks on the blockchain. The EVM interprets and executes these contracts, ensuring that they are carried out exactly as programmed.

Ethereum was the first blockchain to support the full range of decentralized applications (dApps), and it continues to be the most widely used platform for developing these applications. Whether it’s in the realm of finance, gaming, supply chain, or healthcare, Ethereum-based dApps have become a significant part of the blockchain ecosystem.

Ethereum’s Impact on Decentralized Finance (DeFi)

One of the most revolutionary sectors powered by Ethereum is decentralized finance, or DeFi. Ethereum’s ability to create and execute complex smart contracts has made it the backbone of the DeFi movement. Decentralized exchanges (DEXs), lending platforms, yield farming protocols, and stablecoins have all been built on Ethereum’s blockchain.

Ethereum enables trustless transactions, where users can trade, borrow, and lend assets without the need for a central authority. This democratization of finance has disrupted traditional banking systems and opened up financial services to people who were previously excluded from the global financial system.

Ethereum’s Role in NFTs

Another domain where Ethereum has made a significant impact is in the creation and trading of non-fungible tokens (NFTs). NFTs are unique digital assets representing ownership or proof of authenticity, and they are mostly minted and transacted on the Ethereum blockchain. Ethereum’s smart contract capabilities allow artists, creators, and developers to tokenize their works, offering new ways to interact with digital art, music, gaming assets, and more.

The NFT boom, which started in 2021, has put Ethereum at the forefront of the digital collectibles market. Its ability to host and enforce the ownership of unique assets has made it the preferred choice for NFT creators and buyers alike.

Ethereum 2.0 and the Future

Ethereum’s commitment to innovation doesn’t end with its current capabilities. The Ethereum network is undergoing a significant upgrade known as Ethereum 2.0, which aims to address scalability and energy efficiency concerns. Ethereum 2.0 introduces a shift from Proof of Work (PoW) to Proof of Stake (PoS) consensus mechanism, which is expected to significantly reduce energy consumption and increase transaction throughput.

With Ethereum 2.0, Ethereum’s scalability will be improved through the introduction of sharding, a method of dividing the blockchain into smaller parts, or “shards,” to process transactions in parallel. This upgrade is expected to increase the network’s capacity to handle thousands of transactions per second, making Ethereum even more powerful and efficient for developers and users.

Ethereum’s Ecosystem and Developer Community

Ethereum has one of the largest and most active blockchain communities in the world. This extensive ecosystem includes developers, miners, users, and institutions that are constantly working to improve and expand Ethereum’s capabilities. With its robust developer tools, extensive documentation, and vibrant community, Ethereum has fostered an environment where innovation thrives.

The Ethereum Foundation and various other organizations provide support for projects building on the Ethereum network, further cementing Ethereum’s position as the market leader in smart contracts.

Ethereum’s Challenges

Despite its dominant position, Ethereum faces several challenges. One of the most prominent is scalability, as the network can become congested during periods of high demand, resulting in slow transaction times and high gas fees. However, Ethereum 2.0 and layer-2 solutions like Optimism and Arbitrum are expected to alleviate these issues by improving transaction throughput and reducing costs.

Another challenge is competition. While Ethereum remains the most widely used platform for smart contracts, other blockchain platforms like Solana, Cardano, and Polkadot are gaining attention for their own smart contract capabilities. Ethereum must continue to innovate and maintain its leadership position to stay ahead of its competitors.

Conclusion

Ethereum has truly earned its reputation as the market leader in smart contracts. Through its pioneering technology, support for decentralized applications, and role in DeFi and NFTs, Ethereum has transformed the blockchain landscape. With the upcoming Ethereum 2.0 upgrade, the platform’s scalability and energy efficiency are expected to improve, making it even more powerful and accessible for developers and users alike.

While challenges remain, Ethereum’s robust ecosystem, active developer community, and continued innovation ensure that it will remain a dominant force in the blockchain space for years to come. As the blockchain revolution continues, Ethereum will undoubtedly remain at the heart of it all, shaping the future of decentralized applications and smart contracts.

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What is Polkadot?

Polkadot is a next-generation blockchain platform designed to enable the creation and interoperability of various blockchain networks. Unlike traditional blockchains, which exist in isolation and cannot exchange data or value with other networks, Polkadot offers an infrastructure that allows blockchains to interact with each other, providing what is known as a multichain connection.

Polkadot consists of several components, including the Relay Chain, Parachains, and Parathreads. These components work in a single ecosystem to provide security and interconnectivity between different blockchains. This makes Polkadot a unique project that can unite different networks into a single ecosystem.

Polkadot components

The Relay Chain

The Relay Chain is the backbone of the Polkadot network. It is responsible for the security of the entire ecosystem as well as the interoperability between parachains. The Relay Chain does not process transactions directly, but rather coordinates interactions between parachains, manages consensus, and ensures the overall security of the network.

Parachains

Parachains are independent blockchains that are connected to Polkadot via the Relay Chain. Each parachain can be customized for specific tasks, be it financial transactions, gaming applications, or decentralized applications (dApps). Parachains can use a proprietary consensus algorithm and can be built using a variety of technologies. However, by connecting to Polkadot, they can share common security and interact with other parachains.

Flexibility for

developers Polkadot allows developers to create parachains with different consensus algorithms that can be customized for specific tasks. This gives developers the flexibility to build applications and take advantage of different technologies without being limited to a single blockchain.

