What blockchain is near on?

Built by the NEAR Collective, NEAR was designed to host decentralized applications (dApps), and strives to compete with Ethereum and other leading smart contract-enabled blockchains like EOS and Polkadot . NEAR’s native token is also called NEAR, and is used to pay for transaction fees and storage.

The Near Protocol uses the Proof-of-Stake (PoS) consensus mechanism for transaction validation. This means users must pledge a certain number of NEAR tokens to the blockchain to become validators (or nodes) on the network.

The NEAR token is the ecosystem’s primary native asset, and all accounts have access to it. Each token, identical to Ether, is a one-of-a-kind digital asset that may be used to: For completing transactions and keeping data, you must pay the system.