NEAR Protocol is a decentralised, open-source, layer-1 blockchain designed to support the development and deployment of decentralised applications (dApps). It leverages Nightshade sharding to optimise scalability by processing transactions across multiple shards simultaneously. The network uses a proof-of-stake (PoS) consensus mechanism to ensure security and energy efficiency.

NEAR Protocol emphasises usability, offering features such as human-readable account names, progressive onboarding through account abstraction, and compatibility with widely used programming languages like JavaScript and Rust. These tools enable developers to create applications that are both user-friendly and technically robust.

The platform also integrates Web3 technologies with artificial intelligence (AI), providing infrastructure for building decentralised AI-driven applications. NEAR supports user-owned AI systems through low-cost data storage, modular frameworks, and interoperability tools that connect with other blockchains.

The NEAR token is the native cryptocurrency of the NEAR Protocol and serves multiple purposes:

• Transaction Fees: The token is used to pay for transactions and data storage on the network.
• Staking and Security: NEAR tokens can be staked by validators to secure the network and validate transactions. Staking participants, including delegators, receive NEAR rewards for their role in maintaining the blockchain's integrity.
• Governance: NEAR token holders can participate in on-chain governance by voting on proposals and upgrades that affect the protocol.
• Developer and User Incentives: NEAR tokens are used to incentivise developers who build applications and drive activity on the protocol. Additionally, the network offers features such as fee rebates for application usage.
• AI and Web3 Applications: NEAR tokens are used within the ecosystem for deploying and running decentralised applications, particularly at the intersection of AI and Web3. The token supports microtransactions and enables decentralised AI agents to perform on-chain tasks.

NEAR Protocol positions itself as a key infrastructure for the intersection of artificial intelligence (AI) and Web3. It provides developers with tools and frameworks to create decentralised AI applications and agents that prioritise user ownership of data and decision-making processes. Key features for AI integration include:

• Data Availability: NEAR offers low-cost and scalable data storage to facilitate decentralised AI applications.
• Chain Abstraction: Developers can use NEAR to interact with assets across multiple blockchains, enabling interoperability for AI-powered systems.
• Developer Resources: Tools such as smart contract templates, SDKs, and libraries are available for building on-chain AI solutions.
• AI Ecosystem Development: NEAR supports user-owned AI initiatives through programmes like the Horizon AI Incubator, fostering innovation at the intersection of AI and blockchain.

NEAR Protocol collaborates with several AI and blockchain projects, enabling applications in areas such as AI-driven decision-making, decentralised data management, and microtransaction-based services.

NEAR Protocol was co-founded in 2018 by Illia Polosukhin and Alexander Skidanov.

Illia Polosukhin is a former Google Research engineer who contributed to the development of machine learning models, including Transformers. Alexander Skidanov is an experienced engineer with prior roles at Microsoft and MemSQL.