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Best Wallets to Store NEO in 2024

James King -

Keep your NEO tokens safe with our guide of the best wallets to store NEO ?

Launched in 2017, NEO has emerged as a competitor of the Ethereum platform. This platform allows for the creation of decentralized applications (DApps). No wonder NEO has been often referred to as the “Chinese Ethereum.” However, the underlying fundamentals of NEO differ significantly from Ethereum’s.

The NEO platform uses two tokens: NEO and GAS. The NEO token is used for governance and network management mainly. There are approximately 50 million NEO tokens in circulation, out of a total of 100 million. Holders of the NEO token acquire voting rights on the NEO platform. As with the case of Ethereum, NEO can have numerous applications like smart contracts and “tokenization.” As such, the NEO prospects are quite good.

If you are interested in investing in this project, you can buy NEO tokens. But before you purchase this digital asset, you need a NEO wallet. Wallets that support Ethereum won’t store NEO tokens. Luckily, there are several storage alternatives in the market. Which one is the best wallet for NEO? Which wallet for NEO offers the highest level of safety? Read on to find the answers.

What Is NEO?

NEO is a software network that aims at serving as a platform for the development of decentralized products and services. This purpose is similar to the goal of the Ethereum platform. Hence, the comparison with Ethereum is somehow inevitable. Many products and services that are developed on Ethereum can also be implemented on NEO. Developers can write DApps for decentralized exchanges (DEXs), prediction markets, and more. In addition, the NEO network offers other services such as a decentralized file storage system, an oracle system, and an identity system.

The NEO network runs smart contracts on the so-called NEO virtual machine. Just like Ethereum, the use of smart contracts is central to the different products and services offered by the NEO network. Shortly, the developers of NEO plan on releasing their vision of the “Smart Economy.” This concept is expected to encompass more advanced applications for smart contracts. This consensus-building method has a better level of security in comparison to the blockchains of other popular cryptocurrencies.

The NEO network uses the Delegated Byzantine Fault Tolerant (dBFT) system for governance. This unique system is the consensus mechanism for all the computers that are part of the network. As mentioned above, two native cryptocurrencies, NEO and GAS, are central to running operations on this network. NEO confers voting rights to its holders. It is used for voting on protocol changes. GAS, on the other hand, is used to pay for computation on the network.

NEO was the first open-source cryptocurrency launched in China. It is also significant that the NEO network is decentralized. This type of network topology is necessary for the smart economy concept that NEO will champion. NEO aims to play a key role in the digitization of assets. It will make tokens and assets in digital form available to the population at large. This is one of the reasons for the popularity of NEO among crypto enthusiasts.

Among developers, NEO is also quite popular. This network uses a universal Lightweight Virtual Machine (NeoVM), which offers some technical advantages. For example, it has high concurrency and scalability. What’s more, NeoVM is compatible with widely used programming languages like C++ and Java. So, developers can code applications without learning a new programming language. In contrast, to develop applications for the Ethereum platform, developers need to learn Solidity, the official programming language of this platform.

Challenges in Storing NEO

Despite all the great technology that makes NEO an attractive platform to invest in, investors face some challenges in storing the NEO token. Some of the most commonly reported challenges are:

  • Many investors don’t know where to store NEO confidently. Some wallets that claim to support NEO are scams. So, finding a legit wallet for this digital asset is challenging.
  • Not all NEO wallets support both sending and receiving this token. Hence, finding a wallet with this capability is yet another challenge.
  • Some NEO wallets generate GAS whereas others don’t. So, investors cannot determine which wallet is most convenient to store this token and earn GAS at the same time.

In a few words, potential investors often wonder what the best NEO wallet is. Below, you will find a list of the best NEO wallets and tips on how to store NEO securely.

Where to Store NEO Safely in 2004?

Here it comes – our list of the best NEO wallets:

  • Ledger Nano S;
  • Neon Wallet;
  • NEO GUI;
  • NEO Tracker;
  • Ansy;
  • NEO Wallet;
  • NEO CLI;
  • O3 Mobile Wallet.

