Proton allows users to move funds and crypto between blockchain networks and conventional banks with a verified username. This allows them to withhold sensitive information from their banks while completing financial transactions seamlessly.
Proton’s native token is valuable to the project because it allows holders to participate in the governance of the chain, the allocation of network resources, and network security via staking. As a result, investors looking to gain from the project must learn how to buy Proton Coin.
This article will explore Proton Coin (XPR), how to buy the digital asset, and how it functions.
Where to Proton XPR
This section is our top picks of where and how to buy the Proton XPR Crypto token. We chose these based on our experience of using them and considered fees, security, payment options and reputation.
- Kucoin: Highly Regarded and Easy to Use for Beginners
- Gate: Solid Platform With Lots of Coins
KuCoin: Exchange With Lots of Listings
KuCoin is one of the world’s oldest and most popular crypto exchanges. The Seychelles-based broker is one of the most notable names in the market for traders who desire access to derivatives products to speculate in the market.
Currently, KuCoin provides access to over 600 cryptocurrencies. Besides trading and investing, the exchange allows investors to save, stake crypto, and even participate in Initial Exchange Offerings. With KuCoin, investors have an all-encompassing crypto hub.
Read: Our Full Kucoin Review Here
Like many brokers in its class, KuCoin could appear too overwhelming for beginners. The exchange is more suited for advanced traders who want to speculate and trade sophisticated products. So beginners might have some difficulty making use of it.
Despite this, investors could gain many benefits from trading with KuCoin. The broker has a low minimum balance of $5, with deposits available via major fiat currencies, peer-to-peer (P2P) transfers, and a few credit card options.
As for trading fees, KuCoin users pay 0.1% in fees. But the fees could decrease based on an investor’s 30-day trading volume and ownership of the company’s KCS token.
Security on KuCoin is also impressive. The system uses bank-level encryption and security infrastructures to protect users’ coins and data. KuCoin also has a specialized risk control department to enforce strict data usage policies.
Pros
- Discounts available on trading fees
- Extensive staking functionalities
- Quick P2P trading system
- Anonymous trading available
- Low minimum balance
Cons
- No bank deposit option
Gate.io: Solid Platform With Lots of Coins
Gate.io is a cryptocurrency trading site that aims to offer its members an alternative to the exchanges currently dominating the market.
The site has been in operation since 2017 and aims to capture a portion of the cryptocurrency trading market by offering its users hassle free access to a number of hard to find coins and up and coming projects.
The site is also designed to help investors find specific information related to both their preferred coins and overall market trends.
Read: Our Full Gate.io Review Here
Trading mostly takes place on a web-based trading platform that is similar to most cryptocurrency exchanges. The site incorporates a number of functional features such as an order book, trading history, and charting.
Pros
- A wide range of currencies
- A low fee structure
- Simple registration process
- Functional platform with a mobile app available
Cons
- Unregulated
- The team is not very transparent
- No fiat currency transfers
What Is Proton (XPR)?
Metal Pay and Lynx are earlier projects that introduced the Proton chain. Marshall Hayner and Glenn Marien established Metal, the company behind Metal Pay, as a blockchain-based platform for processing payments in 2016. Metal’s goal was to hasten the adoption of cryptocurrencies via incentives and an intuitive user interface.
In addition to the Metal Pay app, Metal has added the Metal X exchange to its functionality since it was launched in 2016. The Metal Pay app users may purchase and sell cryptocurrency for fiat using their FDIC-insured cash card or associated bank account. Metal Pay and Metal X will soon be linked to the Proton chain.
Lynx initially had a similar goal to Metal of making cryptocurrency accessible to everyone. It created Lynxchain, an EOS blockchain fork that enables free account creation for decentralised apps. Lynxchain is the largest EOS wallet in the US.
Metal Pay and Lynx collaborated to develop the Proton chain, a new blockchain, at the beginning of 2020. With Proton, users can immediately link their real identities to their traditional currency accounts, withdraw funds, purchase cryptocurrencies, and utilise them in apps.
Proton is designed around financial settlements and a secure identity layer. The platform is made for programs like gaming and social media, allowing for the quick and easy transfer of traditional currency from one person to another. The goal of Proton is to make it as simple as possible for users to purchase, trade, and use cryptocurrencies anywhere.
Info About the Project
Proton offers a secure, verified identity account integrated with a financial settlement layer without sending any of the user’s private, sensitive information. It also enables users to directly link this identity with fiat accounts, pull funds, buy crypto, and seamlessly use cryptocurrency in apps.
Proton does away with the idea of directly exchanging private keys with merchants to build a permission-less layer on top of conventional card networks and banks. Instead, the user keeps the private key confidential while allowing organisations that need to verify the user’s identity to use public keys to contact reputable organisations. Without disclosing the user’s associated private key, the verification from the reputable organisation will validate the user’s identity.
Proton uses its blockchain to record transactions, with the primary goal of keeping track of payments and interacting with other parties. This process is carried out so that each user can have their identification confirmed by a recognised identity provider. Transaction data on the blockchain is both plaintext (unencrypted) and encoded (encrypted).
