Tag: Neo Blockchain

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Cryptocurrencies

NEON Wallet Review: Is It The Safest Neo Blockchain Wallet Yet?

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 desktop wallet app

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 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. 

Categories
Cryptocurrencies

NEO Wallet Review: Is It The Safest Neo Blockchain Wallet Yet?

Neo wallet is a web-based crypto wallet developed for the Neo Blockchain by the Neo community. According to its developers, the wallet is specially designed and aimed at addressing the three key challenges facing most crypto wallets: ease of use, security, and transaction processing speeds. To achieve this, they ensured that the wallet is ultralight, integrated an easily navigable user interface, and embraced all the critical security and privacy measures.

Neo wallet is a web-based crypto wallet developed for the Neo Blockchain by the Neo community. According to its developers, the wallet is specially designed and aimed at addressing the three key challenges facing most crypto wallets: ease of use, security, and transaction processing speeds. To achieve this, they ensured that the wallet is ultralight, integrated an easily navigable user interface, and embraced all the critical security and privacy measures.

Neo wallet is a web-based crypto wallet developed for the Neo Blockchain by the Neo community. According to its developers, the wallet is specially designed and aimed at addressing the three key challenges facing most crypto wallets: ease of use, security, and transaction processing speeds. To achieve this, they ensured that the wallet is ultralight, integrated an easily navigable user interface, and embraced all the critical security and privacy measures.

But have these measures been effective in making Neo Wallet the most secure and easy to use a crypto vault? What other measures have the wallet embraced to boost its security and effectiveness? We answer these and more in this Neo Wallet review.

NEO Wallet key features

Web-wallet: Neo wallet is a web wallet and one of the few online-based Neo-specific crypto vaults. However, the wallet’s versatility is quite limited, as you can only access a NEO Wallet using Google Chrome or Microsoft’s Edge browser.

Community-led project: Neo Wallet is a highly transparent and community-led crypto project. It is developed by blockchain experts from within the Neo blockchain community, but it has been audited and received the necessary approval from the Neo Network administrators.

Transaction tracking: One of Neo Wallet’s key features is its crypto-tracking tool that allows you to monitor your crypto inflows and outflows. The tool helps you keep tabs on your crypto spending and budget.

Contact list: Another handy and unique feature from the Neo wallet is the contact list button on the user dashboard. Here you can save the wallet addresses for the parties (both individuals and exchanges) you regularly engage instead of manually keying in their public addresses every time you wish to send them Neo coins or GAS, simply select their address from your contact list.

Earn through stacking: Neo Wallet also makes it possible for you to earn through staking your NEO Coins. Staking here refers to committing a portion (or the entirety) of your NEO coins to the network in return for a share of the interest by the blockchain in GAS tokens.

Security features

Password encryption: The password is the primary security feature used by the Neo Web wallet in keeping your digital assets secure. And it also serves as an encryption tool for the password.

Wallet backup: Neo wallet simplifies the process of backing up your private keys and the entire wallet by providing you with a backup icon on the user dashboard. And there are two primary ways of backing up your wallet: First, you can save a copy on your computer or phone. Secondly, you can write down the wallet details, especially the private keys and public addresses, and save them offline on paper.

Open source: The Neo web wallet is also built on an open-sourced technology that can be vetted and audited by virtually anyone. This code can be accessed on either the web wallet’s official website, Neo.org and GitHub.

Non-custodial: Though it is web-based and works by relaying your Neo activity to the Neo blockchain processors, Neo is a non-custodial wallet. This implies that it will only store your private keys on your device and not on the wallet or blockchain servers.

Anonymous trading: Neo web wallet promotes anonymous trading by limiting the amount of client personal data they collect or store. You will note that the wallet doesn’t collect any personal information, and any other data collected by the wallet is encrypted and saved in your device.

How to set and activate the NEO wallet

Step 1: Open the Neowallet.cn website to access the wallet registration page

Step 2: Click on the “Start” icon and select “Create a wallet.”

Step 3: Backup the wallet by clicking on “Backup your current wallet,” after which the auto-generates the wallet backup and saves it as a file in your computer

Step 4: Click on the “I have backed up my current wallet” icon to access your public address, QR code and to view your wallet’s private key

Step 5: Your account is now active and ready for use

How to add/receive crypto into your NEO wallet

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

Step 2: Copy the public wallet address and forward it to the party sending you coins or have them scan the wallet WR code

Step 3: Wait for the funds to reflect on your wallet

How to send crypto from your NEO wallet

Step 1: Log in to your Neo web wallet account and click the “Home” icon the user dashboard to open the Transfer page

Step 2: Select the type of cryptocurrency you wish to send

Step 3: On the receiver tab, you can choose to enter the recipient’s wallet address or simply use the contacts button if you have their address saved in your wallet

Step 4: Enter the number of coins you wish to send on the ‘value’ tab

Step 5: Check that these details are accurate and click ‘Confirm Transfer.’

NEO wallet ease of use

Neo web wallet has one of the easiest to use user interface that is specially designed for both experienced and novice trader NEO traders. The contact list and wallet backup tabs are especially important as they eliminate errors when sending cryptos and simplify the wallet backup processes.

The fact that it is online-based also ensures that the wallet is ultra-light, meaning that it does not consume much of your computer space while maintaining faster transaction processing speeds.

Note, however, that the wallet is only available in two languages: English and Chinese.

