Best Neo blockchain wallets

NEON Wallet makes it to the list of the most popular wallets designed to store and facilitate your interaction with NEO coins and tokens built on the Neo blockchain. It’s an open-sourced desktop wallet app developed by the City of Zion team and introduced to the world in July 2017. And though it isn’t the official Neo wallet, its code has been reviewed, tested, and approved by the Neo Network developers.

Neon Wallet is marketed as an intuitive, easy to use, and highly secure desktop wallet apps available today. But how true are these claims? What are the factors that make it intuitive and secure? More importantly, how does it compare to other Neo wallets? We answer these questions and tell you everything you need to know about NEON Wallet.

NEON Wallet key features

Cross-platform: Neon wallet is a cross-platform desktop crypto vault that is compatible with all the popular computer operating systems, including Windows, macOS, and Linux. Updated versions of this wallet are available on both the wallet website and GitHub.

Integrates hardware wallets: Neon wallet is compatible with the different types of Ledger hardware wallets. This provides a much-needed boost to not only the number of supported cryptos but also amplifies the security of your private keys.

Multi-coin support: While the Neon wallet is specific to the Neo-blockchain, it supports a host of different coins. These include Neo-blockchain’s native crypto, Neo Coin, GAS, and all the NEP5 tokens.

Lightweight node: Neon wallet is a lightweight, and this means that you don’t have to download the entire NEON blockchain. It, therefore, doesn’t eat into your computer space, speed, or battery life.

Security features

Password encryption: NEON Wallet, like most other desktop-based crypto wallets, is secured with a password, which not only protects the wallet but also acts as an encryption tool for the data therein.

Open source: The Neon wallet is also built on an open-sourced technology. Anyone, including Neon wallet users and Blockchain experts, can view, audit, and propose suggestions on how to best improve the crypto vault. You can view this code from either the NEON Wallet website or the GitHub repository.

Non-custodial: NEON Wallet is a light node desktop client that doesn’t hold your data or store your private keys within their servers. Instead, it gives you absolute control over your private keys by encrypting and saving them in your device.

Backup private keys and history: Neon wallet doesn’t provide its users with a recovery seed. However, they make it possible for you to export and import your decrypted private keys and save them offline in a USB drive or write them down on a piece of paper and store them offline.

How to set and activate the Neon wallet

Step 1: On the Neon wallet website or GitHub, download the updated desktop client that is compatible with your computers operating system

Step 2: Install and launch the wallet.

Step 3: On the startup page, you will be presented with a variety of options; click on the “Create a New Wallet” tab

Step 4: You will now be required to set and verify this password (this protects and encrypts your password)

Step 5: Click on the “Generate Keys” icon to generate an address for your wallet.

Step 6: The wallet will now display the passphrase, public address, private key, and encrypted key. Save this information on your computer or print it and save the copy offline.

Step 7: Hit the‘ Back’ icon to get back to the wallet homepage where you can log in using the saved credentials

Step 8: Your wallet is now active and ready to use

How to add/receive crypto into your Neon wallet

Step1: Login to your Neon wallet

Step 2: Copy the wallet’s public address using the copy clipboard option.

Step 3: Use the copied address to withdraw funds from an exchange or forward it to the party sending you cryptocurrencies

Step 4: Wait for the coins/tokens to reflect on your wallet.

How to send crypto from your Neon wallet

Step 1: Log in to your desktop wallet and click ‘send.’

Step 2: On the ‘Where to send the asset’ section of the transaction details page, enter the recipient’s Neo wallet address and in the amount section, enter the amount of NEO coins you intend to send.

Step 3: Confirm the correctness of these transaction details and hit ‘Send.’

Neon Wallet ease of use

Neon Wallet has a pretty straightforward onboarding process. We also found the wallet to be highly intuitive and beginner-friendly with the send and buy commands strategically placed on the user dashboard. Most of the wallet’s recent upgrades have also been directed towards improving its functionality, as indicated on Neon Wallet’s GitHub page.

For instance, recent updates have ensured that the wallet supports offline signing and authorization of transactions. Additionally, the wallet developers have also introduced multi-lingual functionality to the desktop client and made it available in over ten international languages.

Neon Wallet supported currencies and countries

Neon Wallet is Neo-specific implying that it will only support the Neo coins and any other tokens built on the Neon blockchain.

The supported cryptocurrencies currently include GAS tokens and all NEP5 tokens.

Neon wallet cost and fees

Downloading and installing Neon Wallet or creating a user account is free. You also won’t be charged for storing Neo coins and supported tokens on the wallet.

You will, however, be charged a small transaction fee every time you initiate an outbound transfer. How much you pay in GAS fees is largely dependent on such factors like the number of coins you wish to send and the type of cryptocurrency.

