NEAR Protocol Audit – All You Need to Know

NEAR Protocol is a blockchain platform designed to enable the deployment and development of decentralized applications. dApps that have been built using NEAR can manage users’ crypto assets, independently issue their tokens, and control user identities through the blockchain

The main goal of NEAR is to create an environment where anyone can securely develop applications for the blockchain. The mass nature of the event is manifested in the possibility of starting work on a project without knowledge of programming languages, and it is enough to follow the instructions to get a ready-made solution in a few minutes.

Near Smart Contract Audit Features

NEAR Smart Contract Audit includes an in-depth assessment of the smart contracts of blockchain applications. NEAR Protocol is a relatively young but at the same time one of the most promising cryptocurrency projects that have managed to attract hundreds of millions of investments from the largest venture capital funds. The platform is based on several features:

1. Access to applications for users is possible using the classic login-password combination without using private keys, downloading files, and other factors that complicate not only registration but also authorization;
2. Ease of development allows you to create basic applications in a few clicks;
3. Ready-made templates will simplify the already easy process of creating applications, and it will be enough to adapt the design to your project.

As far as block production security is concerned, they use a mechanism called Doomslug. Despite its hardcore name, Doomslug is quite simple and assumes that different validators take turns producing blocks according to how many NEAR tokens they staked.

Top-4 NEAR Smart Contract Auditors 2022

Data-driven technologies are revolutionizing the way auditors work and providing a stronger smart contract connection. As a result, auditing services are of high quality, have strict professional ethics, deep specialized knowledge, and exceptional service. Some of the best NEAR smart contract auditors are considered to be:

1. Hacken
2. Immune Bytes
3. 0xGuard
4. Messari

When it comes to second and third-generation blockchains, what really defines their intrinsic value is the decentralized application ecosystem that thrives on them. Thus, most of these blockchain platforms are in constant competition to attract as many developers as possible.

How NEAR Protocol Works

NEAR uses a delegated Proof-of-Stake (PoS) blockchain with support for smart contracts. It uses sharding for maximum efficiency and is run by holders of its NEAR token.

In general, the NEAR system includes several tools at once, forming a set of programs:

• NEAR SDK – structures required for testing Rust and AssemblyScript;
• Gitpod for NEAR – creating a convenient place for developers to implement their projects, realizing their idea in a real ecosystem without having to go through an onboarding process;
• NEAR Wallet – a tool for creating a flexible user experience for application testing;
• NEAR Explorer – a tool for finalizing contracts and testing them in conditions of modern network performance;
• NEAR command line for working with local environments.

Advantages and Disadvantages of NEAR Protocol

Like any project, NEAR has its pros and cons. In this context, everything depends solely on the smart contract audit procedure itself.

Benefits of NEAR Protocol:

• ease of development for novice users;
• tools for working with basic level projects and security vulnerabilities;
• scalability;
• source code;
• smart contracts are available in any language;
• there are examples of already working applications;
• royalties;
• progressive security;
• strong consensus.

Disadvantages of NEAR Protocol:

• some projects will take time to implement;
• The possibility of creating and developing complex projects based on NEAR is questionable.

NEAR Tokenomics

The NEAR token can rightly be called the lifeblood of the network. In addition to staking, it is used for voting on network governance, as well as paying fees for transaction processing and data storage.

Commissions in the network depend on the complexity of operations, but unlike many other projects, in NEAR they are minimal. In addition, 70% of the fees are burned and 30% goes to smart contract developers. Such mechanics provide that the NEAR token can become deflationary. True, this requires the network to process a billion transactions per day, and at the moment their number reaches one million daily.

What is the NEAR token?

Each token is a unique digital asset similar to the ether that can be used for:

• Payments to the system for transaction processing and data storage.
• Running a node as part of a network, participating in staking.
• Help in determining how network resources are distributed and where its future technical direction will go, participating in management processes.

The NEAR token provides economic coordination for all participants managing the network and also allows the creation of new behavior models of applications built on top of this network.

The rest of the coins are used to develop the NEAR ecosystem and implement community programs. A large part also goes to the NEAR and NEAR Foundation teams. In addition, every year the network issues 5% of new tokens, most of which goes to pay rewards to validators.

NEAR Ecosystem Benefits

NEAR is not just any particular application, it is an entire platform. There are similar projects in the network, but they all have some drawbacks, the main of which is scalability problems, which directly affect the throughput and performance of applications. As a result, the blockchain, the main feature of which is the instant processing of payments and other actions, loses its uniqueness. Transactions are now delayed, and their cost will continue to rise.

To solve this problem, NEAR ecosystem decided to go the route of segmentation. Here, another blockchain was not used, which is usually taken as a basis (in modern implementations, most often the choice falls on Ethereum), after which the project is forced to perform some specific narrowly focused task.

NEAR decided to build its first layer protocol, which will involve separate groups of validators that provide high performance and transaction processing speed without increasing their cost. The main aspect of understanding the process of auditing smart contracts is its definition. The smart contract audit process focuses on checking the source code used to validate the terms of the smart contract.

Forecast and Development Prospects of NEAR Protocol

A competitive product that shows its best side today. Simplicity is what is interesting to the modern user. This will also ensure a natural increase in demand and interest in the token of the same name.

NEAR is interconnected with Ethereum, but at the same time, it is ahead of it in every way. Interest in the project is already observed from the largest representatives of the blockchain industry and smart contract audits, which is confirmed not only by big names but also by a market capitalization that reaches 1.8 billion USD.

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