NEAR Protocol was founded in 2017 by Erik Trautman, Alexander Skidanov and Illia Polosukhin. The protocol is a software that aims to operate a platform for developers to create and launch decentralized applications (dApps). NEAR is the native token of the NEAR Protocol ecosystem and is used by users to pay for using dApps and validators/delegators who run the network through staking. If you are wondering how to buy NEAR in Canada, Netcoins is a publicly-traded, fully regulated crypto trading platform. It’s a platform free to fund with e-Transfers, with free cash withdrawals, and live customer support service seven days a week. We make it simple for Canadians to buy NEAR and other cryptocurrencies.
1. Create an Account
Visit the Netcoins website and click on the sign-up button. Or download the Netcoins app from the app store for mobile. Enter your email address, create a strong password, and agree to the terms and conditions. You will receive a confirmation email, click on the link to verify your email address.
2. Fund It
Choose your preferred funding method: bank wire transfer, interac e transfer, crypto deposit, or cash deposit. Follow the prompts to transfer funds into your Netcoins account. The process is quick and incurs no fees.
3. Start Trading
Why Buy Near
NEAR Protocol aims to accomplish similar things to Ethereum as a development platform for decentralized applications. However, the protocol focuses on efficiency to deliver low fees and scalability which developers value.
The development platform has several features which make it convenient and easy-to-use. These include various command-line interface tools, compatibility with different wallet applications, and interoperability modules which give developers an easy to use, scalable ecosystem.
The platform is also committed to measuring, lowering, and offsetting its carbon impact through green activities, making it climate-neutral.
From an investment perspective, buying NEAR could be considered an opportunity to bet on the future growth of NEAR Protocol. As the native token of the platform, NEAR is heavily integrated into the project's development and operations making it a worthwhile investment that could appreciate in price should the NEAR Protocol continue to grow.
How Is Near Protocol Unique
NEAR Protocol differentiates itself through scalability and low costs. It uses a unique form of sharding to enable a network capacity of nearly 100,000 transactions per second. Additionally, NEAR looks to offer significantly cheaper transaction fees than Ethereum.
Sharding is a concept where data is split into smaller chunks for storage. This method leads to vastly improved throughput as it enables the network to process multiple transactions in parallel. This is an improvement from the likes of Bitcoin which require each node (computer) to verify every single transaction and store the entire history of the blockchain, which consequently can slow down or clog up the network in periods of high activity.
Unique from the beginning, NEAR Protocol was one of the first chains to focus on functionality, by allowing users to borrow and lend various stablecoins and altcoins through their various decentralized finance (DeFi) products.
If you want to learn more about Blockchains, Bitcoin or Ethereum, follow our educational blog!
What is a Decentralized Application Platform? (dApp)
Digital apps or programmes known as "decentralized applications" (dApps) are like any normal applications out there, except that they run on a blockchain and use smart contracts (or code that doesn’t need a middleman). A dApp platform like the NEAR Protocol allows developers to create their own dApps. DApps exist and operate on a peer-to-peer (P2P) network of computers rather than a single computer. They" exist outside of the jurisdiction and control of a single authority.” For example, the Ethereum platform is frequently used to create dApps, which can be used for a range of things like gaming, finance, and social networking. However, NEAR can do this too at a fraction of the cost.
What Can You Do With Near
NEAR is an ERC-20 token native to NEAR Protocol (in other words NEAR is its official utility token). With a supply cap of 1 billion tokens, NEAR can be held as a long term investment which could act as a hedge against things such as inflation. However, aside from holding the token for the long-term, there are several things that can be done with it. NEAR is used as NEAR Protocol’s governance token and can be used to vote on different proposals by its users. Your voting power is dependent on how many tokens you hold. Additionally, NEAR can be used to pay for transactions within the NEAR Protocol ecosystem. Lastly, the Proof-of-Stake protocol (which NEAR runs on) is dependent on NEAR tokens to pay its validators as well as developers who build smart contracts on chains.
How Much Near Can I Buy
You don’t need to buy a lot of NEAR to get started! Our minimum purchase amount is 2 NEAR. Enabling anyone to gain exposure no matter how many dollars they have to invest.
FAQs
Why is KYC (Verification) required?
Netcoins Inc. is a licensed money service business under FINTRAC, and a registrant under the Provincial Securities Commissions, and adheres to the strict guidelines set by them for Money Transmitter Businesses and Securities Registrants. We are required to have a Know-Your-Client (KYC) process and compliance program in place. KYC is a process that allows us to verify the identity of our customers.
What do I need to provide for your verification process?
You will have to provide your email address, phone number and personal information including your first name, last name, address, date of birth and a piece of identification (like a driver’s license). Most users are verified at this point through our automated process. If you don’t pass the automated KYC process, you will have to go through an additional document verification stage. This is important and required as we are a regulated money service business.
How can I fund my account?
Your Netcoins account can be funded with a crypto deposit, Interac e-Transfer, or a bank wire transfer. Once you have funds in your Netcoins account, you’ll find that it’s super easy to buy NEAR in Canada.