Use Cases
Web3 applications, including decentralised exchanges (Proton Swap), decentralised liquidity pools (Proton Loan), and applications for managing digital identities (Proton Sign), can be found on the Proton Chain.
Interestingly, many NFT initiatives and marketplaces operate on the blockchain, like Snipcoin, Soon Market, Peculiar Inks, Spike, CrypFennecs, and Bagheads.
NFT Support
The Proton Chain is the foundation for many open-source NFT marketplace apps. This is no fluke. The Proton Market is the first NFT market on the proton chain.
Because the Proton Market is open source, anyone with access to its blueprints can build their NFT marketplace, even a Proton Market clone, if they so wish. The benefit is that anyone who runs their website (e.g., a personal blog) can take a portion of Proton Market’s code and transform it into their NFT shop.
Create, sell, and purchase NFTs with excellent end-user experience, no gas fees, and minimal minting costs. Proton is the ideal new home for NFTs thanks to the high speed of the Proton Chain (3,000+ TPS) and the ultra-secure PSR of the Proton Wallet.
Proton Swap
ProtonSwap, a cryptocurrency switching platform with fast conversion and no gas fees, was introduced as the most effective method for crypto swapping.
This program makes it possible to exchange for single satoshis and smaller amounts of cryptocurrency for the first time.
Proton Loan
Proton Loan enables users to borrow and lend Bitcoin across different blockchains simultaneously.
This multi-blockchain strategy will make loan choices available that are uncommon on existing cryptocurrency lending platforms.
Liquidity Mining
Due to Proton Swap, liquidity providers can profit from the tokens they supply to the pools for a few specific trade pairs. On Proton, mining liquidity is intended to be easy, appealing, and seamless.
How Does the Proton Crypto Work?
The Proton whitepaper indicates that most app token wallets lack a robust regulatory framework for cryptocurrency trading. Therefore, Proton incorporates an optional KYC identity store to address these issues. The identity is made accessible as on-chain identity verification and is kept in a central PCI (payment card industry)-compliant database.
For instance, Proton user Bob Smith registers and takes ownership of the handle @bob. As he goes through KYC, a network of money service companies and KYC validators confirm his identification, awarding him the trusted “blue checkmark” that functions like Twitter and shows he has been vetted and is a real user of the platform. Now, @bob will show up with a blue checkmark in any application that implements the Proton name protocol. With just his @bob handle, he can authorise purchases from his account by visiting an online retailer and scanning a QR code to add them to his whitelisted group of payment contacts.
Also, Bob can release the money needed to access a programme or game that requires payments by entering his @bob handle into the game’s interface.
Governance
The Council, a group of bodies in charge of the chain’s governance, makes decisions regarding governance. A decision is communicated to the block producers (validators), to be followed once the Council has approved it. The Block Producers operate as impartial executors, carrying out the chain’s wishes because of this division of labour. On the Proton Chain, the Block Producers have no governance responsibilities.
XPR Token
Proton chain is fueled by its native XPR coin, running on a delegated Proof of Stake consensus. Block producers approve network transactions; publishing to the blockchain requires a two-thirds majority decision. Those XPR token holders who stake their tokens for the opportunity to vote can nominate block producers.
The XPR coin is intended to provide governance privileges and a temporary store of value for dApps. The market is tightly managed with a 200 million token initial circulation and a 5% annual increase in supply. A set distribution of the inflation tokens is made, with 50% going to block producers, 30% to stakers, and 20% to the Proton Steering Committee.
This framework makes the token perfect for social media and gaming apps. Once users have verified their identities, they can buy, trade, and use crypto for dApps’ microtransactions. Moreover, websites and apps can route payment requests directly to Proton-compliant wallets thanks to the new XPR blockchain design.
Is Proton Crypto a Good Investment?
Proton (XPR) is dedicated to making life simpler for everyday users. Therefore, we’ll look at some exciting features of the project for investors considering how to buy Proton and whether it’s a good investment.
Simple Account Names
Each company and user account on Proton has a distinctive human-readable @name. Proton employing human-readable names instead of a mix of letters and numbers for wallet addresses is the most obvious advantage that sets it apart from some of the most popular crypto networks. Users still need to follow the conventional procedures when building their Proton wallet, including writing down their 12 recovery words, saying them aloud, and setting up a PIN.
Additionally, users can choose their account names, similar to a Twitter handle.
Make Payments in Any Denomination
On top of this single blockchain network, the Proton Chain enables the seamless transfer of wrapped assets. Wrapped asset values (also referred to as xToken values) are supported by smart contracts, a collection of clever accounting code that ensures the network isn’t printing money (or Bitcoins) out of thin air.
They aren’t the “genuine” Bitcoin or Ethereum currencies. Instead, they are Wrapped Bitcoin (XBTC) and Wrapped Ethereum (XETH), tokens backed by tangible assets that exist on the Proton Chain.
