Listing news continues to pump altcoin prices. NEAR, the latest Near Protocol native token, rose 12% after Coinbase’s listing announcement.
Altcoin price rises with Coinbase listing news
As Cryptokoin.com reported, Coinbase, one of the world’s largest crypto exchanges, has shared a new listing plan. Altcoin projects that the crypto exchange plans to add to its basket include Near Protocol (NEAR), Celer Network (CELR), and Raydium (RAY).
Listing news is often considered an indicator of market adoption. Therefore, the relevant crypto asset prices are positively reflected. Indeed, after the listing news, Near Protocol’s native token NEAR rose 12% to $5.97. Altcoin realm is still trading with a gain of over 10%, even though it slumped slightly later on.
What is NEAR Protocol (NEAR)?
NEAR is the native token of Near Protocol, a layer-1 blockchain network that provides a platform for developers to build decentralized applications (dapps). According to experts, the network is a direct challenger to the leading altcoin Ethereum. It is also worth noting that it uses a proof-of-stake (PoS) consensus mechanism.
Near was created to work faster and cheaper than Ethereum. The blockchain achieves its high transaction speed and capacity through a process called sharding, which breaks it down into sub-chains that are run by different validators and are regularly linked. NEAR Protocol was designed as a community-run cloud computing platform.
A layer Blockchain that removes some of the limitations that clog the rival Blockchain, such as slow transaction speeds, low throughput, and poor interoperability. This provides the ideal environment for DApps. It also creates a developer and user-friendly platform. For example, NEAR uses human-readable account names, unlike cryptographic wallet addresses common on Ethereum. NEAR also offers unique solutions to scaling problems. Meanwhile, it has its own consensus mechanism called “Doomslug”.
The NEAR Protocol is created by the NEAR Collective community, which updates the initial code and releases updates to the ecosystem. Its stated goal is to create a platform that is ‘secure enough to manage high-value assets such as money or identity and perform enough to make them useful to ordinary people’. Flux, a protocol that allows developers to create markets based on assets, commodities, real-world events, and Mintbase, an NFT mintage platform, are examples of projects built on the NEAR Protocol.
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