Buying, storing, and trading Near Protocol (NEAR) cryptocurrency in Canada is quick and easy with Coinsquare, one of the leading cryptocurrency platforms in Canada.
Near Protocol is a high-performing and limitless blockchain network for end-users that uses a layer-1 proof-of-stake consensus protocol called “Nightshade” to validate transactions. It’s also an alternative to Ethereum, as it offers many features of ETH 2.0. Near’s technology uses sharding, a key part of Ethereum’s future updates, to help process a large number of transactions quickly and efficiently. Furthermore, the NEAR ecosystem facilitates interoperability with other blockchains, enabling users to communicate and transact across various blockchain networks.
Near Protocol offers developers tools for creating decentralized applications (dApps) across blockchains that are scalable and secure using a unique sharding design called “Simple Nightshade,” which is more energy-efficient and scalable than the usual Ethereum sharding.
Near Protocol is a faster and more cost-effective alternative to Ethereum. It can handle approximately 100,000 transactions per second, with an average block time of 1.2 seconds and an average fee of USD 0.0001. In comparison, Near Protocol, Ethereum’s primary rival, typically processes fewer than 3,000 transactions per second based on its blockchain, while Bitcoin falls below ten transactions per second.
NEAR, originally called “NEAR.ai,” was founded by Illia Polosukhin and Alexander Skidano. After attempting to develop the project on Ethereum, the creators found that the blockchain’s technology was not advanced enough to fully realize the vision of the NEAR.ai project.
The development of the NEAR network began in 2018 to provide developers with more accessible tools to create scalable decentralized applications. After almost two years of work, NEAR was officially launched on April 22, 2020. The last phase of its MainNet launch, which enabled token transfers, was completed on October 13, 2020.
While the NEAR protocol doesn’t want to replace any blockchains, its primary goal is to facilitate interoperability and enable a multi-chain feature. To achieve all of these, Near Protocol employs the following:
NEAR limits each shard to 100 seats, encouraging operators to create more shards as needed. This ensures the network can expand endlessly without downtime or congestion issues.
NEAR is the crypto coin of the Near Protocol. With a total supply of 1 billion tokens, NEAR tokens are distributed through mining, token sales, and rewards for validators. NEAR’s token supply is not capped and typically grows over time, with new coins being issued at a rate of approximately 5% per year. According to data from Messari, it is projected that the supply of NEAR coins could exceed 1.3 billion by the beginning of 2027.
NEAR follows an inflationary issuance schedule, which means that there will be a gradual increase of NEAR tokens in circulation over time. This increase occurs for two primary reasons:
NEAR tokens can be used to process transactions and power smart contracts. Furthermore, NEAR holders can engage in governance by voting on proposals to improve the Near Protocol network. Developers can also use NEAR tokens to create decentralized applications (dApps) and accept them as payment for their services.
The NEAR price is USD 4.08 as of August 13, 2024. The NEAR crypto coin set an all-time high of USD 20.42 on January 16, 2022. Following its peak, the NEAR price quickly dropped to approximately half of that value.
Yes, you abNEARutely can purchase Near Protocol in Canada. You can buy it through a cryptocurrency trading platform like Coinsquare, where all your crypto purchases are quick and uncomplicated. Open an account today to discover how easy it can be to own Near Protocol coins in as little as a few minutes.
There are many other Canadian and international cryptocurrency platforms where you can purchase Near Protocol and participate in other crypto-based activities like staking. Many international platforms support transactions in Canadian dollars, but be sure to verify this before registering with them. Look for a platform that’s accessible for someone with your level of experience. The platform you choose to buy Near Protocol should also feature robust security and exceptional customer support.
Another way to buy Near Protocol is through a P2P platform. P2P platforms enable direct buying, selling, and trading of digital assets like Near Protocol without banks or centralized platforms. They offer greater privacy and control over your funds compared to centralized platforms and typically have fewer expenses for things like overhead, which means lower fees for users. However, P2P transactions can be slower and more complex. Using a P2P platform to buy Near Protocol requires time to learn the process and involves more manual effort, potentially prolonging each transaction.
Yes, as long as you do your due diligence on the platform you’re using for trading. Verify that the platform has a good reputation and has been in business for a reasonable amount of time. They won’t have as long a track record as a lot of companies because trading in crypto is still fairly new and because there are lots of mergers and acquisitions in the crypto space, but they should have a traceable history and positive reviews.
Any platform you choose should use normal security measures like two-factor authentication (2FA) and strong encryption such as SSL (Secure Socket Layer) to protect your data.
Remember that online safety is also partly up to you. Never share your passwords with anyone or record them somewhere where they can be easily uncovered. Don’t do Near Protocol transactions while on public WiFi networks, change your passwords often, and always use strong passwords. Be vigilant about doing your part to secure your own account.
You can buy Near Protocol and many other popular cryptocurrencies like SHIB, BTC, XRP, DOGE, LTC and more directly from Coinsquare’s secure, trusted trading platform.
The process is quick and easy. Sign up for an account and start your purchase by following these steps:
The increasing popularity of cryptocurrencies means that you can use them in more and more ways. Many retailers now accept Near Protocol for online and even in-store purchases. In fact, money is transferred all over the world via various blockchains, including the Near Protocol blockchain; opening the door to possibilities that might not otherwise exist.
