The NEAR blockchain completed a major milestone this week after stakers and delegators voted on the governance rules of the network. The purposeful decentralization of power by the NEAR team effectively completes the blockchain’s transformation to becoming public and permissionless, run only by a democratically governed community.
NEAR Goes Permissionless
The transfer of power to NEAR’s community also marks the commencement of the blockchain’s staking rewards, under its Proof-of-Stake (PoS) system. Token holders can now delegate their stake to a community-voted validator and receive regular rewards in return.
Under PoS, token holders can have a say in how a given blockchain is run. NEAR’s token holders recently voted to remove time restrictions on their PoS payouts. Previously, rewards earned via staking were subject to a holding period which prevented the tokens from being used or spent.
But the result of a recent NEAR community vote decided those restrictions should be removed. Staking rewards earned on NEAR can now be