As the story develops and information is confirmed, NEAR Protocol official page on X (Formerly twitter) announced the launch of NEAR wallet for Telegram users. see the post below:
Ears burning? Nose full? That’s ‘cos something HOT is getting served up right now.
It’s inside every Telegram account.
It’s non-custodial.
It’s fully on-chain.
It’s built by some of the NEAR Ecosystem’s best.
It’s right here:https://t.co/CIZSoInEih pic.twitter.com/1y9xjrAFZK
— NEAR Protocol (@NEARProtocol) January 31, 2024
It’s important to understand that this wallet is non-custodial, meaning only you have access to your funds. This is a key advantage and what sets it apart from competitors. This implies that users have full control over their funds and on the associated private key.
Why do Telegram Users Need it?
NEAR Telegram wallet allows users to securely store and transfer their tokens (including USDT and USDC), which opens the way for building truly decentralized applications, not only that, users will be able to manage token-based chats and much more directly in telegram, and the most important difference from competitors is that it is completely decentralized and only users can manage their funds on the NEAR wallet.
Telegram and Cryptocurrency
It’s notable to mention that Telegram has emerged as a prominent platform for cryptocurrency trading, revolutionizing the way traders communicate, access market information, and execute transactions. Illia Polosukhin, Co-Founder of NEAR Protocol, made a post and highlighted the importance of Telegram role in cryptocurrency trading and for traders, he said: “Telegram is the place where all crypto users live and now it has non custodial smart wallet directly linked to your tg account.”
Near Wallet in Telegram Will Work on the Basis of Hot Coin
HOT is a new utility token for the NEAR ecosystem inside Telegram. Thanks to the use of meta-transactions using HOT, it will be possible to carry out real transactions on the blockchain, use games, and pay gas for transfers. This is the first FT that has the functionality of native L1 blockchain tokens.
Creating a NEAR Wallet
Creating a wallet is a straightforward process that ensures a seamless entry into the cryptocurrency space. To begin, users can simply click on “Create new account” and proceed to generate a wallet address by following the intuitive prompts. This allows for a quick and hassle-free initiation into the world of digital assets. Alternatively, individuals who already possess an account can effortlessly import it by clicking on the “Log in” button. The user-friendly steps make it accessible for both newcomers and experienced users, emphasizing simplicity and convenience in managing their crypto assets.
The most crucial step is to save your seed phrase. A seed phrase is a simple set of words that allows you to recover your crypto wallet. All you need to do is to click on settings and choose the option “Save seed phrase.”
Note: It is highly recommended to write it down on paper and to keep it in a secure place. Never lose it, and never show it to anyone (even us). Anyone with access to these 12 words can access all the tokens in the wallet.
Sending Tokens
Before embarking on token transfers, it’s essential to ensure your NEAR balance is sufficient to cover transaction fees, which are impressively low at approximately $0.001 on the NEAR Protocol. Navigating this process is as simple as pressing the “Transfer” button, initiating a seamless journey. Next, key in the recipient’s address, select the desired token, and specify the token amount. With these details in place, a final click on “Transfer” sets the transaction in motion. This straightforward approach not only streamlines the transfer process but also underscores the accessibility of managing your digital assets within the NEAR ecosystem.
Wallet address
NEAR Protocol supports a named address format for wallets, so this will be a real address on the blockchain that all exchanges and wallets support.
To view your address, click on the QR code icon at the top. To refresh the balance, tap on the three dots at the top right, and click “Reload Page.”
Conclusion
As you can see from the above, the wallet is available now for Telegram users, and already has many cool features. The Wallet is a secure, non-custodial wallet tailored for the NEAR ecosystem, enabling users to store, buy, send, and stake NEAR assets.
