How To Buy Nest Protocol (NEST)?

A common question you often see on social media from crypto beginners is “Where can I buy Nest Protocol?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Nest Protocol (NEST)

First, you will need to open an account on a cryptocurrency exchange that supports Nest Protocol (NEST).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Nest Protocol (NEST) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Nest Protocol (NEST)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Nest Protocol (NEST) or Nest Protocol (NEST) trading pairs. Look for the section that will allow you to buy Nest Protocol (NEST), and enter the amount of the cryptocurrency that you want to spend for Nest Protocol (NEST) or the amount of fiat currency that you want to spend towards buying Nest Protocol (NEST). The exchange will then calculate the equivalent amount of Nest Protocol (NEST) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Nest Protocol (NEST) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

Alternative ways to buy Nest Protocol (NEST)

Because the project is very new, it is only offered directly on a select number of exchanges. If you’re not comfortable connecting your bank account to any of these smaller exchanges, or if you cannot connect your bank account to them for geographical reasons. Then you can instead create an account on any of the major exchanges and simply transfer the funds from there.
Out of the major exchanges we recommend the following based on functionality, reputation, security, support and fees:

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Nest Protocol (NEST)?

The Nest Protocol was a collateralized lending product at the very beginning. Due to the lack of a price mechanism and the oracles’ being commercially not in line with the decentralized nature of blockchain, the NEST Protocol has developed a decentralized price oracle network in v2.0.

Today, the NEST Protocol is an Oracle solution based on Ethereum that provides pricing information for Decentralized Finance (DeFi) services. The main purpose of the Nest Protocol is to attempt to solve the Oracle problem. The oracle problem refers to the reliability of the price that occurs when data from outside the blockchain is imported into the blockchain. The blockchain cannot actively generate price information, so it needs to rely on middleware to transfer the off-chain price on-chain, and this middleware refers to oracles. The Oracle’s function is to upload price information to the blockchain to be used by various DeFi products.

The Nest Protocol allows the DPI services to pull out external pricing information without any these Oracle problems.

The process of running an oracle based on the normal logic is basically to collect price information from multiple exchanges, put them together to take the average, and upload them on-chain; or find a few so-called “trusted” nodes, each uploading prices to a centralized processor, and take the average of the uploaded prices for use by DeFi products.

This is the approach of most oracles in the market today, and there is a problem with trusted sources because we need to trust the person or node or project owner who uploads the price. We cannot validate the prices themselves.

The biggest advantage and innovation of the NEST Protocol’s price mechanism compared to other oracles is the reverse thinking approach: miners make bilateral asset quotes and introduce a verification mechanism that enters prices that have no room for arbitrage into the NEST system.

What is the NEST Token?

The NEST Token is the native token of the non-cooperative oracle system and is the first oracle token to be created in a decentralized manner.

The NEST Token is required to partake in the NEST ecosystem, such as setting up an oracle to pay with NEST, quoting and pledging NEST, gaming over-collateralized NEST, and computable financial CoFiX to provide liquidity mining for NEST Token. The collateralized asset protocol, Parasset, can use NEST Tokens to mint stablecoins, and the NEST oracle ecosystem income goes to NEST Token holders, etc.

Nest Protocol development updates in 2023

In 2023, Nest Protocol has continued to advance and innovate within the decentralized finance (DeFi) sector. The platform, known for its decentralized oracle network and advanced trading structures, has seen several key developments:

• Advanced Trading Structures: Nest Protocol has eliminated the need for market makers and liquidity providers (LPs) by leveraging smart contracts. This approach provides traders with practically infinite liquidity through risk sharing, enhancing the efficiency and accessibility of trading on the platform.

• Stable Price Oracle: The NEST Oracle offers a stable, decentralized price stream, which is critical for the security and reliability of the platform. The system is designed to be resilient against price attacks, requiring control over 51% of network assets to manipulate prices.

• Deflationary Economic Model: The platform employs a deflationary economic model, where users burn $NEST to buy financial assets such as futures and options. This model aims to increase the $NEST price over time as the burned $NEST exceeds the generated amount.

• NESTFi: NEST Fi serves as a decentralized perpetual exchange, providing trading capabilities without the need for traditional market makers or liquidity providers.

• NEST Craft and Cyber Ink: Nest Protocol has introduced NEST Craft, similar to the Ethereum virtual machine, which allows anyone to create more NEST-based apps. Additionally, the platform has launched Cyber Ink, a collection of 10,000 NFTs, each unlocking membership benefits in NEST Fi.

• Integration with Multiple Networks: Originally built on Ethereum, Nest Protocol has expanded to accommodate both BSC and Scroll networks, offering users greater flexibility.

• NEST Token and its Utilities: The NEST token is integral to the platform, functioning as a settlement asset within the DAO and used for managing liquidity and trading pairs on the NestFi platform. The token also serves as a marketing tool to enhance project visibility.

• Expanding Ecosystem: The Nest Protocol ecosystem, with $13 million worth of assets locked, provides decentralized token swaps, liquidity mining, and market price stabilization.

• Coinbase Listing: In 2022, Coinbase listed NEST Protocol, adding it under its experimental label for digital assets. This listing has increased the visibility and accessibility of NEST tokens on a major exchange platform.

These updates and developments underscore Nest Protocol’s commitment to innovation and its significant role in the evolving DeFi landscape. The platform’s focus on advanced oracle services, deflationary economics, and expanded network integrations positions it as a notable player in the blockchain and cryptocurrency sectors.

Official website: https://nestprotocol.org/

Best cryptocurrency wallet for Nest Protocol (NEST)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Nest Protocol (NEST)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).