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Scalability and interoperability will determine the momentum of the crypto industry as we move towards a decentralized era of the internet. However, these two remain the biggest challenges so far. A few blockchains like Polkadot (DOT) are working to find a solution to these problems.
Polkadot, in particular, has launched several projects in this regard, and the Astar network is one such project. Let’s explore.
What is the ASTAR network?
ASTAR network is a hub for decentralized apps (dApps) on Polkadot. ASTAR (formerly known as Plasma) network’s launch date was in 2019 and was founded by Sota Watanabe. It connects Ethereum, Cosmos, and the other major layer-1 platforms and layer-2 solutions like Plasma and zero-knowledge rollups with PolkaDot. ASTAR serves as a multi-chain smart contract platform that provides support to numerous virtual machines and blockchain.
ASTAR network operates on two layers. The first layer, or the base layer, is a layer-1 blockchain built via Substrate blockchain design. The second layer is developed using an Optimistic Virtual Machine or OVM as a scaling solution.
The Polkadot ecosystem doesn’t back smart contracts. Polkadot uses ASTAR as a means to dispense parachain to the developers in the ecosystem. ASTAR furnishes the Polkadot ecosystem with EVM ( Ethereum Virtual Machine) and a multi-chain that connects EVM with WASM (WebAssembly).
Through programs like the ASTAR builders program, the ASTAR network provides support to the developers through financial incentives, tech assistance, and incubation programs.
What is an Astar coin?
Astar network’s native token ASTR undertakes multiple functions. It acts as a utility token, a governance token, a staking token, and more. The ASTR token is also used for payment of on-chain transaction fees. Layer-2 applications can make deposits in ASTR tokens on the Astar layer-1 smart contracts to develop layer-2 applications in the network.
ASTR tokens can be used for network staking. Holders can become validators on the network and earn rewards. The token holders can stake ASTR tokens on dApps to earn rewards. Usually, the application developers also receive ASTR tokens for developing Astar network infrastructure or for formulating smart contracts.
ASTR token holders also have an opportunity to vote on proposals in the network and promote on-chain governance.
ASTR coin has a circulating supply of 3.8 billion. Astar’s price on 16 March 2023 was
₹6.642.
How to Buy Astar coin?
Now comes the question, how to buy ASTAR coin in India? WazirX is the best platform for the purpose. You can buy and check ASTAR coin prices in India via WazirX, India’s most trusted cryptocurrency exchange, by following the few simple steps listed below:
#1 Sign Up on WazirX
To begin with, create an account on WazirX by clicking here.
#2 Fill in the Required Details
Put in your email address and choose a secure password.
#3 Email Verification and Account Security Setup
Next, verify the email address by clicking on the verification link you received in your inbox. Following that, you have two options to ensure the security of your account – the authenticator app and mobile SMS.
Remember that the authenticator app is more secure than mobile SMS because there is a risk of delayed reception or SIM card hacking for buying ASTAR coins.
#4 Choose Your Country and Complete KYC
After selecting your country, complete the KYC process. You can not trade peer-to-peer or withdraw funds on the WazirX app without completing your KYC.
To complete your KYC, you need to submit the following details:
- Your full name as it appears on your Aadhaar or any other ID proof
- Your birth date as stated on your Aadhaar or any other ID proof
- Your address as it appears on your Aadhaar or any other ID proof
- A scanned copy of the document
- A selfie of yours to finish the procedure
And you are done creating your account! Within 24 to 48 hours, your account will be validated. Now you can safely buy ASTAR coin in India.
Buy ASTR on WazirX via P2P
WazirX allows you to check the ASTAR coin price in India before buying ASTAR crypto via WazirX. Check ASTR coin price in INR on WazirX here. You can buy ASTAR coins using USDT.
To buy USDT, you can use the WazirX P2P route. This is fast, secure, and free. Follow these simple steps to buy USDT and then your ASTR crypto:
- Log in to your WazirX account on the web/mobile app and select “P2P” from the “exchange” option.
- Next, click on the ‘Convert INR into USDT’ option.
- Add the INR price at which you want to purchase USDT. Next, add the number of USDT tokens you want to purchase and click on “BUY”. Here, the minimum purchase should be 14.5 USDT.
