In terms of altcoins that have achieved quite a bit of a cult following, NEO is one of the ones that many people have their eyes on lately. Formerly known as Antshares, NEO is a completely open-source and decentralized platform on which applications can be built.
Similar to Ethereum, the NEO network is able to run smart contracts and D’Apps, also known as decentralized applications. The platform was originally built by Erik Zhang and Da HongFei in 2014, originally going by Antshares before rebranding to NEO in 2017.
The NEO network runs on PoS (Proof of Stake) instead of PoW (Proof of Work). This means that instead of mining taking place, folks can buy NEO tokens if they wish to own some.
The NEO network can handle up to a blazing 10,000 transactions per second and, much like Ethereum, uses a secondary token generated by the network to pay transaction fees. This token is called GAS, which is a completely separate component of the network and is used mostly to cover transaction fees whenever any NEO is sent from one party to the next.
NEO’s biggest feature is that it allows developers to build and deploy smart contracts and decentralized applications (D’Apps) on the NEO blockchain. The project is similar to Ethereum in this way, in that it acts as a platform for applications and developers instead of just a network for crypto coins to be sent over.
With NEO, developers can even tie their tokens to their real-life identities, making complying with Know Your Customer and Anti-Money Laundering (KYC/AML) laws much simpler.
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How Can You Get A Hold of Your Own NEO Coins?
If you are interested in the NEO project and would like to earn some NEO coins of your own, you’ll be pleased to know that it is just as easy to obtain NEO as it is almost any other coin. NEO has seen quite an increase in value over the last two years, being worth just $0.14 in 2017 when the rebranding to NEO happened. Today, those same coins are now worth $10.72 apiece.
If you want to do some trading with some NEO coins of your own, you’re in luck. While it is still a relatively new project, you will be pleased to know that some of the biggest crypto exchanges support it. This means you’ll just have to visit one of the top exchanges to grab some NEO of your own.
The following major crypto exchanges on the internet support NEO:
To obtain some NEO coins of your own from one of these exchanges, all you will need to do is sign up for an account (if you don’t already have an account on one of the big exchanges) and send some Bitcoins over to your newly created exchange account. You will be able to find the receiving address for your exchange wallet in your account settings after you have created your exchange account.
Depending on the exchange, you may have to undergo KYC/AML identity checks before you are able to do any trading. This is usually very simple and straightforward, though, and usually only involves sending in a picture of your government-issued ID card so you can prove that you are who you say you are. Once this is complete, you’ll be free to move your funds around as usual.
Once you have some Bitcoins in your exchange wallet, simply find a trading pair for Bitcoin and NEO (it should look something like BTC/NEO), and trade the equivalent amount of Bitcoin for your desired amount of NEO. When this is complete, you should see your trade show up in your “open trades” section. It shouldn’t take too long until the trade is fulfilled, and you will see your brand-new NEO coins appear in your balance!
After this, you can either leave your NEO coins in your exchange wallet for further trading or withdraw them to an NEO wallet under your control.
What is the Best NEO Wallet Out There?
No matter what your plans are for your newly obtained NEO coins, whether you plan to hold onto them for a while to see if their value increases or if you plan to trade them for another coin, you’re going to need a dedicated NEO wallet to hold them safely until the time comes to transfer them around again.
There are a number of NEO wallets out there, some better than others. Since NEO is still a relatively new project that is gathering a following, the selection of wallets for NEO isn’t going to be as large as the selection of wallets for, say, Bitcoin or Ether.
Don’t let this deter you, though. There are still plenty of great options for NEO wallets. You just need to know where to look.
When selecting a good NEO wallet for you, you should know that these are some of the challenges that some of the current NEO wallets face.
Users may not know which NEO wallets support both cryptocurrencies of the project, the NEO coin itself and the GAS coin that covers transaction fees on the NEO network.
Users May be Looking For a NEO Wallet That Generates GAS
Some users may not be able to tell the difference between a legit NEO wallet and a scam looking to prey on people who are interested in NEO. These are all real problems facing folks looking for NEO wallets, but it doesn’t have to be this difficult.
Let’s check out the best and most trustworthy NEO wallets out there so that you can be well-informed when it comes time for you to take control of your very own NEO coins.
NEON Wallet
NEON Wallet is one of the best and most trustworthy NEO wallets out there for anyone looking to store their NEO coins securely. NEON Wallet allows you to store and fully control both of the major assets on the NEO blockchain, which are the NEO and GAS coins.
Using NEON Wallet gives you several more advantages as well. NEON Wallet completely puts you in control of your NEO coins:
Safe and Secure
NEON Wallet is completely under your control, presenting you with a seed key and allowing you to secure it with your own unique passphrase. Your private keys are always stored locally on your machine, and never stored on any of NEON’s servers. This means the security of your NEO coins is completely in your control and is not owned by any third party.
Generates GAS Automatically
NEON Wallet will automatically generate some of the GAS coins to cover your transaction fees on the NEO network as long as you hold some NEO coins in your wallet.
