New to the world of Injective (INJ)? You’ve come to the right place to collect information and learn! If you want to dive right in, scroll down to the section about how to buy Injective (INJ), where you can start right away!
Cryptocurrency is a type of digital money. Unlike traditional currencies such as Canadian dollars or Euros, cryptocurrencies like Injective (INJ) operate on decentralized networks based on blockchain technology. “Decentralized” means that the network operates without a central authority or intermediary. There are several aspects of Injective (INJ) and other cryptocurrencies that qualify them as decentralized. These aspects include the use of blockchain (distributed ledger) technology that no single person controls, peer-to-peer transactions that don’t involve an intermediary, consensus mechanisms to validate and record transactions, and open-source code that allows anyone to scrutinize records of transactions.
If you’re a complete novice, this explanation may still be opaque to you, but we encourage you to investigate the basics further. You’ll soon catch on, and your confidence will grow steadily.
In the ever-changing blockchain ecosystem and decentralized finance (DeFi), new projects and protocols are always popping up, each with special features and ideas. However, Injective has always stood out because of its creative solutions and plug-and-play modules. These tools help developers and DeFi users create a more fair and open financial system. That’s why many people call it “the blockchain made for finance.” However, it is more than just a blockchain for finance. Let’s learn more about what is Injective crypto.
In 2018, Eric Chen and Albert Chon wanted to create a decentralized exchange (DEX) that could address the limitations faced by traditional centralized exchanges and even other decentralized exchanges. The project was supported by Binance Labs, which played an important role in accelerating its development and adoption. In October 2020, Injective launched its mainnet to show the network’s ability to deliver a robust and scalable DeFi platform. Since its debut, Injective (INJ) has continued to develop and expand, integrating various blockchain ecosystems and broadening its trading products.
Injective is a Layer 1 decentralized exchange (DEX) built with the Cosmos SDK as a Layer 2 application. This protocol uses a cross-chain bridge to communicate with other cryptocurrencies, including Solana, Injective and Ethereum. Injective uses Tendermint’s Byzantine Fault Tolerance and PoS consensus. Just like other blockchains that run the PoS consensus, Injective also uses validators to secure its network. On the other hand, Tendermint is designed to use, create, and deploy smart contracts. Moreover, it offers up to an impressive 10,000+ transactions per second and an almost instant transaction finality. Not to mention, it’s 99% more eco-friendly than other blockchain networks.
The Injective protocol is divided into three layers:
What makes Injective Protocol different from other decentralized trading platforms is that you can trade without restrictions, unlike traditional financial markets and exchanges. With this protocol, transactions happen directly between the people making the trade, thanks to a decentralized order book. This also means you can trade instantly with fewer delays and lower fees.
Users can easily trade digital assets directly without an intermediary. This means that users can trade securely and efficiently without relying on a third party to facilitate their transactions. Unlike popular DEX protocols like Uniswap, Injective doesn’t use an automated market maker (AMM) to manage liquidity. Instead, it uses an on-chain order book model for an efficient and transparent exchange.
Injective also supports advanced decentralized finance (DeFi) applications, including cryptocurrency trading dApps and lending protocols. The blockchain focuses on allowing everyone to create these types of applications. They offer essential building blocks for financial systems that applications can use, like a completely decentralized MEV-resistant on-chain order book. Moreover, all kinds of financial markets, like spot trading, futures, and options, are completely on the blockchain.
Now, what is the Injective crypto?
The native Injective crypto, INJ, serves various roles within the ecosystem, including token burn actions and staking. The main purpose of INJ is to secure the network by staking on the PoS network. INJ holders collateralize their tokens to validate transactions. In return, participants receive Injective crypto coin for contributing to the stability and security of the network.
INJ is also used as a utility token in the network and Web3 finance ecosystem. For instance, it can serve as collateral in DeFI lending platforms or asset swapping. Traders do not pay network gas fees on every transaction. Instead, INJ is used to pay for the taker and standard market maker fees. Beyond this, INJ serves as a governance token. It allows holders to vote on proposals for the network’s growth and development.
Injective has a unique feature called the token burn mechanism, which takes 60% of fees from all dApps and uses them for a weekly on-chain buy-back-and-burn auction. With the new INJ 2.0, all dApps can now join the weekly auction, increasing the rewards and burning more INJ tokens.
Want to jump straight into learning how to buy some Injective (INJ)? Here’s our quick-start guide!
Coinsquare is a leading cryptocurrency trading platform that was started by Canadians for Canadians in 2014. Coinsquare is trusted by hundreds of thousands of Canadians for their Injective (INJ) trades and has processed over $8 billion in trading volume to date.
This crucial step helps protect your identity and your Injective (INJ) transactions. It also ensures that Coinsquare meets its regulatory obligations. You will need to submit some personal information, including your name, address and phone number, as well as a scan of a government-issued identity document such as your driver’s license or passport. Rest assured that this data will be kept in the strictest confidence. You will also need to answer a few questions to determine your risk profile.
These funds are what you’ll use to buy your Injective (INJ). You can transfer money directly to your account for free using Interac e-transfer, or you can wire transfer the funds from your bank account.
Choose the currency you want to use to buy your Injective (INJ). For now, you’ll be using CAD because that’s what you have on deposit in your Coinsquare account, but later on, you might use USD or another cryptocurrency for your purchase. Once you’ve selected the currency, you can go ahead and purchase your Injective (INJ)!
