MyNearWallet as Entry Point to NEAR Ecosystem and Global Crypto Economy

UTC by Andy Watson · 6 min read
MyNearWallet as Entry Point to NEAR Ecosystem and Global Crypto Economy
Photo: Unsplash

MyNearWallet is a non-custodial and secure application that can be used to store, buy, send, and stake NEAR assets, which is essential in order to interact with the larger ecosystem.

As the cryptocurrency industry gained mainstream popularity, the average individual investor’s interest has grown significantly. Even during the current “crypto winter”, the progress made over the past decade ensures that crypto and blockchain technologies are being utilized globally for a variety of different purposes in industries like healthcare, legal, law enforcement, and, of course, finance.

As long as more people and entities enter the market, there will always be a question about which protocol has the most efficient technology backing it. The most popular cryptocurrencies like Bitcoin and Ethereum and their respective blockchain networks used to be the top choice, but other projects might have since surpassed their results.

Depending on the goal of utilizing blockchain technology, a more innovative protocol could be a better choice. The most promising and accessible ecosystem at the moment is the NEAR protocol. Thanks to its practical use cases, robust venture support, and user-friendly decentralized applications, the NEAR ecosystem is anticipated to draw a sizable number of new community members and may even act as an entry point for new investors looking to enter the cryptocurrency market.

What Makes NEAR Unique?

NEAR Protocol is a layer 1 blockchain network that provides a decentralized platform designed to support powerful decentralized applications, facilitate the open web of the future, and power its economy. Introduced in 2020, NEAR is a third-generation blockchain that is based on the Proof-of-Stake (PoS) consensus mechanism. This mechanism has the capability of processing 1,000 transactions per second and still runs more efficiently than a Proof-of-Work (PoW) blockchain.

New digital currencies, decentralized applications, and even entirely new industries will be possible to create and use on the future web that NEAR envisions. Developers can host serverless applications and smart contracts on the simple-to-use NEAR platform, which can later join an open finance network and take advantage of a vast ecosystem of open web components.

There are several characteristics that are a part of the design to ensure the success of the whole protocol and its entire ecosystem. First of all, it has an incredibly fast speed of transactions. Currently, the NEAR network has the capacity to process 100,000 transactions per second (TPS) with an impressive average speed of 1 second per block. This far surpasses competitors like Ethereum, which can only process 20 TPS with an average confirmation time of 5 minutes.

This is achieved by utilizing another big advantage of the network: a decentralized and community-operated ecosystem that encourages participants with rewards. In NEAR, these participants are called Validators and Delegators. Validators ensure the production of blocks and the security of the network, while Delegators stake tokens and contribute to the advancement of the network. Through staking NEAR, both parties receive compensation for their contributions. There is no need to claim rewards because they compound at the conclusion of each epoch, which lasts about 12 hours. NEAR tokens also don’t have a minimum stake requirement, unlike many other tokens, so Delegators can stake any number of them.

Another big advantage of the NEAR protocol is its environmental sustainability. Blockchain might exist online, but its use has real-world consequences. In light of this, NEAR is recognized as carbon-neutral and uses the same amount of energy in a year as Bitcoin does in three minutes. Considering this, NEAR Protocol is more than 200,000 times more carbon-efficient than the Bitcoin blockchain.

Use Cases

All of this technology is only a blank slate on which members of the community can build and operate various applications. Since the majority of dApps built on NEAR primarily deal with transferring value in various ways on-chain, they fall under the decentralized finance (DeFi) umbrella. However, since its technology can be used to provide extra value to NFT and gaming enthusiasts, it is also starting to be leveraged by projects in these niches.

As stated on the NEAR official website, it has 3 main use cases:

  • DeFi – an open alternative to the current financial system that transcends borders.
  • Non-fungible Tokens (NFTs) – a way to represent anything as a unique asset and manage its ownership.
  • Decentralized Autonomous Organizations (DAOs) – a new way to organize, fund, and empower communities that are democratic by default.

This is an expansive ecosystem that includes dApps that are exclusive to NEAR and have a number of use cases. It currently counts 750 active projects, which include stablecoins, AMM DEXs, lending, IDO platforms, NFT marketplaces, and gaming, among other areas.

How MyNearWallet Advances Decentralization

When it comes to interacting with NEAR Protocol, it’s essential to use its native token – NEAR. There are a number of wallets that are compatible with NEAR, but the best choice right now is MyNearWallet. It’s a non-custodial and secure application that can be used to store, buy, send, and stake NEAR assets, which is essential in order to interact with the larger ecosystem.

The MyNearWallet team has been growing their project alongside the expansion of the NEAR protocol ecosystem, and they are continuously working to support existing wallet features as well as add new ones. Currently, it supports wNEAR swaps, decentralized apps (DApps), and non-fungible tokens (NFTs). Aligning with the values of NEAR, it is an open-source project that prioritizes full transparency with its community.

Since it is a web app accessible through any basic web browser, MyNearWallet is easy to start using. Anyone with an internet connection can take advantage of a user-friendly interface and all the other benefits associated with interacting with a reliable blockchain network like the NEAR protocol.

The application is free to use and maintains a low cost and quick speed of transactions. More users are sure to join the NEAR decentralized ecosystem thanks to MyNearWallet’s reliability, accessibility, and low entry barrier.

NEAR and the Global Crypto Ecosystem

With hundreds of projects and DAOs, over 500,000 community members, thousands of blockchain developers, and over $120 million awarded to more than 2,000 projects, the NEAR ecosystem is without question affecting the global cryptocurrency industry as a whole. Using Aurora, Octopus Network, and several other cross-chain solutions NEAR became interoperable with the broader blockchain landscape. This allows assets to be easily transferred between NEAR and several other popular blockchain platforms.

With so many venture funds, investors, developers, and projects already involved, NEAR has the potential to become an entry point to blockchain technology. Investors and developers that haven’t had a chance to interact with crypto yet are drawn to NEAR thanks to its low cost, efficiency, and fast speed. Once these new users see the advantages of using NEAR that are described in this article, there is much they can contribute to the NEAR ecosystem as well as the global crypto economy.

Disclaimer: Coinspeaker is not responsible for the trustworthiness of any content or product on this page. Though our goal is to provide you with the most valuable information that we could find, we recommend you conduct the necessary research on your own before taking any decisions related to the products presented in this article. This article can’t be considered as investment advice.

Andy Watson
Author Andy Watson

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