What is NEAR Protocol?

NEAR Protocol is a blockchain platform designed to provide a fast, scalable, and developer-friendly environment for building decentralized applications (dApps). It aims to make it easy for developers to build dApps that can handle a large number of users and transactions without compromising on security.

NEAR uses a consensus mechanism called Proof of Stake (PoS) to validate transactions and secure the network. This means that instead of using large amounts of computing power to solve complex cryptographic puzzles (as is the case with Bitcoin's Proof of Work mechanism), validators stake their tokens and are chosen to validate transactions based on their stake and reputation.

NEAR also uses sharding to increase the throughput of the network. Sharding is a technique that allows the network to be divided into smaller partitions (or "shards") that can process transactions in parallel. This allows NEAR to handle a much larger number of transactions per second than traditional blockchain platforms.

What Is Decentralization?

Decentralization in the context of cryptocurrency and blockchain refers to the distribution of power and control away from a centralized entity, such as a government or a large corporation, to a network of nodes or users.

In the case of the NEAR blockchain, decentralization means that the network is maintained by a distributed group of validators, who are responsible for validating transactions and securing the network. These validators are chosen based on their stake in the network and reputation, and they work together to ensure that the network remains secure and functional.

Decentralization provides a number of benefits for users of the NEAR blockchain and other decentralized systems. It makes the network more resistant to censorship and control by any single entity, as there is no central point of control that can be targeted or shut down. It also makes the network more transparent and trustworthy, as transactions and other activities on the network can be verified by anyone with access to the blockchain.

Welcome to this dashboard analyzing the decentralization of the NEAR protocol ecosystem

Decentralization is a key feature of blockchain technology and a major reason why it has the potential to revolutionize many industries and sectors.

In this dashboard, we will analyze the level of decentralization in the NEAR protocol ecosystem over time, using various metrics such as staking and unstaking actions, validator (pool) statistics, and the Nakamoto coefficient. We will be utilizing Flipside Crypto's new fact_staking_balances and fact_staking_pool_daily_balances tables to gather data and provide insights. By examining these factors, we aim to provide a comprehensive overview of the level of decentralization in the NEAR ecosystem and identify any trends or patterns that may emerge.

Dashboard by Ali3N

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