NEAR/INR, the latest addition to your Pi42 trading pair list, was an incessant demand by our trading titans! And, while we never lag behind in fulfilling your wishes, we also believe that you need to learn about the basic information on every particular pair! Hence, here we are, let’s go a little beneath the surface and understand what is Near protocol and how to trade in NEAR/INR on Pi42.
What is NEAR?
NEAR Protocol is designed to overcome the limitations that have hindered the progress of various blockchains. As a layer-one blockchain, NEAR Protocol stands out by offering a community-run cloud computing platform, promising enhanced transaction speeds, increased throughput, and improved interoperability. In this blog, we’ll delve into the key features that set NEAR apart, exploring its unique solutions to scaling issues, developer-friendly environment, and the collaborative spirit of the NEAR Collective.
NEAR’s Aim:
NEAR Protocol aims to create an optimal environment for decentralised applications (DApps) by addressing common challenges faced by other blockchains. One notable feature is the use of human-readable account names, a departure from the complex cryptographic wallet addresses associated with platforms like Ethereum. This simple and user-friendly approach makes interactions with NEAR more accessible for developers and users alike, fostering a broader adoption of blockchain technology.
Scalability Solutions:
NEAR Protocol tackles the scaling problem head-on with innovative solutions. One standout approach is the introduction of the “Doomslug” consensus mechanism. Unlike traditional proof-of-work or proof-of-stake mechanisms, Doomslug combines elements of both while introducing unique features. This consensus mechanism contributes to NEAR’s ability to process a higher number of transactions per second, offering scalability that is vital for the widespread adoption of blockchain applications.
Community-Driven Development:
NEAR Protocol is not just a technology; it is a vibrant ecosystem driven by the NEAR Collective. Comprising developers, contributors, and enthusiasts, the NEAR Collective actively participates in updating the protocol’s code and releasing regular updates to the ecosystem. This community-centric approach ensures that NEAR remains agile, adaptive, and in tune with the evolving needs of its users. The declared goal of the NEAR Collective is to build a platform that is “secure enough to manage high-value assets like money or identity and performant enough to make them useful for everyday people.”
How to Trade in NEAR/INR on Pi42?
- Log in: Access your Pi42 account.
- Navigate: Head to the trading terminal.
- Select the Pair: Choose NEAR/INR from the dropdown menu.
4. Define your Position: Select your desired leverage, Enter the quantity of asset, or the INR equivalent, alternatively you can select a certain percentage that you want to invest from your wallet balance.
- Set Limits (Optional): Establish Take Profit and Stop Loss orders for risk management.
- Execute your Trade: Click Buy/Long or Sell/Short based on your market prediction.
- Track your Trade: Monitor your position in the orders and positions panel below the trading chart.
