Original testnet participant, genesis block producer on mainnet, and member of Near Protocol’s Validator Advisory Board.
Serving many of Near Protocol’s early investors.
Figment is a venture funded, registered Canadian company, based in Toronto. Canada offers stability, rule of law and clear crypto regulation.
Figment Prime and discounts available for large token holders. Contact us for more information.
Active participant in the NEAR ecosystem.
The world’s most advanced physical IDC + multi-cloud staking infrastructure.
You maintain custody of your NEAR at all times.
Third-party custody solutions are available through our institutional partners. Contact us for more information.
Protected via industry-leading Delegation Agreement.
NEAR Protocol is a highly scalable and developer friendly layer-one sharded blockchain. Drawing from the original vision of Ethereum, the NEAR team defines the protocol as a blockchain based community cloud that combines compute and storage in a trustless way. The technical design is focused on creating a quality user experience that is familiar, which the NEAR team hopes will lead to increased end user adoption of applications built on NEAR.
NEAR’s technology includes 4 key elements:
Sharding: This will allow the blockchain to scale horizontally and indefinitely by distributing the work across multiple shards. The shards will be connected through a beacon chain that verifies changes within the shards.
Consensus: Consensus across all shards is achieved using NEAR’s novel Nightshade algorithm. Nightshade allows individual shards to produce only a “chunk” of a block on the network. The total block is a combination of all the chunks produced by individual shards.
Staking Selection and Game Theory: NEAR uses a Proof of Stake design. Validators are randomly selected to perform work on the network and are rewarded for good behavior.
Randomness: NEAR uses a simple randomness beacon which can tolerate up to ⅓ of malicious activity while still maintaining liveness, and up to ⅔ of malicious activity while remaining unbiasable and unpredictable.
Ultimately, NEAR sees itself as a developer platform for the open web and abides by these principles:
The NEAR token is the native token on NEAR. It will be used to provide network security through staking as well as to pay for transaction fees.
NEAR Protocol is a layer-one sharded blockchain that plans to be highly scalable, developer friendly, and end user focused.
On October 24, 2019, Illia Polosukhin joined us to answer our questions about NEAR Protocol, an end-user & dev-focused blockchain.
Figment's guide to staking NEAR. If you plan to self-custody, NEAR supports Ledger hardware devices, which is what we recommend.
The NEAR token.
The targeted issuance rate is 5% annually with 10% of that going to the NEAR treasury.
This means that 4.5% of issuance will be given to validators and NEAR token holders who decide to stake NEAR.
NEAR Protocol allows stakers who do not wish to run a validator to delegate their tokens to a validator via smart contract. Contact us for more information on how to delegate to Figment.
It will take 12 to 24 hours to begin receiving rewards once you have delegated your tokens to a validator.
There is a 24 to 36 hour unbonding period if you decide to stop delegating your NEAR tokens.
Validators who perform an equivocation (double signing a block at the same height) or an invalid state transition (producing an invalid chunk of a block) will result in 100% of their stake being slashed. This includes all delegated tokens.
Therefore, it is highly important to know who your validator is when staking NEAR.
You can learn more about our infrastructure here.
Validators will not be slashed for downtime, but they will be removed from the active set if they are offline for more than 90% of a 12 hour period.
Validators with at least 90% uptime within a 12 hour period will receive reward for that period and will receive rewards in full for at least 99% uptime.
Validators will send a NEAR stake transaction to the network, which will place them in an auction. Seats will be given to validators based on the size of the stake transaction in proportion to total amount being staked on the network.