NEAR Protocol Developers Launch New Staking Mechanism

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The NEAR Protocol team has just unveiled a new staking mechanism that allows validators to reward delegates in several different tokens.

The initiative has been launched jointly with the developers of second level solution Aurora. The NEAR Protocol believes the new model will allow the validator to attract more capital and delegates, and ecosystem projects to take part in ensuring the security of the network. This, in turn, will increase the decentralization of the blockchain. Alex Shevchenko, head of Aurora Labs, said:

“The new model allows for better incentive alignment across the NEAR ecosystem. We look forward to the collaboration of projects and professional validators, as well as providing users with much greater value.”

In the NEAR Protocol network, delegation is not implemented at the protocol level, which allows each validator to create and configure its own smart contracts. To attract delegates, it needs to deploy a staking pool, the contract of which determines the commission fees and distributes the rewards.

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