NEO was founded in 2017 and has established itself as a rival to Ethereum.
This platform enables the creation of decentralized applications (DApps). It’s no surprise that NEO is frequently referred to as the “Chinese Ethereum.”
However, compared to Ethereum, NEO’s foundations are rather different.
NEO is the name of the platform’s two tokens: NEO and GAS. The primary aim of the NEO platform is governance and network management, which is why it uses the NEO token.
There are currently 50 million NEO coins in circulation, out of a total supply of 100 million.
Holders of the NEO token have voting rights on the NEO platform. Like Ethereum, Neo can be used to create smart contracts and “tokenize” assets, thus its prospects are quite positive.
You can buy NEO coins if you are interested in investing. You will, however, need a NEO wallet before you acquire this cryptocurrency.
NEO tokens cannot be stored in Ethereum wallets.
Fortunately, there are several storage options available on the market. Which is the best wallet for NEO? Which one is safest? Read on to discover what they are.
What Is NEO Platform?
The Neo platform is a software network that aims to be a framework for the creation of decentralized applications and services.
This aim is comparable to that of the Ethereum platform. As a result, comparisons with Ethereum are unavoidable. Many goods and services developed on Ethereum may also be implemented on the NEO network.
Developers can create decentralized applications (DApps) for decentralized exchanges (DEXs), prediction markets, and other purposes.
The NEO network also provides services such as a decentralized file storage system, oracle system, and an identity system.
The NEO network utilizes a so-called NEO virtual machine to run smart contracts.
The use of smart contracts is critical to the various goods and services offered by the NEO network, just like it is in Ethereum. In short, the developers of Neo intend on releasing their vision for a “Smart Economy.”
It is expected that the smart contract framework will be expanded to cover more sophisticated applications for smart contracts.
In terms of security, this consensus-building approach surpasses other well-known cryptocurrencies blockchains.
Delegated Byzantine Fault Tolerant (dBFT) is the basis of governance on the NEO network. This is the consensus mechanism for all of the nodes in the network.
As previously stated, two native currencies, NEO and GAS, are critical to running operations on this network.
NEO grantees voting rights. It’s used for protocol changes voting. GAS, on the other hand, is used to pay for computations performed on the network.
Why NEO Is Getting Popular Now?
In China, the first open-source cryptocurrency was NEO.
It’s also worth noting that the NEO network is decentralized. This type of network architecture is essential for the neo-economy concept advocated by NEO.
NEO intends to play an important part in the digitization of assets. It will allow people all over the world access to digital currencies and tokens.
One of NEO’s selling points is that it enables users to issue their own cryptocurrencies and trade them securely with one another (without having to trust a third party).
NEO is also widely used among developers.
This network utilizes a universal Lightweight Virtual Machine (NeoVM), which has some technical advantages.
For example, it offers high concurrency and scalability. Furthermore, NeoVM is compatible with a variety of popular programming languages such as C++ and Java.
As a result, software development for the Ethereum platform does not need to use a new language. In contrast, to develop applications on the Ethereum platform, Solidity, the official programming language of this platform, must be learned.
The Minor Issues Storing NEO
Despite the fact that NEO is a good technology for investors to invest in, they may face difficulties sending and safeguarding their NEO tokens.
The following are some of the most frequently reported problems:
- Many investors are unsure where to store NEO securely. Some wallets that claim to work with NEO are fraudulent. As a result, identifying a trustworthy wallet for this cryptocurrency is difficult.
- Not all NEO wallets support both sending and receiving this cryptocurrency. As a result, finding a wallet that supports it is yet another problem.
- Some NEO wallets produce GAS, but not all of them do. As a result, investors are unable to choose which wallet is the most sensible way to store and earn GAS at the same time.
Potential investors frequently inquire about the finest NEO wallet. A list of the greatest NEO wallets is followed by advice on how to keep NEO safe.
So, Where to Store NEO Safely in 2021?
Here it is, the best NEO wallets on the market:
- Ledger Nano S
- Neon Wallet (Supports migration to NEO 3)
- NEO GUI
- NEO Tracker
- NEO CLI
You can pick the best NEO cryptocurrency wallet for your needs from the list above. We’ll go through each of the wallets in detail to help you make an informed decision.
1. Ledger Nano S
The is one of the most secure way to store your NEO tokens is with this wallet.
The Ledger Nano S is an offline hardware wallet and it’s quite adaptable, since it supports 35+ various digital currencies.
This gadget has an OLED display and two buttons on-board.
To verify a transaction, you must simultaneously press these two buttons.
As a result, a hacker cannot access your NEO coins without obtaining physical access to your wallet.
In addition, a security PIN adds another layer of protection by allowing for two-factor authentication. If you want to keep your crypto long-term, this is the best option for you.
2. Neon Wallet
Neon Wallet for NEO is a desktop wallet for Mac, Windows, and Linux computers that is only available in English. It’s completely safe.
NEO developers have put it to the test and given their stamp of approval. This wallet’s installation isn’t difficult.
The user-friendly interface may be very beneficial for novices. One of the safest wallets to keep your NEO assets is the Neon Wallet, which allows you to earn GAS if you keep your money there.
3. NEO GUI
Another desktop wallet, the NEO GUI is a reputable desktop wallet maintained by NEO developers.
Users engage with the program through a graphical user interface (GUI). The NEO GUI is another synchronizing wallet.
You must wait some time for the wallet to sync with the NEO blockchain.
However, you may generate a password-protected new wallet and import your private key during the synchronization process.
This wallet allows you to use both NEO and GAS digital assets. You will be rewarded with GAS for keeping your NEO assets. It is compatible with Windows 7 SP1 and later versions and is in English and Chinese.
You learn how to setup NEO GUI on the official docs here.
4. NEO Tracker
NEO Tracker is an offline wallet that does not require the use of a server. It generates data using your browser on your computer. The application, however, does not save anything on a server.
Although this wallet was not developed by NEO designers, it provides acceptable protection for your money.
When you generate a NEO wallet with this program, you will be given a Keystore file containing your encrypted keys. It is accessible in English for Chrome and Edge browsers.
Learn more about NEO tracker.
5. NEO CLI
This wallet is also an official desktop NEO wallet. It is presently only available for Windows and Linux. The software’s interaction is via Command-line commands. As a result, it is not recommended for novices.
Only experienced users that are familiar with the Command language can use this wallet comfortably.
NEO CLI enables you to store, send, and receive both NEO and GAS funds. It also lets you to claim GAS tokens for holding NEO.
Learn how to setup the NEO CLI here.