Security and decentralization

Polkadot uses Nominated Proof of Stake (NPoS), which provides a high degree of security and decentralization. Validators are chosen through voting and their job is to keep the network secure, prevent attacks and ensure consensus. This makes Polkadot one of the most secure blockchains for multichain connections.

Polkadot Applications

Polkadot provides tremendous opportunities for creating a variety of decentralized applications and new blockchain projects. Polkadot can be used to build blockchains that can interact with other projects, which opens new horizons for the use of blockchain in various fields:

Decentralized Finance (DeFi): Polkadot can be a platform for building complex decentralized financial solutions that can exchange data between different parachains.
Gaming Industry: Game developers can use Polkadot to create ecosystems where different games and gaming platforms can exchange tokens and assets.
Internet of Things (IoT): Multiple devices running on different blockchains can use Polkadot to exchange data and resources.

Conclusion

Polkadot represents a revolutionary approach to solving the problems of scalability and interoperability between blockchains. With multichain connections, Polkadot allows different networks to share data and assets, creating a unique ecosystem for blockchain applications. Its flexibility, security and ability to provide interoperability between different blockchains make it a powerful tool for developers and users in the blockchain space.

Polkadot opens up new opportunities to create more complex, scalable and interconnected decentralized applications, and its importance in the blockchain ecosystem continues to grow.

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Meanwhile, DeFi on Efirium is thriving. And Binance realizes that they, like Efirium, need smart contract capabilities to keep up with development. Their code snippets execute under a set of predefined conditions. This lays the groundwork for lending, borrowing, and other decentralized financial activities.

Back to Binance. Instead of adding all these features directly to the Binance Chain and thus risking network congestion, they decided to launch the Binance Smart Chain (BSC). A blockchain from Binance that is designed to compete with Efirium.

BSC: What’s the difference?

Realizing that time is of the essence in creating a cost-effective alternative to Efirium, Binance experts reduced the time-consuming task of creating their own smart contracts from scratch and implemented their protocol based on the PoA (Proof-of-Authority) algorithm.

In fact, BSC even uses a special variation of the PoA consensus algorithm, Proof-of-Staked Authority (PoSA). In this protocol, there are only 21 validators confirming transactions at any given time. This makes BSC more centralized compared to other platforms.

What’s interesting is that the BSC developers are designing their platform to be compatible with Efirium. In other words, it can run applications and execute smart contracts using the Etherium model. But in doing so, the commission is only a fraction of the Etherium gas price.

BSC’s centralized network offers a much sought-after low-cost alternative to Etherium. And it increases the speed of transactions. The network is managed by Binance’s token, BNB. Users need it to pay the network’s fees. Right now, BNB is worth just under $400 per token (to give you an idea of the rate of adoption).

Is BSC worth using?

Ask anyone at DeFi what they prefer, Efirium or BSC, and you’ll be surprised at the answers. BSC has provided tangible benefits to the centralized organization of Binance and DeFi as a whole. Due to the attractive benefits to users, many people choose BSC. These include ultra-fast speed, low transaction fees (as low as 1 cent), the ability to create dApp applications, and a network of millions of users. Also, don’t forget that BSC is behind the creation of PancakeSwap. It is the main DEX exchange of the network and one of the most popular DEX exchanges in DeFi.

Binance Smart Chain offers practical solutions for those new to DeFi or looking for a more affordable option than Efirium. This doesn’t mean crypto-enthusiasts are abandoning blockchain entirely. On the contrary, BSC is a robust ecosystem that has been proven to be effective by statistics alone.

At the time of publication, the daily growth of new wallet addresses is about 400,000. And the total volume of unique addresses exceeds 74 million. These are big numbers. They are enough to prove that the network is growing at a tremendous speed.

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What problem is Near Protocol designed to solve?

When talking about Near Protocol use cases, we can take the example of Microsoft Azure and Amazon Web Services to understand how and why Near Protocol is playing a crucial role in the blockchain space today. Both Microsoft Azure and Amazon Web Services now power much of the web infrastructure around the world. These two are also the most commonly used cloud platforms for application deployment. There is no doubt that there are benefits to deploying applications on these cloud platforms. For example, it is easier for developers to update software when applications are deployed on Microsoft Azure and Amazon Web Services cloud. But there are also quite a few disadvantages.

Both Microsoft Azure and Amazon Web Services are owned and operated by the same organization, which means that the centralized organization has access to user data. If they want to, they can censor, modify, hack, and sell your user data on their own or at the behest of the government. On the other hand, when a cloud platform is run by a distributed and open community that anyone can join, decentralized applications will become truly decentralized and secure. No parties with dubious intentions will be able to hack such a cloud platform as there is no single point of failure. Any changes will require consensus among community members to implement. This form of cloud deployment also gives an advantage to developers. The applications they deploy can be locked down to prevent any changes to them.

NEAR Tokenomics

Near Protocol’s proprietary token is NEAR, and it powers the economics in the Near Protocol ecosystem. Developers and users will use Near tokens to pay for data storage and transactions in the system. Any user who wishes to participate in the network as a node can do so by deploying NEAR tokens. All NEAR token holders also receive voting rights to participate in the Near Protocol governance process and vote on important issues that will determine the future path of the Near Protocol.

The Near Protocol Foundation Fund received 10%, while early members of the ecosystem received 11.7% of NEAR’s supply. 12% of its supply was for sale to the community, and 6.1% of NEAR supply was reserved for small project sponsors.

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