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NEAR- Carbon-neutral blockchain

Fri, 22 Dec 2023, 11:47 am UTC

NEAR is a user-friendly and carbon-neutral blockchain, built from the ground up to be performant, secure, and infinitely scalable. NEAR is a platform for running applications that have access to a shared — and secure — pool of money, identity, and data that is owned by their users.

Human Readable address-

It leverages human-readable accounts to simplify remembering them. Every NEAR account is identified by a specific address. Based on their name, two types of accounts can be distinguished:

Named accounts, with human-readable names such as Alice. near.

Implicit accounts are referred to by 64 chars similar to the classic Ethereum and Bitcoin.

Consensus mechanism- Thresholded Proof-of-Stake

Validators are responsible for producing blocks and security of the network. In the mechanism, a large number of participants are called as witnesses to be elected to make decisions. The block-producing validators are elected based on the 300th proposal. This mechanism helps to maintain decentralization. The cost of running a block-producing validator node is estimated to be $330 per month for hosting.

Block producer eligibility-

Anyone with three to five years of system administration, performance, and monitoring experience, and familiarity with Open Source Software can run a validator node.

Near uses a sharding approach allows the network to increase its capacity as additional nodes participate. This is done by dynamically splitting the network nodes into multiple shards when usage is high enough to require it and parallelizing computation across those shards. This helps to increase scalability.

Rewards-

Epoch Rewards: Node operators are paid for their service a fixed percentage of total supply as a "security" fee of roughly 4.5% annualized.

Chunk-Only Producers will receive, at minimum, 4.5% annual rewards.

Protocol Rewards
45m $NEAR are distributed per year to the validators and delegators. The current reward rate is ~12% given the amount staked.

NEARUSD prices jumped more than 65% from this week's low of $2.060.It hit a high of $3.40 and is currently trading around $3.350. The pair is holding above the short-term (21 and 55-day EMA) and above the long-term moving average (200-day EMA).

The near-term resistance is around $3.50, any indicative breach above will take the pair to $4.27/$5.28. On the lower side, immediate support is $3.09, and any violation below targets $2.74/$2.

Indicators ( Daily chart)

CCI(50)- Bullish

Directional movement index - Bullish

It is good to buy on dips around $3 with SL around $2.50 for TP of $5/$5.28.

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