You can use Near Protocol to trade for other cryptocurrencies. Coinsquare customers can make trades directly from the platform. If you’re a beginner, access all the information you can about Near Protocol and other cryptocurrencies before you get heavily into trading.
Staking your cryptocurrency is another way to use it and earn rewards. Staking allows you to participate in the validation of transactions on a blockchain network, for which you are awarded additional crypto assets. Here’s how it works:
You lock up (stake) part of your crypto as a way of ensuring your commitment to the validation process.
Validators are randomly selected to validate transactions and create new blocks on the chain. The probability of being chosen can depend on the amount of cryptocurrency you stake.
You earn rewards in the form of additional cryptocurrency for your contribution to the network’s operations.
Staking your Near Protocol cryptocurrency can be very rewarding; it helps you earn passive rewards and contributes to the security and efficiency of the blockchain network. Staking comes at the cost of locking your assets up for a specific period so be certain of your timeline for holding or selling before you stake your Near Protocol holdings!
Go through the information available on Coinsquare’s website, which features many helpful explainers and blogs, as well as a real-time news feed about what’s going on with Near Protocol and other currencies in the crypto space. There are many other sources for information about what’s new and exciting for Near Protocol, such as:
As a cryptocurrency trading platform, we understand that you're curious about the potential for Near Protocol's value to increase. It's important to note that the value of any cryptocurrency, including Near Protocol, can be influenced by a wide range of factors such as market demand, technological developments, regulatory news, and broader economic conditions.
While historical performance and current trends can provide some context, past performance is not representative of future results. We recommend staying informed through reliable sources, considering a diversified approach to your investments, and only invest according to your risk tolerance.
Always make sure to do your own research and consider seeking advice from financial professionals before making any trading decisions.
Near Protocol holdings are normally stored in special software applications called wallets. They can be divided into hot wallets and cold wallets. Due to their complementary functions, most investors use a combination of hot and cold wallets for their Near Protocol holdings.
Hot wallets are digital applications used to store cryptocurrencies like Near Protocol. Hot wallets are connected to the internet, making them easily accessible for transactions. These wallets are commonly used for everyday trading and transfers due to their convenience and ease of moving funds in and out of them.
Storing Near Protocol in a hot wallet makes it quick and easy to access for trading and spending. Hot wallets usually have a user-friendly interface that makes them intuitive to use and suitable for people with limited experience in the crypto space. Hot wallets allow quick and easy access to your Near Protocol for trading and spending.
The downside to hot wallets is that being online, they are more vulnerable to hacking, phishing and other types of interference. Some hot wallets are also custodial, meaning that a third party holds your private keys; this can pose a security risk in the event of a data breach.
Cold wallets are physical devices or offline storage NEARutions you can use to store Near Protocol and other cryptocurrencies.
Unlike hot wallets, cold wallets are not connected to the internet, meaning that they are less vulnerable to hacking, phishing, and malware. This enhanced security prompts many investors to hold most of their Near Protocol in cold wallets. Cold wallets also allow you to maintain control of your private keys.
Cold wallets are not as convenient as hot wallets for daily transactions; your Near Protocol holdings need to be moved to a hot wallet for you to use to purchase goods or make trades. It is also possible to lose or misplace your cold wallets since they are physical assets. It’s crucial to have a backup of your wallets in a secure offline location in case you do lose them.
To open an account on a cryptocurrency platform in Canada, investors usually have to provide their full name, date of birth, current address, phone number, and e-mail address. They also have to scan and upload a government-issued ID such as a driver’s license and sometimes provide proof of address using a utility bill, bank statement, or a similar document that shows their full address. A selfie or photo is often required to match them to their government-issued identification.
Providing these details protects the investor and also ensures the security and legitimacy of Near Protocol transactions on the cryptocurrency trading platform. Providing this personal information enables the platform to comply with regulatory standards.
The process of collecting personal information is known as Know Your Customer (KYC). KYC helps prevent illegal activities like money laundering, fraud, and terrorist financing. This is a regulatory requirement that Canadian registered marketplaces for crypto assets, like Coinsquare, must adhere to.
Although it may seem onerous and invasive to provide such personal information, you should be wary of any cryptocurrency trading platform that does not ask for this information when you open an account. Failure to conduct proper KYC procedures is an indication that the platform isn’t complying with industry standards or Canadian law.
Opening a Coinsquare account to buy Near Protocol is very simple. Click on the Get Started button on our main Canadian webpage or downloading the Coinsquare app and enter the information as requested. Once your account is set up, you will need to fund it, which you can do directly from your bank via Interac e-transfer. Be sure to review the limits and other notes regarding funding your account with Canadian Dollars.
When you make your first deposit, there is a brief waiting period before your funds become available for investment, but after that, you’ll have access near instantly but can sometimes take up to 30 minutes of completing a transfer.
If you are using digital currency to make your initial deposit, the procedure is slightly different but still quick and convenient. If you have any issues making deposits, access the support documentation from our main page. If you can’t find the answers to your questions there, our Customer Success team is available 24/7.
Coinsquare is a leading cryptocurrency trading platform founded by Canadians for Canadians. We’re excited to welcome you to the ever-growing cryptocurrency world!
