Since developers began to build financial services applications on Ethereum, the second-most popular cryptocurrency, Decentralized Finance (DeFi) has exploded in popularity (ETH). NEAR is a novel Proof of Stake (PoS) blockchain that supports smart contracts and decentralised apps (DApps). It aspires to be a competitor to Ethereum, the DeFi king.
Near Protocol’s mission is to give DApp developers and DeFi users with a scalable and secure blockchain. Near Protocol has already incorporated sharding, which is one of the key upgrades intended for Ethereum in the next Ethereum 2.0 version. The improvement isn’t expected to be completely operational until the end of this year or early in 2022, giving Near Protocol plenty of time to shine.
NEAR is the blockchain’s native coin, and it has a variety of functions within the system. To help manage the network’s Proof of Stake consensus mechanism, NEAR can be staked or delegated to a validator node. NEAR can also be used to integrate with decentralised apps such as markets where non-fungible tokens can be bought and sold (NFTs). Near Protocol transaction fees are paid in its own coin, similar to Ethereum: ether on Ethereum is NEAR on Near Protocol.
Near acknowledges the biggest problem with Ethereum’s DeFi ecosystem: excessive transaction costs. Although the network’s platform list is small in comparison to its competitors, the technology is outstanding, and developers and users may be enticed to migrate to Near. It makes advantage of the brilliant sharding technology, which distributes the workload among several validator nodes, reducing congestion. Many users have switched from Ethereum to cheaper alternatives like Binance Smart Chain because to high transaction fees (BSC). BSC offers low fees, yet it foregoes one of the most important principles of decentralised finance: decentralisation.
Near takes pride in its community’s decentralisation and transparency. The entire network is open-source, with contributions from developers all across the world. Near employs a large core staff of more than 50 people, with many more hired to expand and strengthen the network. DeFi consumers shouldn’t have to give up decentralisation or big amounts of crypto (in the form of transaction fees) in order to utilise DApps, and Near may be the best answer, at least until Ethereum 2.0 is finished.
NEAR can be purchased on a number of exchanges, including Binance and Crypto.com. Binance, on the other hand, only offers NEAR on Binance.com, which is not available to consumers in the United States. As a result, Crypto.com will most likely be the best site for US investors to buy NEAR. On iOS and Android phones, Crypto.com provides a beautiful and powerful app.
You must first validate your exchange account before purchasing NEAR. This normally requires supplying your address, Social Security number, and a photo of your driver’s licence or passport in the United States. If you want to use your NEAR tokens on the network’s DApps, you’ll need to create a wallet to store and transfer them.
You may simply leave your NEAR on the exchange where you bought it, but you won’t be able to do much with it unless you have a hardware or software wallet. You gain more control over your tokens by transferring them to a personal wallet. Over the years, successful hacks on major exchanges have cost users millions of dollars in cryptocurrency. Hardware wallets reduce the possibility of hacks, even if today’s top exchanges, such as Crypto.com, are exceedingly safe.
Now that your account has been validated and set up, you can fund it and begin trading NEAR. Instant ACH deposits are the simplest and fastest way to finance your Crypto.com account with US money. The app walks you through the process of linking your bank account and making a deposit. Other approved cryptos can also be sent to your Crypto.com account and traded for NEAR. Once your account is funded, simply search for and acquire the trading pair you desire with Near, such as NEAR/tether (USDT).