Once you click on the buy button, WazirX will match you with sellers. However, if you wish to purchase the USDT from a specific seller, you can add the XID of that person and complete the transaction.
- You need to select a preferred mode of payment next. UPI and IMPS mode are the two options available. Please note that IMPS linking is mandatory on the WazirX platform; however, UPI linking is optional.
- Once you confirm and click on the message “YES, I WILL PAY’, you will get 60 additional minutes to complete your payment. In case of non-payment, once confirmed, a minimum penalty of 10 USDT or 1.2% of trade will be levied. False confirmations can also cause your account to get locked.
- Complete the payment as per the payment details on the screen (seller’s bank/UPI details). Once the payment is complete, upload the payment proof and click on the checkbox “I HAVE PAID”.
Once the seller confirms the receipt of payment, your order will be marked complete, and the USDT purchase will be reflected in your “funds”.
- Now you can use this newly acquired USDT balance to purchase ASTR crypto on the WazirX exchange. Go to the “exchange” option on the web/mobile app and select ASTR crypto from the list of the tokens available in the USDT market. All price charts, order book data, and an order input form are visible on the right side of the screen.
Click on buy ASTR tokens. Wait for some time. Once done, you will receive the ASTR coins you purchased in your WazirX wallet.
You can also follow this youtube tutorial on how to buy ASTAR token crypto in India safely and securely via WazirX P2P.
Future of Astar coin
ASTAR is backed by several significant names in the industry, including Coinbase Ventures and others. It provides a cheaper, faster, and richer experience to dApp users on its network. Web3 applications hosted on the Astar network can enjoy efficiency and cross-chain interoperability.
With a $1 billion total value locked and $250 million Ethereum assets bridged, ASTAR network is a “gateway to the multi-chain future.” According to PricePrediction, the Astar network will have a bullish market and go up to $0.13 by May 2023, $0.18 by May 2024, and $0.27 by 2025.
Frequently Asked Questions
How To Invest In Cryptocurrency?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.
Is Cryptocurrency Safe To Invest In?
Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.
Which Cryptocurrency Is Best To Invest In 2021?
Many altcoins are flourishing to invest in. Some cryptocurrencies with great potential are Ether, Ripple, Tron, and more. Investors are trying to diversify their portfolios and are flocking to the leading cryptocurrencies. Many growing businesses are already accepting cryptocurrency as acceptable payment methods.
What Is The Safest Cryptocurrency To Invest In?
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
Are Cryptocurrencies Legal In India?
In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.
Is Mining Cryptocurrency Legal?
Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.
Who Invented Cryptocurrency?
Satoshi Nakamoto invented cryptocurrencies and the technology that makes them function in 2009. The presumed pseudonymous individual or persons who invented Bitcoin used this identity. In addition, Nakamoto created the first blockchain database. Even though many people have claimed to be Satoshi Nakamoto, the person's identity remains unknown.
What Is Cryptocurrency?
A cryptocurrency is a digital currency secured by encryption, due to which chances of activities such as counterfeiting and double-spending taking place get close to impossible. Cryptocurrencies get created on blockchain technology ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are unique in that they do not get issued by any central authority. The term "cryptocurrency" comes from the encryption techniques used to keep digital currencies and the network safe.
How To Invest In Cryptocurrency Stocks?
Cryptocurrency can be purchased in two ways: through mining or exchanges. The process of confirming and adding transactions to the blockchain public ledger is known as cryptocurrency mining. Cryptocurrency exchanges are another option. Exchanges make money by charging transaction fees, but there are alternative platforms where you may communicate directly with other cryptocurrency traders.
Is Bitcoin And Cryptocurrency The Same Thing?
Bitcoin is a cryptocurrency that was designed to facilitate cross-border transactions, eliminate government control over transactions, and streamline the entire process without third-party intermediaries. The absence of intermediaries has resulted in a significant reduction in transaction costs. Satoshi Nakamoto, the creator of Bitcoin, created the first cryptocurrency in 2008. It began as open-source software for money transfers. Since then, plenty of cryptocurrencies have emerged, with some focusing on specific fields.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
