The Near Protocol is a revolutionary public proof-of-stake layer 1 blockchain that uses sharding to scale and an innovative account model to make apps similarly usable. It was launched in 2020 as a decentralized cloud infrastructure to host decentralized applications.
To be able to skin in this blockchain, of course, you will need a Near Wallet. In today's article, I will show you the details on how to create a Near Wallet.
What is the Near (NEAR NEP141) Wallet?
The Near wallet is where NEAR, NEP141 standard tokens are stored on the Near blockchain. You can send and receive NEAR and NEP141 standard tokens as well as interact with applications on the Near platform. In particular, this wallet is owned by you, so no one has the right to influence or use the wallet other than you.
What is included in a Near Wallet address?
A Near Wallet has 3 extremely important pieces of information you must note:
- Wallet address: A sequence of numbers and characters used to send assets to the Near wallet. Others can transfer coins to you through the wallet address you provide. A Near (NEAR NEP141) wallet address will have the following format: 65bff5bc0403825b8608ad6f84bc48aec924b01cb056d74205b0f97a6ddf9597
- Passphrase: A security key that can be understood as a password consisting of any 12 English keywords. If you want to perform the wallet recovery operation, you must go through the Passphrase login step. Format of a Passphrase: lecture estate tube tunnel decade toe flash army red nice bottle trap.
- Private Key: A string of letters and numbers to connect to the account, quite similar to the password of a bank account. Format of a Private Key: ed25519:2JXM9F24gByUSEbycyqaS8hGfaPSX3bffMWw1Bnb8YXD7bvMZGhN14BDJxMDYjgjY7P6Th41DUnVc8ZAmo9LZ5Hu.
To visualize, you can imagine that the Near wallet is a bank account, the wallet address is the account number and the passphrase/private key is the password.
The difference here is that with a bank account, other people will know your personal information. As for the Near wallet, the user becomes anonymous, no one knows who owns the wallet, and transactions only occur through the address encoded into a sequence of numbers and characters.
Near Wallet Review
There are many wallets on the market that support creating Near wallets. Let's take a look at some outstanding Near wallets in the crypto world.
Coin98 Super App
Coin98 Super App is a well-known super app containing crypto services, and it is the gateway of DeFi & Web3. After installing the Coin98 Super App, you can experience many of its features such as Dapp Browser, Terminal toolkit, Coin98 Staking,...
Because it is a decentralized wallet platform, users are in complete control of their assets, no one has access to your wallet, including the developers. You can rest assured when storing NEAR, NEP141 standard tokens here.
Learn more: What is Coin98 Super App?
The NEAR Wallet is a non-custodial, web-based wallet for the NEAR blockchain. The Near Wallet has been created by NEAR Protocol where users can send, receive, NEAR or NEP141 token and access the NEAR DeFi ecosystem.
Create a Near Wallet here: wallet.near.org
How to create a Near Wallet
This tutorial will guide you on how to create a new Near wallet on both the mobile and desktop interfaces, so you can also install both to flexibly switch use.
Coin98 Super App
1. Download and access the app
Near wallet is now available on the Coin98 Super App for both iOS and Android users:
After downloading the app, open the Coin98 Super App application and select the language you want to use before directly accessing the wallet interface.
At this interface, you can create a new wallet or restore an existing wallet from other wallet applications to the Coin98 Super App.
2. Create the Near wallet
Step 1: Open the application, at the homepage click the Wallet icon → Manage.
Step 2: Click Add Wallet and click on the Near (NEAR NEP141) icon to create a Near Wallet, or you can choose to create a Multi-chain wallet to own more wallets with just one passphrase (recommended) → Create.
Step 3: Create a name for the wallet (name it something that you can remember or is convenient for later use). Click Next.
Step 4: Back up the Passphrase/ Private key in a safe place.
Note: These are CRUCIAL information that directly affects control over your assets.
- Copy and paste the Passphrase/Private key into the Confirmation box.
- Tick the Backup your recovery key box and click on the copy icon to confirm that you have saved your Passphrase/Private key. You must save the security key in a safe place and do not disclose it to anyone. Otherwise, your account is at risk of being stolen if someone knows these sequences of characters.
- Tick the two remaining boxes to confirm that you understand the risks if you lose your Passphrase/Private key.