NEON Wallet is a trusted and secure NEO wallet that is available for download on all of the major desktop operating systems (Windows, MacOS, and Linux). This means no matter what operating system you run on your computer. You can count on NEON Wallet to be the secure, standalone wallet solution you have been looking for to keep your coins safe.
Ledger Nano S
Hardware wallets have been the saving grace of many cryptocurrency holders. This is because, with hardware wallets, you don’t have to trust the developers of a software wallet, and you don’t have to worry about your coins getting hacked on an online medium.
With the Ledger Nano S, you can add a second layer of protection to your NEO coins, ensuring that you are the only one who is able to access them. Ledger became a trusted name in the hardware wallet scene years ago when they released their first hardware wallets for Bitcoin, and the Ledger Nano S has begun supporting NEO, too. This means that all of the benefits that come with hardware wallets for Bitcoin can now be enjoyed by holders of NEO, too.
The Ledger Nano S comes with its own unique seed key to keep your coins safe. It also allows you to set your own unique passphrase for yet another layer of security to your coins. Smaller than a credit card, your Ledger Nano S fits in any backpack or pocket, meaning your coins can come with you anywhere and still enjoy the same level of protection.
If you plan on holding onto your NEO coins for the long term, then a hardware wallet like the Ledger Nano S could be the best bet to ensure your coins are kept safe from hackers and other malicious actors. After all, the whole point of a hardware wallet is to keep your coins in a completely offline environment, accessible only to you.
NEO GUI Wallet
The NEO GUI Wallet is the official NEO wallet created by the developers of NEO themselves. Being a GUI wallet means there are no confusing command line tools for you to mess with, just a friendly graphical user interface that is easy for anyone to learn.
Since the NEO GUI Wallet comes straight from the developers of NEO itself, you don’t need to worry about there being something up with this wallet. This wallet will take some time to sync with the NEO blockchain, but when it has synced up, you will be able to generate a new wallet and password-protect it.
The wallet handles storing both NEO and GAS coins and rewards you with GAS coins for transaction fees simply for holding some NEO coins in your wallet.
The keys to your NEO GUI Wallet never leave your machine and are not stored on any servers anywhere in the world. You control the security of your wallet completely. Currently, the NEO GUI Wallet can only be downloaded on Windows 7 and up.
NEO Tracker Wallet
NEO Tracker is a web wallet that is completely open source and written in JavaScript. While you have to use your web browser to access it, it is not completely online and can actually function offline by using your machine’s resources to operate.
NEO Tracker Wallet allows users to store both NEO coins and GAS coins, and like other NEO wallets, will award holders of NEO with GAS coins to cover transaction fees on the network.
The security of your NEO Tracker wallet is also completely in your hands. When you generate a new wallet with NEO Tracker, you will receive a file containing all your encrypted keys. This is all stored locally on your machine, and no data is ever stored on any servers.
Currently, the NEO Tracker Wallet can be accessed through Chrome or any browser based on Chrome, such as Chromium, Edge, or Brave browsers.
NEO Wallet
Developed and distributed completely free by the NEO community, NEO Wallet is a web wallet, but it is a secure one. You will not ever have to worry about your data being on servers somewhere because you are in complete control of the security of your wallet with NEO Wallet.
The wallet allows you to create a backup of it, including all your encrypted keys. You are also able to receive, send, and hold onto NEO and GAS coins with this wallet. Like most other NEO wallets out there, this wallet will reward you with GAS coins for transaction fees if you already hold some NEO coins.
NEO Wallet is accessible through the Chrome browser and any browser that is based on Chrome (like Chromium, Edge, or Brave).
NEO CLI Wallet
Much like the GUI wallet for NEO, this wallet provides people who are familiar with terminals with a command-line-based NEO wallet. The NEO team directly develops it, and since it runs in the terminal, it uses barely any system resources.
You are in complete control of your keys with the NEO CLI wallet, as nothing ever gets stored on any servers, only locally on your machine. This means you are in complete control of the security of your wallet.
This wallet can also store both NEO and GAS coins, awarding you with GAS coins simply for owning some NEO coins. Remember, this wallet is designed specifically for people who are comfortable on the terminal, so make sure you’re familiar with your operating system’s command line interface before trying to use NEO CLI Wallet.
This wallet is available for two of the big desktop operating systems, Windows and Linux.
You’re in Control of Your NEO!
While many of these NEO wallets may come from different developers in different parts of the world and may be accessible through entirely different means or platforms, their functions are all largely the same. They are designed to hold your coins safely and securely without having to communicate with a server, putting you in complete control of your coins and the security of your coins.
Each of these wallets also allows you to store both NEO and GAS coins, which means you won’t have to have two separate wallets for the two tokens. This makes things more convenient for you and a lot more straightforward for people who may not be too familiar with NEO or cryptocurrencies in general.
Now that you know some of the best NEO wallets out there, all you have to do is select your favorite, download it, and set it up. After this is complete, you’ll be in complete control of all of your NEO and GAS tokens, able to send, receive, and hold them for as long as you’d like.