With cryptocurrency being a digital blockchain-based asset, there is no tangible paper money to store within a physical space. However, there is still a growing demand for cryptocurrency ownership, as well as the need to know how much is held by an individual, and a safe storage place. This is when cryptocurrency wallets come in handy. While experts can talk about many different types of wallets, today we are going to focus uniquely on those compatible with NEAR Protocol.
How do crypto wallets work?
First and foremost, what are cryptocurrency wallets used for? Their primary purpose is to enable users to store and use digital assets safely and reliably. Via a crypto wallet, users can send and receive various token transactions. Similarly to bank accounts, crypto wallets are deployed when handling crypto balances.
Unlike a physical real-life wallet, where it is possible to actually hold fiat money, crypto wallets work a bit differently - they store credentials to the private keys for accessing given blockchains. These private keys can be accessed via public keys, which basically play the same role as bank account numbers in the traditional banking system.
The combination of private and public keys is used when managing stored cryptocurrency, meaning it enables safe and secure operations of validating balances and sending or receiving digital assets. Please note that blockchains store public keys, whereas private keys are generated by crypto wallets.
What is NEAR Protocol?
Active since 2020, NEAR Protocol is a Proof-of-Stake smart contracts platform. NEAR Protocol is a pioneer in blockchain sharding - a mechanism utilized for splitting the blockchain into interconnected chains to reach the utmost scalability.
NEAR’s ability to interact with the Ethereum (ETH) blockchain is of high appeal to many users. Thus, through the technology known as Rainbow Bridge, it is possible to provide interoperability between the two chains, e.g. an ETH-based smart contract can be validated on NEAR Protocol.
What’s more, EVM-compatible service Aurora helps developers working with Solidity to build decentralized applications on NEAR by providing a turn-key solution. Currently, NEAR is able to handle up to 100.000 TPS and reach transaction finality in less than 1 second.
N.B. GetBlock clients can receive additional benefits if they choose to deploy NEAR blockchain explorer. With an easy-to-use dashboard, NEAR explorer gives access to the latest blockchain metrics - both basic and advanced. Click here to learn more about the product developed in collaboration with NEAR.
Why are ecosystem wallets important?
As many analysts point out, the Web3 space is currently lacking an easy-to-use wallet and payment ecosystem component. Nowadays, however, the majority of platforms prioritize all forms of UX, including removing the complex nature of crypto wallets. This factor does not simply highlight a new wave of attention to detail, but also a new level of client trust and loyalty.
As of now, a general user is faced to choose between two main options - those with deep technical knowledge may want to opt for a self-custodial wallet, whereas those willing to give up ownership rights to coins and keys typically go for a custodial model.
Nevertheless, with the emergence of ecosystem wallets, users may hope for increased seamlessness. These types of services bring decentralized finance to the next level. Not only do they provide safe and secure key storage, but they also significantly improve the overall user experience.
Ten ecosystem wallets on NEAR
Let’s talk about the top ten NEAR-compatible cryptocurrency wallets - a software or hardware solution used for storing public and private keys. Some wallets offer additional advanced features, which we will cover below in more detail.
N.B. We recommend you do your research before using any crypto-associated platforms.
First up, NEAR Wallet is the official wallet for NEAR tokens. This go-to option for many of the protocol’s users lets them store and stake NEAR tokens in a secure and reliable way. Besides, NEAR Wallet offers a user-friendly interface and seamless interoperability with all NEAR-based applications.
This non-custodial wallet, designed specifically for NEAR Protocol, can be installed in a browser or on a mobile device. Sender is an all-in-one solution, as it allows asset management (users can send, receive and store NEAR tokens securely), staking, NFT storage, and exchange services in one user-centric place.
Being long-term partners and NEAR supporters, GetBlock and Sender hint at an exciting integration in Q2 2023:
Friday is meant to celebrate! 🥂@getblockio explorer partners with @SenderWallet 🏽🏼June 3, 2022
Imagine how excited we are to announce this! Welcome, our esteemed partners🙌🏼#NEAR #NEARProtocol #NEARverse #NEARster #Nearity pic.twitter.com/FYZJnuX3zL
MyNearWallet is the “official success of the legacy NEAR Wallet”. This web-based wallet has been in the making alongside the growing protocol’s ecosystem. MyNearWallet does not only offer the same functionality as its predecessor NEAR Wallet but also prioritizes regular updates and additions to its services. As for now, the platform already supports a live chat hotline, smooth and user-friendly interface (UI), wNEAR and USN swaps. iOS and Android versions will be available soon.
Opto Wallet is an open-source non-custodial crypto wallet compatible with NEAR Protocol and Octopus Network. Currently, it is accessible via your mobile device. NEAR token holders can transfer and stake their assets. Furthermore, Opto users can connect their Ledger to the wallet and use it to sign transactions. Opto does not access your private keys on Ledger.
This mobile-based NEAR wallet can be deployed when buying, selling, or handling NEAR-compatible digital assets. With HERE, users can perform payment transactions in BTC with no fee charged, receive up to 10% APY staking, instantly withdraw assets as well as purchase up to $1.000 of crypto assets with no KYC verification required.
HERE and GetBlock have already worked together on delivering top-tier user experience for NEAR Protocol users:
The first integration of @getblockio explorer for $NEAR is live!🚀August 3, 2022
We're excited to bring cutting-edge UX to the #NEAR community together with @here_wallet - mobile wallet for @NEARProtocol 🔥
Check out the B-version here: https://t.co/AWR95GZ8hJ pic.twitter.com/irr1k3fCiE
Meteor is an NFT-focused wallet, developed by Near Tinker Union. This platform is a great option for fun yet secure asset management. Meteor aims to connect users with the NEAR ecosystem through features like Learn and Earn, dApp discovery, cross-platform operability, personalized notifications and so much more.
Narwallets is a Chrome extension for NEAR Protocol users with services such as account managing (manage your NEAR accounts from one wallet, NEP-141 tokens supported, classic staking and lockup-account support); liquid staking (integration with Metapool, users can easily stake and unstake their NEAR tokens, earn rewards from DeFi); security (Narwallets is a non-custodial wallet, which stores sensitive information in encrypted form).
NearFi is a mobile non-custodial wallet for NEAR holders, which offers great functionality. With this service, users can participate in staking, yield farming, P2P lending and borrowing, seamless swaps, etc. Furthermore, NearFi has low fees and offers NFT collection storage and managing.
Last but definitely not least, DOJO Finance is an all-in-one wallet for NEAR with an aim to popularize the adoption of the protocol. With DOJO Finance, users can easily manage assets (including crypto swaps with Solana and other leading networks), collect NFTs, receive real-time crypto updates, and more. Besides, the service boasts its top-tier security, as all information is safely encrypted into the NEAR blockchain.
In this article, we covered ten different crypto wallets suitable for NEAR Protocol. Each one offers a variety of services, different functionality, and a number of ways to access crypto funds. While finding the best crypto wallet may be a tedious task for some, NEAR Protocol supports a plethora of options suitable for all kinds of users.