Farming the HOT token. Non-custodial Near Wallet in Telegram (2024)

Telegram has become a prominent platform for cryptocurrency trading, changing how traders communicate, access market information and make transactions. After the launch of the Notcoin clicker game on January 1, the next big player was blockchain platform NEAR Protocol, which launched a cryptocurrency wallet in the messenger.

NEAR Protocol co-founder Illia Polosukhin emphasized Telegram’s important role in crypto trading, noting that “Telegram is the place where all crypto users live and now it has non custodial smart wallet directly linked to your tg account.”

Source: Twitter.com

What is the NEAR Protocol?

The NEAR Protocol is a Layer 1 (L1) blockchain platform for cloud computing and smart contracts. It provides scalability, high throughput, low fees, and interoperability with other networks, allowing developers to deploy decentralized applications (DApps).

An important feature of the NEAR protocol is the implementation of sharding, a process that divides the network infrastructure into multiple segments, allowing individual computers, or nodes, to process only a portion of the network’s transactions.

By distributing segments of the blockchain among network participants, sharding provides a more efficient method of accessing network data and scaling the platform.

NEAR functions similarly to storage systems such as Amazon Web Services (AWS), acting as a base layer for application development. In doing so, NEAR is managed by a distributed network of computers.

Just as AWS allows developers to deploy code in the cloud without building their own infrastructure, the NEAR protocol offers a similar architecture centered around a network of computers and its native cryptocurrency, the NEAR token.

At the time of writing, NEAR ranks 32nd in the cryptocurrency ranking with a capitalization of $3 billion and is trading at $2,91 on Binance, having added 4% overnight and lost 2,6% over the week.

NEAR Protocol was launched in April 2020 by Alexander Skidanov and Illia Polosukhin, the project raised $50 million in two closed funding rounds. In early 2022, it raised another $150 million from Mechanism Capital, Dragonfly Capital, Andreessen Horowitz (a16z), Jump, Zee Prime, Amber Group, and the now-bankrupt Three Arrows Capital (3AC) and Alameda Research.

In April 2022, another $350 million was invested in the project, with investors including Tiger Global Management, Republic Capital, Hashed, Dragonfly Capital, and now-bankrupt FTX Ventures.

Near Protocol is backed by projects such as decentralized exchange (DEX) aggregator 1inch, decentralized oracle network Chainlink, metaverse The Sandbox, DeFi protocols Aave and Maker, and indexing protocol The Graph. The network also issues the largest stablecoins by capitalization, including USDT, USDC, DAI, and TUSD. The total token capitalization of the Near ecosystem is approaching $17,9 billion.

What is a NEAR Wallet?

The tool allows users to securely store and transfer tokens (including USDT and USDC stablecoins), paving the way for the creation of decentralized applications. Users will be able to manage chats based on Telegram tokens. The most important difference from competitors is that it is completely decentralized, and only users can manage funds in the NEAR Wallet.

The NEAR Wallet in Telegram is powered by HOT coin, a utility token for the NEAR ecosystem within Telegram. Through the use of meta-transactions, HOT will be used to conduct real transactions on the blockchain, use games, and pay fees for transfers.

How to farm HOT

Creating a wallet is a simple process that provides a seamless entry into the crypto space. To get started, users just need to click on the “Create new account” button and, following the prompts, generate a wallet address.

If you already have an account, you can easily import it by clicking on the “Log In” button. The user-friendly steps make this system available also for newcomers, emphasizing the simplicity and convenience of managing crypto assets.

Next, click “Claim” and receive the first 0,1 HOT. From this moment, the user automatically starts farming tokens. It is necessary to enter the bot every 2 hours and collect coins.

What to pay attention to

The most critical step is to save the 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 click on the settings and select the “Save seed phrase” option.

Note: it is highly recommended to write down the seed phrase on paper and keep it in a safe place. Never lose it or show it to anyone. Anyone with access to these words can access all tokens in the wallet.

Before proceeding with the token transfer, you need to make sure that your NEAR balance is sufficient to cover the fee, which is ~$0,001. This process is accomplished by simply clicking the “Transfer” button. Next, enter the recipient’s address, select the desired token, and specify the amount.

Once all these details have been entered, a final click on the “Transfer” button will execute the transaction.

The 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 update your balance, click on the three dots in the top right corner and click “Reload page”.

The wallet is already available for Telegram users. NEAR Wallet is a non-custodial wallet created specifically for the NEAR ecosystem.

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