Decentralized Finance (Defi) exploded in popularity when developers began developing financial services applications on Ethereum, the second most popular cryptocurrency (ETH). NEAR is a groundbreaking Proof of Stake (PoS) blockchain that enables the use of smart contracts and decentralized applications (DApps). It intends to be a rival to Ethereum, the de facto leader in Defi.
The objective of Near Protocol is to provide a scalable and secure blockchain platform for DApp developers and Defi customers. Near Protocol already incorporates sharding, which is one of the fundamental Ethereum 2.0 enhancements. The enhancement is not likely to be fully operational until the end of this year or early in 2022, which provides ample opportunity for Near Protocol to shine.
Near Protocol is proud of the decentralized and transparent nature of its community. The network is entirely open-source, with contributions from developers worldwide. Near has a sizable core staff of around 50 employees, plus numerous more hires to develop and strengthen the network. Defi customers should not be forced to forego decentralization or large quantities of crypto (in the form of transaction fees) to use DApps, and Near may be the ideal solution, at least until Ethereum 2.0 is complete.
How can I purchase Near Protocol?
Create an account online
NEAR is available for purchase on some cryptocurrency exchanges, including Binance and Crypto.com. On the other hand, Binance sells NEAR exclusively on Binance.com, which is not accessible to US users. As a result, Crypto.com is likely to be the best option for US investors looking to purchase NEAR. Crypto.com offers a stunning and powerful app for iOS and Android devices.
Before purchasing NEAR, you must confirm your exchange account. This often entails providing your address, Social Security number, and a photograph of your United States driver’s license or passport. If you wish to use your NEAR tokens in the network’s DApps, you must first register a wallet to store and transfer them.
Consider purchasing a wallet (optional)
You can simply leave your NEAR on the exchange where you purchased it, but you will be limited in what you can do with it unless you have a hardware or software wallet. Transferring your tokens to a personal wallet provides you with increased control over them. Successful hacks on major exchanges have resulted in the loss of millions of dollars in bitcoin by consumers over the years. Even while today’s major exchanges, such as Crypto.com, are quite secure, hardware wallets lessen the danger of hacking.
Proceed with the transaction
After verifying and setting up your account, you can fund it and begin trading NEAR. Instant ACH deposits are the most convenient and time-efficient method of funding your Crypto.com account with US dollars. The app will guide you through the process of connecting your bank account and depositing funds. Additionally, you can send other permitted cryptos to your Crypto.com account and trade them for NEAR. After funding your account, simply search for and buy the Near trading pair you desire, for example, NEAR/tether (USDT).
Exchange, convert, and sell Near Protocol
Near Protocol is a highly volatile asset with little chance of changing soon. Due to the cryptocurrency’s modest market capitalization, lesser quantities of trading might influence the price. Additionally, if the network is unable to attract a sufficient number of developers and users for critical applications, the price of the NEAR Protocol may suffer in the long run.
For these reasons, you must understand how to close your NEAR position. Crypto.com and Binance, on the other hand, make things simple. Simply navigate to one of your verified exchanges, select the desired trading pair, and complete the transaction.
Is it a good investment to invest in Near Protocol?
As with all altcoins, Near Protocol is a high-risk investment that could result in big profits or catastrophic losses. Anyone who purchased NEAR in late 2020 could have profited tenfold in March if they sold. On the other hand, those who purchased it at its all-time high would be down more than 70% at the time of writing. If the network gains popularity among customers and developers, the coin may experience another boom. However, the platform’s value may be eroded as a result of falling behind competitors.
