NEAR/USD Contract Trading Pair Launches on Phemex as NEAR Protocol Continues to Drive High Gas Fees
Phemex launches NEAR/USD contract trading pair
Singapore, Singapore, May 09, 2022 (GLOBE NEWSWIRE) — Since the founding of Phemex in 2019 by Jack Tao and seven other former Morgan Stanley executives, the Singapore-based cryptocurrency exchange has been steadily adding various in-demand tokens to its contract trading platform.
Among the most popular trading pairs recently added to the Phemex platform is NEAR/USD. The NEAR Protocol is a community-driven cloud computing platform designed as a layer 1 blockchainrunning on a certified carbon-neutral proof-of-stake (PoS) network.
The NEAR protocol has a lot to offer.
For one, it offers transaction fees that are 1000 times lower than the prevailing gas fees on Ethereum, which can add up to hundreds of dollars just for setting up an NFT store.
It also uses “human-readable” account names instead of wallet addresses, which makes it more user-friendly and, of course, provides strong security assurance.
What are the building blocks of NEAR?
Some of the main features of the NEAR protocol are:
Consensus – The network uses a Proof-of-Stake consensus mechanism, resulting in faster and more efficient transactions. A new block production technique called “Doomslug” is also in the works, which will work in tandem with his “Nightshade” partitioning design.
Share – Share allows the network to divide computational tasks into smaller batches, allowing the network to scale its transaction throughput and improve network performance.
Developer Rewards – NEAR developers are incentivized to create new dApps on the platform via a 30% transaction fee allocation.
Random selection – The stakeholders chosen for the validation process are selected randomly and securely, which is totally unpredictable.
The secret of NEAR’s success
NEAR’s competitive advantage lies in its innovative sharding technology, which solves the stubborn problem of blockchain scalability. Sharding allows blockchains to divide groups of nodes into smaller “chunks” or “fragments”, with each shard having a unique set of data. This allows the network to handle increased load and achieve over 100,000 TPS.
At the same time, a downside of the NEAR protocol is that it takes a lot of money to become a validator – you have to stake over 60,000 NEAR (worth over US$1 million) in order to get a “seat” and vote. rights.
And because only validators have voting rights, it makes the network less decentralized. There are currently only 73 validators, which means that most platform users do not have voting rights.
How NEAR is a game-changer for these dApps
In a fledgling industry where so much is based on blind hype and the digital gold rush, three fast-growing decentralized apps (dApps) find clear use cases on the NEAR protocol.
Mint base – Mintbase allows anyone with no technical knowledge to mint and sell NFTs such as digital art, music, or event tickets, similar to a “Shopify for NFTs,” according to NEAR. However, since it works via smart contracts, things can get expensive. The NEAR protocol circumvents this problem with its sharing technology, allowing Mintbase users to benefit from much lower gas fees.
Paras – Another NFT marketplace built on the NEAR blockchain, Paras, takes a more curated and selective approach to building an NFT community, allowing truly promising artists to shine. Transactions are fast (1-2 seconds) and economical at pennies or less.
Flow – Flux is an open data protocol that allows developers to build markets on anything from assets to commodities and real-world events. In addition to benefiting from NEAR’s low gas fees, it also uses the NEAR wallet, which functions as a browser extension, to display account names instead of wallet addresses, allowing for a smoother experience.
NEAR Investment Insights
The NEAR protocol looks set to open the floodgates for app monetization like never before. At the Paris Blockchain Week Summit in April 2022, it announced a partnership with Sweatcoin, an app that rewards users for walking.
Ongoing developments include changes to node operating requirements, even allowing mobile users to participate, which will help with long-term security and stability. The platform also wants to boost its privacy by preventing transaction tracking and introducing “private shards” that will allow a group of users to run their own private channel.
He also recently launched the “NEAR Regional Hub” in Kenya to increase awareness and adoption of blockchain technology.
With clear use cases, a commitment to overall industry growth, and ongoing developments, NEAR is certainly one of the most promising protocols to watch. Its addition to the Phemex contract trading platform is well justified, as the exchange is known to be extremely conservative with its quotes.
The NEAR protocol was designed to make building on the blockchain affordable and user-friendly for everyone, which aligns perfectly with Phemex’s goals: to remove investment barriers for the common man.
To celebrate its new registrations, Phemex is also organizing the Close to the Future countryside with a prize pool of up to $100,000. Trade today with Phemex.
Disclaimer: There is no offer to sell, no solicitation of an offer to buy, and no recommendation of security or any other product or service in this article. The information provided in this press release is not investment advice, financial advice or trading advice. All readers are encouraged to do their own research.
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