The NEAR Protocol aims to incentivize a network of computers to operate a platform for developers to create and launch decentralized applications. This smart contract blockchain platform is efficient, community-based, and developer-friendly. NEAR’s native token is used to pay transaction and storage fees. NEAR token holders have an opportunity to stake and participate in achieving network consensus as transaction validators.
This guide will show you how to create a wallet and stake NEAR tokens via the Sender Wallet.
What Is the NEAR Protocol?
NEAR is a decentralized development platform that uses a Proof-of-Stake (PoS) consensus mechanism and will eventually feature a sharded architecture to scale transaction throughput. The NEAR Protocol assists developers in revolutionizing systems and developing useful dApps with the help of its unique features.
NEAR aims to overcome some of the limitations of competing systems:
- Low throughput.
- Low speeds.
- Poor cross-compatibility.
NEAR’s blockchain uses a new consensus algorithm and a sharding architecture to achieve a relatively high level of performance. To know more about the NEAR Protocol, how it works, and what makes it so unique, read our article about Near and how it makes developing blockchain applications simple and efficient.
What Is the Sender Wallet?
Sender is a non-custodial wallet tailored for NEAR. It provides a one-stop wallet solution for users to send, receive, store and stake NEAR-based assets easily and securely. The company’s platform offered a non-custodial browser extension wallet first, and now users can use a mobile version as well. Sender is engaging for users because the wallet grants them complete control of their private keys and offers various built-in features, such as sending and receiving digital assets, instant swap, an NFT gallery, and staking.
Why Stake NEAR?
By staking their funds, users support the decentralization of the consensus, but the reason investors stake is to get rewards. Their contribution to development will bring a reward if the node successfully creates a block. Rewards are distributed proportionally to each user’s share of the total amount staked. Everstake charges only 3% in fees—one of the lowest rates among validators.
How to Set Up the Sender Wallet?
Please go to the Sender Wallet, choose your preferred operating system (iOS or Android), and install the app on your mobile phone.
After downloading the wallet, you can create a new account or use your existing account if you have one. In this guide, we will choose the first option and create a new account. The app will ask you to create and confirm a new password, as shown in the picture below. Please create a reliable and strong password. Don’t share any of your passwords with others, and store them in a safe place. Read our Crypto Security Guide to learn more.
To continue using the wallet, you also need to choose to set up a Passcode or use Face ID to secure your wallet. To reserve your Account ID, you can choose either a human-readable account name ending with “.near” or an implicit account that is a string of characters. You should remember that it is appropriate to save all crypto wallet-related information offline. Sender will send a notice to remind you that you should save your private crypto information responsibly.
The wallet will generate a random, secret 12-word phrase you must save and remember. The wallet will prompt you for a random word from your passphrase to make sure you’ve saved it. To finish the wallet set-up, enter the word and click Create Account to complete the process.
Note: Never disclose your recovery phrase in order not to be scammed. After that, you will need to initialize your account to continue. You have to deposit 0.1 NEAR to finish creating your account. Send enough NEAR to initialize your account and be able to stake with validators.
How to Stake NEAR Using the Sender Mobile Wallet?
Go to the staking section by clicking the central button as shown below. Here you need to choose the validator you would like to stake with from the list and fill in the amount of NEAR tokens you want to stake. Note: You can select any validator, but we recommend choosing reliable validators that are trusted by the community. To complete staking, you will need to click the Stake button.
Then click the Confirm button to confirm your staking choices. You have successfully staked your NEAR tokens, and now you will be receiving your staking rewards.
To view your active stake, go to the main page. There, you can also unstake your tokens by clicking the Unstake button and inserting the amount of NEAR you want to unstake. Note: The unstaking period is approximately 52-65 hours (four epochs).
Conclusion
Staking NEAR is a profitable way of getting passive income, try in now with us!
Everstake is a validator for over 70 blockchains and has a dedicated team of community, DevOps, and R&D specialists.
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