In addition to the transaction fee charged by the Neo blockchain, you might also have to incur additional charges imposed by crypto exchanges.

Note that Neon Wallet will only process whole numbers. Transaction charges will be deducted from the amounts being transferred. For instance, if you wish to send crypto from the Bittrex exchange that charges a $0.1 fee for Neo transactions, you are encouraged only to withdraw a whole number plus the fee. For example, withdraw $28.1 and not $28.5 as the extra $0.4 may be lost.

What are the pros and cons of using the Neon wallet?

Pros:

Neon Wallet is highly versatile and compatible with multiple operating systems.
The wallet has put in place solid security measures.
It is a light wallet that doesn’t require you to download the entire blockchain.
The wallet gives you total control of your wallets.
The wallet is highly intuitive and has a beginner-friendly user interface.

Cons:

It doesn’t support the two-factor functionality.
One may consider the number of coins and tokens supported by NEON wallet limited.
Neon Wallet stores your private keys in your computer, and this requires that you first invest in quality antivirus that may be costly.
One may consider the Neon Wallet’s onboarding process too complicated.

Comparing Neon Wallet with other Neo blockchain wallets

Neon Wallet vs. Neo GUI

Neon Wallet and Neo GUI are both Neo-specific, implying that they will only support Neo coins. Both wallets are also open-sourced, and they have been vetted and approved by the Neon Blockchain development team.

While Neon Wallet is a light node desktop wallet, Neo GUI is a full-stack desktop client. You will need to download the Neo Blockchain to your wallet and synchronize it with the Neo Network main-net if you wish to use Neo GUI. Additionally, the Neon Wallet connects to the Neo Blockchain remotely via nodes, while Neo GUI gives you direct access to the Neo Blockchain user interface.

Verdict: Is Neon wallet safe?

Well, we believe that while Neon wallet has put in place several security measures aimed at protecting your private keys, it has also ignored some key features that would have made the wallet safer. For instance, it doesn’t support two-factor functionality or multi-signature signing. The wallet address generation process is also not hierarchically deterministic. All these, plus the fact that it is an online-based wallet and thus exposed to threats inherent to hot wallets, pierce its security veil. Its ease of use and inexpensive transaction costs nevertheless make it ideal for active smallholder traders.

203 crypto wallet launched in 2015 as a mobile crypto app before its developers – 03 Labs – introduced the desktop version in 2018. It is built for the Ontology Network – a Neo Blockchain fork – that was previously grouped alongside NEP-5 crypto projects. It is specially designed to provide Neo platform users with a safe and easy to use platform where they can store, exchange, and monitor their crypto portfolio.

The 03 network website describes the 03 crypto wallet app as a “gateway to the smart economy” where you can “manage, exchange, stake, and buy” different cryptocurrencies. But how convenient is the 03 Wallet? How safe is the 03 mobile wallet app? This wallet review seeks to explore and detail all the 03 Wallet features to help determine the wallet’s safety and security level.

Key features:

Cross-platform wallet: 03 is a cross-platform wallet implying that it is available as both a mobile wallet for Android and iOS smartphones and a desktop app compatible with Windows, macOS, and Linux. You can download the updated versions of either on the 03 network website or GitHub.

Voting and staking: By maintaining a significant number of Gas and NEO coins in your 03 Wallet, you can vote for the network delegates. Similarly, you can stake your coins held in the 03 Wallet and get to earn interest in the form of GAS tokens.

Multiple payments methods: 03 Wallet is also one of the few NEO and ONT network-linked wallets that allow for crypto purchases using credit cards. It is also one of the few wallets that allow you to buy Neo-affiliated tokens using such other cryptocurrencies as Bitcoin, Ethereum, and Litecoin.

Integrates a crypto marketplace: Though 03 Wallet does not have an inbuilt exchange, it integrates the Switcheo marketplace that allows for the exchange of cryptocoins and tokens at reasonable fees. The marketplace is highly intuitive and easy to use but requires you to transfer funds between the exchange and your wallet.

NEO newsfeed: The crypto wallet also integrates an updated NEO-blockchain news site. Here, you get the latest news and developments taking place within the Neo blockchain and ONT networks.

Portfolio monitoring: 03 further lets you partition your wallet and create hot and cold storage. This, plus the fact that you are able to monitor both wallet performances, plays a key role in helping you make sound financial decisions. It is also a security measure ensuring that even if a hacker were to gain access to your device, they cant breach your cold storage.

Security features:

Uses device password: Like most other app-based crypto vaults, 03 Wallet is secured with a password. But, unlike most other wallets, you don’t have to create a separate password for the wallet as it uses your device’s password.