You can choose the NEO cryptocurrency wallet that best suits your needs from the list above. To ease your selection, we’ll briefly describe each of the above wallets.

Ledger Nano S

This wallet is arguably the most secure method to hold your NEO tokens. The Ledger Nano S is an offline hardware wallet. It is very versatile since it supports more than thirty different digital coins. This device is equipped with an OLED screen and two buttons. To verify a purchase, you need to press these two buttons simultaneously. Hence, a hacker cannot use your NEO coins without having physical access to your wallet. Also, besides your private keys, a security PIN allows for two-factor authentication. This option is ideal if you plan on storing your cryptocurrency for the long term.

Neon Wallet

Neon Wallet for NEO is a desktop wallet for Mac, Windows, and Linux computers in English only. It is 100% secure. NEO developers have tested and approved it. Installing this wallet is not difficult. The interface is user-friendly, which can be particularly useful for beginners. The Neon Wallet is arguably one of the safest wallets to keep your NEO assets. You can claim GAS if you hold your NEO funds in this wallet.

NEO GUI

The NEO GUI is another desktop wallet and is the official desktop wallet used by NEO developers. Users interact with the software using a graphical user interface (GUI). The NEO GUI is also a synchronizing wallet. It means that you should wait some time for the wallet to synchronize with the NEO blockchain. However, the synchronization process allows you to create a new password-protected wallet and import your private key. This wallet allows you to use both NEO and GAS digital assets. You will get GAS rewards for holding your NEO assets. It is available in English and Chinese for Windows 7 SP1 and later versions.

NEO Tracker

This wallet is web-based and open-source. It was written in Javascript. You can send, store, and receive both NEO and GAS with this user-friendly application. You can also get GAS as a reward for holding NEO tokens in this wallet. NEO Tracker is an offline wallet. It uses the browser on your computer to generate data. But the application doesn’t store anything on a server. Although this wallet was not created by NEO developers, it offers a good level of security for your funds. When you generate a NEO wallet with this application, you can download a Keystore file containing your encrypted keys. It is available in English for Chrome and Edge browsers.

Ansy

Ansy is a NEO paper wallet. This type of wallet is simply a piece of paper on which the public address and private key are printed. The public address is used to receive NEO tokens from someone else. The private key is used to spend the owner’s NEO holdings. If the owner secures the paper wallet properly, the keys cannot be stolen by a hacker as they’re always offline. While you can store and spend NEO and GAS with the Ansy paper wallet, you won’t be able to claim GAS rewards with it. This wallet is supported by Chrome and Edge browsers. It is available in English only.

NEO Wallet

This lightweight wallet is also web-based. It was developed by the NEO community, which also takes care of its maintenance. This wallet doesn’t send any information to NEO servers. Hence, it is quite secure despite being a web-based wallet. You can create a wallet backup; in this way, you can manage your private keys. NEO Wallet allows you to store, receive, and send both NEO and GAS assets. Additionally, you can claim GAS rewards for holding NEO in this wallet. It is supported by Chrome and Edge browsers. Only English and Chinese versions are available.

NEO CLI

This wallet is also an official desktop NEO wallet. Currently, it is available for Windows and Linux only. The interaction with the software is through Command line prompts. As such, it is not recommended for beginners. Only advanced users that are familiar with the Command language will use this wallet comfortably. NEO CLI allows storing, sending, and receiving both NEO and GAS funds. It also allows claiming GAS tokens for holding NEO. The wallet is available in English only.

O3 Mobile Wallet

This wallet is mobile-based and exclusively made for storing NEO. It runs on Android and iOS mobile devices. Its interface is user-friendly, which eases the management of your NEO holdings. It allows real-time monitoring of your assets. For your convenience, the wallet allows splitting your assets into two types of storage addresses. The first one, a hot storage address, is for frequent usage and includes web-based services. The second, a cold storage address, can hold a larger portion of your NEO funds as a long-term investment. This wallet is open-source and free to download.

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