SenseiNode is running a NEAR validator!

We’ve partnered with Meta Pool, to bring a Liquid Staking solution for the NEAR protocol!

Meta Pool is a multi-chain, Liquid-Staking Based Ecosystem that provides LSTs in Ethereum, NEAR and Aurora and Liquidity Pools, allowing every user to be liquidity providers among other services.

NEAR is a decentralized application platform that secures high value assets like money and identity while providing the performance necessary to make them useful for everyday people. It is built atop a brand new public, proof-of-stake blockchain which uses a consensus mechanism called Doomslug and a new sharding approach called Nightshade which splits the network into multiple pieces so that the computation is done in parallel and there is no theoretical limit on capacity.

Near also is based on the Blockchain Operating System (BOS) that simplifies building, deploying and accessing decentralized frontends.

This system allows them to provide a development environment and a social network to all users that want to deploy or discover new applications.

BOS is based on three pillars, Components, Blockchains and Gateways.

Components are composable frontends that solve a specific problem, Blockchains store the component’s code and gateways are a simple way to render components anywhere.

Contract-Based Account Model

The platform's contract-based account model offers flexibility, providing better usability for developers, validators, and end-users. This model differs from other blockchain systems that rely more on second-layer solutions.

Development Phases

NEAR has undergone several development phases:

• Genesis (Phase 0) was launched on April 22, 2020.

• It became community-operated (Phase I) on September 24, 2020.

• Transfers were enabled on October 13, 2020 (Phase II).

• NEAR is now fully operational.

The NEAR purpose

The NEAR Project originated to provide developers and entrepreneurs with robust tools using decentralized technologies. It aims to offer a platform where apps can access and transfer value, enabling new business models. The project focuses on making these technologies accessible to a wider audience for global impact.

Our purpose is to enable community-driven innovation to benefit people around the world.

Focus on Performance and Usability

NEAR prioritizes performance and usability for both developers and users.

Features for Users

• Uses human-readable accounts like alice.near.

• Offers a web-based wallet without the need for additional software or extensions.

• Provides a system of Access Keys for account permissions management.

• Transactions are fast (about 1 second) and inexpensive (less than 1¢).

• The network is certified carbon-neutral.

Developer Experience

• Supports smart contract development in JavaScript or Rust.

• Offers comprehensive documentation and examples.

• Provides daily office hours with NEAR DevRel for community support.

• Developers receive a portion of gas fees.

Technical Capabilities

• Achieves scalability and handles usage spikes through sharding.

• Offers Ethereum interoperability with the Rainbow Bridge.

• Compatible with EVM through Project Aurora.

Account Creation in NEAR

Users need to create an account to join the NEAR ecosystem. NEAR accounts offer unique features:

• Human-readable accounts for ease of use.

• Multiple keys with specific permissions per account.

• Smart contract development support in languages like JavaScript or Rust.

• Mutable state (storage) for accounts.

In order to use the created account, users will need the NEAR wallet.

This wallet is a web-based tool for easy account creation.

• Testnet allows direct creation of named accounts.

• Mainnet initially provides an implicit account, requiring funding to create a named account.

The NEAR Token

The NEAR token has several use cases:

• Staking for network security

  NEAR's proof-of-stake mechanism relies on NEAR tokens for staking, securing the network.

• Serving as a unit of account for transactions and data storage.

  The protocol charges transaction fees for data storage and processing, with fees being burned to align incentives for node operation.

• Functioning as a medium of exchange in the ecosystem.

  It can be used to transfer value between applications and accounts. Apps can utilize it to charge for specific functions such as granting access to data or executing complex transactions.

  The NEAR token also has a fixed issuance rate to compensate Validators. Issuance is around 5% of the total supply annually, with transaction fee burning potentially leading to negative inflation as network usage grows.

Validator Rewards and Selection

Validator Rewards Structure

In NEAR Protocol, validators collectively receive 90% of approximately 5% of the total annualized supply, with the remaining 10% allocated to the Protocol Treasury.

Rewards distribution occurs per epoch, which takes place every half day, averaging around 61,640 NEAR per epoch divided among the validators.

Rewards are calculated based on each validator's participation. The number of seats a validator occupies is determined through a simple auction process. At the end of each epoch, validators are evaluated on their actual block and chunk production compared to expected outputs. Those falling below 90% of the expected production are deemed offline or unstable, receiving no rewards and are removed from the next epoch's validation process. Validators maintaining at least a 90% online presence receive rewards that increase linearly, with full rewards given to those achieving 99% or higher online presence.

Validator Selection Process

NEAR Protocol's sharded structure is designed to scale throughput with increasing usage. Initially, the system starts with one shard and 100 validator seats. The protocol assigns these seats proportionally based on the stakes offered, also determining the distribution of rewards. If 40% of the total supply is at stake, each seat would require a 4 million NEAR stake.

As the number of shards increases, so does the number of available seats, decreasing the required stake per seat and lowering entry barriers for validators. For instance, with 8 running shards, there would be 800 seats, each requiring a 500,000 Ⓝ stake. Seat prices are established through a simple auction, with the protocol automatically measuring validators' availability and penalizing low-quality nodes by withholding epoch rewards.

In the early stages, fewer shards will mean a higher required stake, favoring professional validators and organizations. As the network grows, the increase in shards and seats will lower the minimum stake required, allowing more validators to participate. This diversification of validators enhances decentralization and fault tolerance. Larger stakeholders will need to commit more resources when validating multiple seats across different shards.

Delegation in NEAR Protocol

NEAR Protocol facilitates delegation through smart contracts, allowing validators to receive NEAR for staking from third parties. Validators willing to accept delegated funds can create a special contract for users to deposit their NEAR, which then can be used as part of the validator's stake.

Initially, NEAR will provide a reference delegation smart contract. Over time, validators are expected to develop their own staking contracts with various features, including taxation benefits and liquidity options. The aim is to enable professional validators, who might lack sufficient funds, to participate and enhance the overall security and reward distribution within the NEAR ecosystem.

Soon we’ll share a guide on ‘How to stake your NEAR to SenseiNode’. Stay tuned!

About Meta Pool

Meta Pool is a multi-chain, Liquid-Staking Based Ecosystem.

They started as a single-chain LST in 2021 with the launch of stNEAR, the Meta Pool DAO of today allows the user to liquid-stake with the same simple and approachable interface in Ethereum, NEAR and Aurora, with constant expansion to more blockchains.

About SenseiNode

SenseiNode is the first blockchain infrastructure independent service provider in Latin America.

We automate and simplify the deployment and monitoring of nodes on leading protocols, providing access via our APIs to organizations looking to build their blockchain infrastructure with a high availability and low total cost of ownership.

Contact us for more:

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