NEO wallet supported currencies and countries

Neo web wallet is Neo-specific and will only host NEO coins – native to the blockchain – and Gas tokens.

NEO wallet cost and fees

Creating a user account and storing your Neo or Neo GAS on the Neo web wallet is free.

You will, however, be charged a small transaction fee every time you send Neo coins to another wallet. The transaction charge goes to the Neo Network and not Neo web wallet and is hugely dependent on the type and amount of crypto you want to send.

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

Pros:

  • Web Wallet is online based and therefore available on the move, plus it doesn’t eat into your computer space
  • The online wallet allows you to easily backup your account vis the backup wallet icon the dashboard
  • Neo wallet is highly intuitive and easy to use for both novice and experienced traders
  • The transaction processing fees are relatively low
  • The Neo staking feature makes it possible for you to earn for holding a specific amount of Neo coins in your wallet
  • The wallet encourages anonymous trading as it doesn’t collect personally-identifiable client data

Cons:

  • The wallet ignores key security measures like two-factor authentication and HD wallet address generation
  • It is online-based and therefore immune to the inherent threats facing hot wallets
  • It can only support two cryptocurrencies

Comparing NEO wallet with other Neo blockchain wallets

NEO wallet vs. NEON Wallet

Neo wallet and Neon wallet’s primary difference is that Neo is a web-wallet while Neon is a lightweight desktop client. Otherwise, they are both neo-specific wallets built and managed by members of the Neo-blockchain community. They are also light and connect to the Neo mainnet via remote nodes.

Further, they are lightweight and specially designed to offer faster transaction processing speeds than their GUI counterparts. The Neo web wallet, however, carries the day when it comes to the number of integrated features, especially when you consider the contact list, Claim, and Backup wallet tabs on the user dashboard.

Verdict: Is the NEO wallet safe?

Neo web wallet has put in place several measures to guarantee the privacy and anonymity of the crypto wallet. It, for instance, does not collect any client data when you are creating a user account. It also encrypts all the data held in your wallet and stores it in your device. However, it doesn’t support the all-important two-factor authentication, and its online nature exposes it to numerous hot-wallet related threats.

Categories
Crypto Guides

Brief Introduction To The Revolutionary ‘Neo’ Blockchain

Introduction

Introduction

Introduction

Neo is an open-source, decentralized blockchain platform founded in 2014 by Da HongFei and Erik Zhang. These are the same duo who started Shanghai-based blockchain R&D company’ OnChain.’ Neo is often known as Ethereum of China due to its similarities, but the project has its own set of goals, which we will be looking further in this article.

Neo is formerly known as Antshares, and the rebranding happened in 2017. Since the rebranding, the company’s motive is to achieve a smart economy using blockchain technology and an essential feature of blockchain smart contracts to issue and manage digitized assets.

Neo wants to achieve a smart economy by giving digital identity to digitize assets and further use automation in the management of digital assets using smart contracts and henceforth achieving a smart economy using a distributed network.

Digital Assets + Digital Identity + Smart Contracts = Smart Economy.

Let us look into the three components that make up the smart economy in detail below:

Digital Assets

Digital Assets are anything that exists in a binary format and with a right to use. The right to use property is essential for a digital asset to exist. Any asset that can be stored digitally can be said as a digital asset. Some examples of digital assets include logos, images, illustrations, presentations, spreadsheets, etc. Assets can be easily digitized on the neo platform is a transparent, trustworthy, and auditable manner. The Neo platform allows the linking of a physical asset with a digital avatar using digital identity, which is valid by law. Thus, the platform protects the assets.

Two forms of digital assets

Global Assets: These are assets that are recognized by all smart contracts and clients.

Contract Assets: These are assets that are only recognized by specific smart contracts and cannot be used in other contracts

Digital Identity

Identity can be defined as a set of attributes that relate to an entity. Neo enables the creation of identity information of individuals, organizations, and entities in an electronic form, thus making it digital. It does this by verifying identity using fingerprints, facial recognition, voice recognition, and SMS. For the smooth functioning of digital assets, digital identity is essential. Neo uses X.509 digital identity standard, which is a widely accepted digital issuance model.

Smart Contracts

Smart contracts are any piece of self-execution code when a predefined specific set of instructions are met. Smart contracts are immutable and should be able to run on multiple nodes without compromising its integrity. Neo requires three essential features for smart contracts; they are deterministic, terminable, and isolated. Smart contracts can be codes in any mainstream coding language like C#, Java, Go.

Key Characteristics of Neo

🔗 Neo uses dBFT, Delegated Byzantine Fault tolerance model for consensus mechanism. In dBFT consensus, nodes are chosen by Neo holders to generate blocks and validate the transactions. In turn, they have to hold certain Neo tokens as a threshold and maintain some performance requirements.

🔗 Neo’s transaction speeds are considered to be one of the highest among the available with 1000 TPS. High transactions per second lead to centralization by only a few users mining and validating the transactions.

🔗 The platform supports all the mainstream coding languages for smart contracts, which helps prevent developers from learning new languages to work on the platform.

Neo has two local tokens, Neo and Gas. Neo is used to create blocks and manage the network while Gas is the fuel that powers transactions in the Neo system.

Many Governments across the world are trying to incorporate blockchain functionalities into the day to day activities of the running of the government to achieve a smart economy. Neo, with its faster transaction speeds and with its core fundamentals, enable the goal to accomplish in a much quicker fashion.