NEAR Protocol is a decentralized platform where developers can host serverless applications and smart contracts which have easy access to open finance networks and benefit from an ecosystem of open web components. Unlike other blockchain-based platforms, the NEAR Protocol has been built from the ground up to be the easiest in the world for both developers and their end-users. And in the meantime, it still provides the scalability and security necessary to serve those users.
Learn more about NEAR Protocol here.
What are the different NEAR Protocol addresses?
NEAR Protocol has two address formats: Account ID Address and Implicit Address. The addresses in these formats correspond to the same public key, but the encoding methods are different from each other and can be converted to each other. DeFi Wallet currently supports Implicit Addresses.
Account ID Address:
Customized human-readable account IDs
Comes in a format similar to domain names, e.g. jane.near
Consists of 64-character, e.g. 98793cd91a3f870fb126f66285808c7e094afcfc4eda8a970f6648cdf0dbd6de
When importing the NEAR wallet address created from the official site, wallet.near.org, DeFi Wallet will generate a new address for your NEAR tokens. That means the balance of your NEAR Wallet on wallet.near.org will not be reflected. Rest assured that your funds are safe, and you can view your balance by going to Explorer.
Note: Sending of NEAR tokens to Account ID address is currently not supported on DeFi Wallet.
Why is there a minimum balance required for NEAR?
NEAR Protocol crypto assets have built-in requirements on minimum balances in order to activate the addresses - this is essentially similar to certain bank accounts that would require a minimum deposit to maintain funds storage and management.
Once you have at least received 0.00182 NEAR in your Crypto.com DeFi Wallet in one transaction, the token wallets will be activated and you may start sending funds. In addition, NEAR Protocol requires all addresses to have a minimum balance to remain active. This balance represents the storage space the account is using on the network and will go up or down as it uses more or less space. This is also why your maximum sends amount for NEAR = your NEAR balance - minimum balance required.