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  • 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.
  • NEAR is the native utility token of the network and has the following utility:
    • Fees for processing transactions and storing data.
    • To run a validator node on the network via staking NEAR tokens.
    • Used for governance votes to determine how network resources are allocated and where the protocol’s future technical direction will go.
  • NEAR Protocol created a set of tools for developers and end users including:
    • NEAR SDKs: A full SDK which includes standard data structures, examples and testing tools for Rust and AssemblyScript.
    • Gitpod for NEAR: NEAR uses Gitpod to create a zero time onboarding experience for developers.
    • NEAR Wallet: A reference implementation that is intended to work seamlessly with the progressive security model that lets application developers design more effective user experiences.
    • NEAR Explorer: To aid with both debugging of contracts and the understanding of network performance.
    • NEAR Command Line Tools: A set of straightforward command line tools to allow developers to easily create, test and deploy applications from their local environments.
  • NEAR Protocol launched its mainnet on April 22, 2020 with 1 billion NEAR tokens created at genesis. 5% of additional supply is issued each year to support the network as epoch rewards, of which 90% goes to validators (4.5% total) and 10% to the protocol treasury (0.5% total). 30% of transaction fees are paid out as rebates to contracts which interact with a transaction, while the remaining 70% are burned.