NEAR is building an ecosystem geared towards creating a decentralized, Web3-based world. And while it is doing this to accommodate several crypto products, the NEAR Foundation focuses primarily on its products. The Foundation revealed in the just concluded NEARCON that every innovation in the ecosystem was built for NEAR products first—then for products outside its network. One of such NEAR-oriented products is the MyNearWallet.
Introducing MyNearWallet
As an evolution of the legacy NEAR Wallet codebase, MyNearWallet offers improved functionality and usability. This is a non-custodial web wallet, and will soon be a mobile app, for users to buy, store, send, and stake their NEAR tokens and other assets compatible with the wallet. The wallet users can rest assured that their personal information, account addresses, and fund balances are secure. Its non-custodial nature means the user has full control over the private keys associated with their public address. Therefore, users are in complete control of their funds.
With MyNearWallet, users can gather and transfer their NFTs. They can purchase their NFT arts and collectibles from marketplaces and game projects built on NEAR and Aurora. These marketplaces and projects include Paras, Mintbase, NEAR Misfits, NEARNauts, among others.
Furthermore, they can also stake and earn NEAR. The NEAR ecosystem runs a Proof-of-Stake consensus to secure the blockchain and validate transactions. This is done through a network of validators who earn rewards. MyNearWallet offers NEAR holders an easy way to contribute to the network and support validators by staking their NEAR and earning a portion of the rewards. All they have to do is to select a validator and input the amount of NEAR they want to stake.
Through MyNearWallet, users have access to hundreds of dApps residing in the NEAR and Aurora ecosystems. These projects include Aurigami, Aurora, and Decentral Bank.
MyNearWallet also supports users with Ledger hardware wallets for added security.
MyNearWallet x HAPI: New Security Level Unlocked
MyNearWallet is a dynamic tool that constantly improves user experience, security, and privacy. One of the core features of the wallet is its HAPI integration.
HAPI, an on-chain cybersecurity protocol, adds an extra layer of security for transactions. It’s a risk-scoring feature that warns users of malicious receiving addresses. Addresses can be marked as having no risk (safe), low risk, medium risk, high risk, or severe risk.
Low-risk addresses include wallet services, merchant services, mining pools, and low-risk exchanges. Medium-risk addresses include medium-risk exchanges, DeFi platforms, gambling sites, and OTC brokers. Illicit organizations, darknet services, ransomware, and mixers are classified as high risk, while terrorist financing, sanctioned addresses, and counterfeit addresses fall under severe risk.
MyNearWallet x HAPI protects users from malicious elements, therefore, fostering trust within the community. It also helps the growth of the ecosystem as it serves as a veritable platform for onboarding NEAR’s new users. With these perks, MyNearWallet strikes the needed balance between security and decentralization.
What Makes MyNearWallet Stand Out in 2023
Winners in the cryptocurrency and blockchain world add value to two key areas of the cryptoverse: the user and the blockchain. MyNearWallet, even in its infancy, already provides value to these core areas. So as 2022 gradually winds to a close, it is imperative to know that MyNearWallet is a product to watch in the coming year.
Aside from its basic wallet functions of storing and staking funds, MyNearWallet now offers an unprecedented feature to blockchain users. Until now, blockchain users rarely knew the nature of the addresses they interacted with. The result of this has been the loss of assets by several users to fraudsters. However, this will not be the case for the blockchain user who uses MyNearWallet in 2023.
MyNearWallet makes it easy for users to detect fraudulent wallets. To do this, it pulls data from an on-chain database and also from intelligence sources garnered from data providers.
Furthermore, the wallet’s extra layer of security is not only of benefit to the user but also to the blockchain itself. In addition to the security provided by NEAR’s PoS consensus, MyNearWallet’s HAPI integration heightens blockchain security, thus increasing the chances of detecting and obliterating serious threats. This builds user trust, increases institutional adoption, and fosters the ecosystem’s growth.
A crucial advantage of the NEAR blockchain is that it operates as a decentralized, secure platform, allowing more people to join. The platform has an on-chain database that users can access publicly. It is governed by smart contracts and encourages user involvement.
MyNearWallet was born from the talent and intelligence of brilliant minds within the NEAR galaxy. As it continues to grow and blossom into a bright star, more like-minded, passionate, and just interested people will gravitate toward it as well as to the wonderful NEARverse.
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