This makes it simple for app developers and users to switch to and from the Proton Chain from other blockchain networks.
Faster, Eco-Friendly, and Cost-Free
Proton Chain’s assertion that it will allow users to send XPR for free over the network is one of its more startling features.
To process and protect transactions on a distributed ledger, the Proton Chain does not require the use of expensive crypto mining equipment. It also doesn’t require a lot of power consumption, unlike Bitcoin. Instead, it makes use of the Delegated Proof of Stake protocol.
Block producers (also known as transaction processors) are picked at random for a brief time to validate incoming transaction requests. The block producers are selected based on the amount of XPR they have stashed away in a separate wallet.
Block producers need stakers’ assistance to delegate XPR so that they have the financial ability to lock up a sizable sum of XPR. In this manner, the chance for block producers to validate blocks of transactions and collect XPR block rewards can be made available. The rewards are then allocated to stakeholders daily.
The environment benefits from the network’s reduced power consumption, faster transaction validation, and lack of transfer fees for common users in this economic system.
Their website claims the network can process up to 4000 transactions every second with a 3-minute finality.
Verified Identity and Developer-Friendly
Proton Blockchain stores identity evidence from different identity providers for individuals (KYC) and businesses (KYB). The blockchain network aids in establishing a connection between users and a KYC store.
No longer do app developers have to worry about regulatory compliance, such as Know-Your-Customer (KYC), because Proton carries out the identity attestations securely for developers and businesses across multiple identity provider platforms.
In-Wallet Payments
Apps access the blockchain through in-wallet payment requests. This innovative technology does away with the requirement for “Dapp stores”, Chrome plugins, and other hardware.
How to Buy Proton on Kucoin
We believe cryptocurrency should be available to everyone. Therefore, investors seeking where to buy Proton have been offered a detailed tutorial on how to buy the token on Kucoin.
Sign Up on Kucoin
To begin, investors have to create a KuCoin account. Visit KuCoin’s website and locate and click the ‘Sign Up Now’ button on the KuCoin homepage. Investors can register with a phone number or an email address.
Users will also need to enable two-factor authentication (2FA) to safeguard their accounts. On the KuCoin platform, 2FA is not enabled by default, but it is necessary if an investor wants to continue creating their account.
Verify Account
To verify their account, users need to undergo the Know-Your-Customer (KYC) process, which can be done by submitting a valid personal identity document like a passport or driver’s license.
Although investors can technically use KuCoin without proving their identities, they will be subject to withdrawal limits until they go through the verification process.
Deposit Funds
To deposit, click the “asset” button. Choose a payment method. Then, select the asset pair to deposit (e.g. USDT/XPR) or enter its name in the search box. The deposited funds will be used to buy XPR.
Next to the asset of choice, click the Deposit option. Enter a wallet address in the next field. A QR scanner can also be used to read the barcode.
Buy XPR
Navigate to the Markets tab once the asset has been deposited. Choose the USDT/XPR pair from the list and click the Trading icon to the right. Then, choose spot trading.
To purchase, in the buy field, enter the desired amount of USDT to be used to buy XPR and click the “Buy” button.
Conclusion
The Proton chain project is one of the crypto industry’s largest mergers. If successful, it may herald further industry consolidation. Investors are interested in its digital asset due to its formidable team, compelling use case, well-designed tokenomics, thriving community, and active market.
For investors considering how to buy Proton coin, we recommend Kucoin due to its low advanced trading features, low spread, and great liquidity.
Proton XPR FAQs
How do I buy XPR crypto?
The best option is to select a licenced broker to buy Proton quickly without sacrificing the security of funds. Although the digital asset is available on both centralised and decentralised exchanges (DEX), we recommend Kucoin as the ideal platform to buy XPR. The trading platform enjoys a solid reputation in the industry for its commitment and polished design. Due to its daily average trading volume, KuCoin consistently ranks among the top ten cryptocurrency exchanges. The exchange has one of the most incredible collections of trading pairs worldwide, supporting more than 540 supported coins and 960+ trading pairs.
How do I get Proton XPR?
Using a reputable broker like Kucoin to purchase Proton is the safest and most straightforward method. In a few minutes, investors can create an account with the site, fund it with money, and purchase this asset. The platform also provides advanced professional tools to make trading straightforward.
How can I buy XPR in USA?
There is no available information on exchanges that support XPR in the USA. However, investors can buy XPR on exchanges like Kucoin, Gate.io, OKX, MEXC, and Bitrue.
Is Proton XPR on Coinbase?
Proton is not available on Coinbase. However, we recommend Kucoin for investors that want to invest in Proton XPR. Kucoin supports over 540 cryptocurrencies, and trading costs are quite low at just 0.1%. Investors are eligible for a 20% reduction if they pay using the KCS coin, and high-volume traders can get even lower costs. KuCoin users will appreciate the variety of trading options, including spot trading, margin trading, P2P trading, and futures trading. Users can also employ the borrowing and lending of cryptocurrencies.