Select Create Wallet.
Once done, you can also go to Manage → Manage All Wallets to check the newly created Near wallet.
- After creating a Near wallet on Coin98, users need to deposit at least 1 NEAR into the created wallet to activate the active status of the Near wallet on the blockchain platform.
- A Near wallet created on wallet.near.org will automatically detain 0.35 NEAR in the user's balance, which means you cannot send all the NEAR stored in the wallet. Even in case, you create a Near wallet on the Coin98 Extension Wallet, you cannot send all the NEAR stored in the wallet.
Coin98 Extension Wallet
You can access chrome.coin98.com to install the Coin98 Extension Wallet.
For instructions on installing and using Coin98 Extension Wallet, you can refer to this guide here.
Create the Near wallet
Step 1: Open the Coin98 Extension Wallet and insert your password. At the main interface click Manage. Click Add Wallet.
Step 2: Select the Near icon → Create Wallet.
Step 3: Create a name for the wallet (name it some nearing that you can remember or is convenient for later use). Click Next.
Step 4: Backup the Passphrase/Private key in a safe place.
Select Create Wallet.
After that, you can also go to Manage → Manage All Wallets to check the newly created Near wallet.
How to use Near Wallet
Add NEAR and NEP141 tokens to Near Wallet
This process is similar on both the mobile version and the extension, so you can follow these steps for both.
Step 1: Click the Near wallet on the main screen.
Step 2: Click Receive.
Step 3: Copy the wallet address or use the QR code address and send your assets to this address.
Step 1: Click the search icon on the main screen.
Step 2: Enter NEAR, NEP141 token in the search bar.
Step 3: Click the icon to copy the wallet address or get the QR address and send your assets to this address.
You can send NEAR, NEP141 tokens to the address copied in step 3.
Send NEAR, NEP141 tokens
This operation works the same on both the Coin98 Super App and the Coin98 Extension Wallet. I will give an example of how to send NEAR stored in the mobile wallet.
Step 1: Click the Near wallet.
Step 2: Choose Send.
Step 3: Select the token, the number of tokens you want to send & the wallet address to send to. Adjust the Gas fee slider to suit your needs → Slide the Send bar to confirm.
In addition, you can also go to the Send section in the main interface and select the Near wallet you want to send from.
- The gas fee for each transaction is paid with NEAR, approximately 0.0008 NEAR.
- The default gas fee on the Coin98 Super App has been set at the standard rate that offers the most optimized speed at a reasonable cost.
Using the Near Wallet Explorer to check the transaction history
Near Wallet Explorer is the Near ecosystem explorer, allowing access to information such as wallet addresses, cryptocurrency transactions, smart contracts, etc. Complex data is easier to grasp now than ever before.
Near Explorers that are commonly used by many users include:
Some notes when using the Near wallet
Is it safe to store NEAR and NEP141 standard tokens on the Near wallet?
Coin98 Wallet is a non-custodial wallet, that is, full control of assets belongs to you, no one has access unless you disclose the key to others. Therefore, it is perfectly safe for your assets.
Is there a fee to transfer NEAR, NEP141 tokens?
Sending NEAR, NEP141 tokens from an Near Wallet will cost the blockchain platform fee in NEAR.
Is it possible to create multiple Near wallets?
Yes! You can create as many Near wallets as you want. Each wallet will have a different address and passphrase, so remember to save each of them. Each wallet should be named so that you can easily manage them if you create multiple Near wallets.
Can Near wallet store other coins?
Near wallet can store NEAR, NEP141 standard tokens supported by the Near blockchain platform. In addition, do not transfer any coins on other blockchain platforms to Near wallet if you do not want to lose your assets
What is the best Near wallet app?
For those who mainly interact with the Near Protocol, Near Wallet will be one of the options worth considering.
For those who use a lot of blockchain platforms, the Coin98 Super App is a great choice for you.
With the fast development of the crypto market, you will see a series of potential DeFi projects appearing on Near blockchain. Hope the tutorial can help you to easily create and use the Near (NEAR NEP141) Wallet on Coin98.
If you have any questions regarding this tutorial, don't hesitate to leave a comment below! The Coin98 team will answer your questions as soon as possible!
See you in our future posts!