Open source: 03 Wallet is created using open-source technology, which gives anybody a chance to view and audit its code. You can download this code on either the 03 network website or GitHub.

Hierarchically deterministic: The 03 Wallet app is also hierarchically deterministic and will auto-generate a new wallet address for every new transaction. This goes a long way in masking your real public address and throwing off would-be third-party crypto trackers.

Non-custodial: The 03 crypto wallet doesn’t store your private keys in the ONT or Neo network servers. Rather, it saves them within your device.

Guaranteed user anonymity: 03 Wallet guarantees the anonymity of their wallet users in the sense that it doesn’t ask for any of your personal information when creating a user account and neither does it collect and store any information that’s personally identifiable to you. Your crypto transactions are, therefore, wholly anonymous.

Military-grade encryption: All the data collected by the wallet, including your wallet address, private keys, and passwords, is also subjected to military-grade encryption. So are all wallet communications with third party systems like payment processors and exchanges.

How to set and activate the 03 Wallet

Step 1: Search for 03 Wallet on Google play store of Apple app store and download

Step 2: Install the wallet and, once complete, launch the app and select “Create a New Wallet.”

Step 3: Create a password for your wallet. This not only helps secure your app vault but also plays a key role in randomizing your private key.

Step 4: Click on the settings tab and proceed to backup your crypto wallet.

Step 5: Your 03 Wallet is now active and ready for use.

How to add/receive crypto into your 03 Wallet

Step 1: Log in to your 03 crypto wallet, and on the user dashboard, click on the “Receive” tab.

Step 2: The wallet will display both the public address and the QR code that you can copy and send to the individual sending you coins.

Step 3: Alternatively, use the “Buy” option and buy crypto from the integrated exchanges.

Step 4: Wait for your crypto to reflect on your wallet.

How to send crypto from your 03 Wallet

Step 1: Log in to your 03 crypto wallet app and on the user dashboard, click “send.”

Step 2: If you have multiple crypto coins held in here in different wallets, select the crypto you want to send

Step 3: On the transfer window, key in the recipient’s wallet address and the number of coins you wish to send

Step 4: Confirm the accuracy of these details and hit send

03 Wallet ease of use

03 Wallet is very user friendly and easily navigable with all the important tabs carefully placed on the user dashboard. The wallet is designed to appeal to novice and experienced traders alike. The onboarding process is quick and straightforward, and so are the processes of sending and receiving crypto. 03 is also a light wallet that doesn’t eat into your phone’s storage or battery power while guaranteeing the fastest transaction processing speeds.

03 Wallet supported currencies

03 is a multi-currency asset, implying that it supports a wide variety of cryptocurrencies. Supported cryptos include Neo, Neo Gas, ONT, all NEP-5 tokens, and all ONT-G tokens.

03 Wallet cost and fees

Installing the 03 Wallet and storing your cryptocurrencies therein is free. You will, however, be charged a network fee for outbound transactions by the NEO and ONT networks.

Other charges that you might incur when using 03 Wallet include the exchange fees accrued when you buy or sell crypto. This fee is fixed at 15% of the total value, but you enjoy a 50% discount if you use the exchange’s native token – SWTH.

What are the pros and cons of using the 03 Wallet

Pros:

The wallet app is highly intuitive and beginner-friendly
03 Wallet is quite versatile as its available on mobile and desktop
03 integrates a crypto exchange and supports crypto purchases using a credit card
Wallet users also have access to a readily available customer support team via Telegram and twitter
The transaction processing fees are minimal and discounted – in the case of the Switcheo exchange

Cons:

When the wallet uses your device’s password, you risk losing private keys should you deactivate the password before backing up the vault
It is a hot wallet
It ignores key security features like the two-factor authentication

Comparing 03 Wallet with other Neo-blockchain crypto wallets

03 Wallet vs. Neo Web Wallet

03 Wallet and Neo web wallet are some of the most innovative and easy to use Neo-blockchain wallets. They are also Neo-specific, relatively safe, and promote anonymous crypto trading. They also encrypt your user data and store it in your device. However, while Neo is web-based, 03 Wallet is a desktop and mobile app.

While Neo Web wallet may be considered faster in transaction processing, 03 Wallet carries the day when it comes to the number of supported currencies, integration with crypto exchanges, and support of multiple payment processing service providers.

Verdict: Is 03 Wallet safe?

Well, the desktop and mobile wallet app has embraced key security and anonymity measures that guarantee the security and anonymity of your trades. It, for instance, is hierarchically deterministic in generating wallet addresses, it is open-sourced, and allows for anonymous trading. Moreover, it introduces the concept of partitioning your wallet to create hot and cold storage. However, we must mention that 03 is still a hot wallet and, therefore, exposed to the inherent threats dogging online wallets.