You won’t be able to spend your Injective (INJ) at all Canadian retailers, but the list of stores that accept Injective (INJ) and other cryptocurrencies is always growing. Keep an eye on the news about Injective (INJ) and ask your favourite retailers about their policies.
All cryptocurrencies carry some level of risk, just like other volatile investments. It's essential to thoroughly research the token you plan on investing in and understand the risks before making any decisions. Remember, you should never invest more than you can afford to lose.
You can transact on Coinsquare in numerous currencies other than Injective (INJ), including Bitcoin (BTC), Ethereum (ETH), Avalanche (AVAX), Bitcoin Cash (BCH), Cardano (ADA), Dogecoin (DOGE), Chainlink (LINK), Polygon (MATIC), Shiba Inu (SHIB), USD Coin (USDC), XRP, and many more.
You can store your Injective (INJ) in software applications called wallets. Wallets come in two varieties: hot wallets and cold wallets. Here are the differences between them.
Connectivity: Hot wallets are connected to the internet while cold wallets are not.
Access: Hot wallets offer quick and easy access for transactions while cold wallets require physical access.
Security: Cold wallets are more secure than hot wallets, which are more vulnerable to hacking and cyber attacks.
Usage: Hot wallets are ideal for frequent transactions and trading, while cold wallets are best suited to holding crypto in long term storage or in large amounts.
Setup and Maintenance: Hot wallets are easier to set up and maintain. Cold wallets require more complex set up and maintenance.
Recovery Options: Both hot and cold wallets often have recovery options like seed phrases, while cold wallets can also be backed up.
Convenience: Hot wallets are highly convenient for everyday use. Cold wallets are less convenient due to their physical access requirement.
Physical Risk: Cold wallets come with a higher physical risk, as they can be lost, stolen or damaged; while hot wallets carry a lower risk because they are not physical objects.
It is legal to buy and sell Injective (INJ) in Canada, but Injective (INJ) itself is not legal tender, meaning that it is not issued by the government or controlled by them. Cryptocurrency trading platforms are also legal in Canada, but be careful to choose one that is in good standing and has not been banned or isn’t allowed to operate in Canada. As a leader in the cryptocurrency trading space, Coinsquare is dedicated to complying with all federal and provincial regulations for cryptocurrency trading; we are held to the highest standards of any financial institution in Canada, so you can have confidence in the transactions you complete on our platform.
If you want to get more into the world of cryptocurrency, you can engage in additional activities.
You can purchase other cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Avalanche (AVAX), Bitcoin Cash (BCH), Cardano (ADA), Dogecoin (DOGE), Ethereum Classic (ETC), Polygon (MATIC), Shiba Inu (SHIB), USD Coin (USDC), XRP, and many more.
Staking allows you to get more involved in the cryptocurrency space. Staking involves locking up some of your cryptocurrency for a period of time and participating in the validation process that is central to maintaining the integrity of the system.
Get information and news updates in Coinsquare’s real-time news feed. On the website and in the mobile app, you can also check on the current market prices for Injective (INJ) and other cryptocurrency products, look at the trading history of Injective (INJ), and learn more about topics related to cryptocurrency.
Cryptocurrency has been criticized for its environmental impact, and not without reason. Traditional cryptocurrency mining, especially for coins like Bitcoin, has been associated with high energy consumption due to the power required for mining operations.
However, the cryptocurrency industry is sensitive to these concerns and is looking for ways to make cryptocurrency more sustainable. Here are some changes that some blockchains have undertaken to mitigate the impact of cryptocurrency on the planet:
Newer cryptocurrencies are being designed with sustainability in mind from the start instead of making changes after the fact. While these advancements show a commitment to sustainability and minimizing environmental impact, there is still a great deal of work to be done. Keep an eye on the news about the evolving cryptocurrency landscape.
Confirm your identity and answer a few onboarding questions.
Add funds to your account via e-transfer, wire transfer, or from another crypto account.
Choose Injective (INJ) from the list and select the currency you want to use.
Complete your Injective (INJ) purchase.
If you want to learn more about Injective (INJ) and the cryptocurrency world, getting involved with the Injective (INJ) community is a great idea. Here are some ideas about how you can follow trends, meet other investors, and contribute to the growth of the Injective (INJ) space:
If you have technical or business skills, you can also engage with development teams, contribute your skills to the Injective (INJ) project, or participate in governance by helping with decision-making and setting future directions.
Coinsquare offers a variety of services for all your Injective (INJ) needs.
Coinsquare Wealth provides more customized services from certified Wealth Directors. Although our Wealth Director don’t provide investment advice, they help our clients navigate the cryptocurrency space so they can get more out of it and avoid obstacles. Coinsquare Wealth also offers other advantages, such as same-day settlement in CAD or USD and enhanced liquidity for large trades/
Coinsquare Pro gives experienced traders the resources they need to make complex decisions and apply advanced trading strategies. Intuitive trading tools, enhanced trading logs, and near-instant execution of trades allow them to control their investments with greater precision.
Coinsquare Trade is a no-fuss service that gives our customers access to over 53 digital currencies, in-app customer service support, fast withdrawal and deposit options, and a clean, user-friendly interface.
Coinsquare has been in business in Canada since 2014 and was developed by Canadians for Canadians. We are confident that we can provide you with the best Injective (INJ) buying experience in the country. Join us today!
