Today I will introduce to you my recommendation of how to store your NEO tokens. In general we always go with paper wallets because we think it is the safest and most secure way to store your coins for the long term. However for NEO, we chose a Desktop wallet. This is because all holders of this token can claim so called GAS on a regulary basis. GAS is a token itself which is used inside the NEO network to pay for transactions or smart contracts. Moreover, NEO’s GAS has a value on it’s own.
So what is that all about? To make it very clear, if you hold NEO on a paper wallet, there is currently no way to claim GAS. This leaves us with three options:
1) Leave the tokens on the exchange server (Binance for example passes the claimed GAS on to it’s users)
2) Use a web wallet
3) Use a desktop wallet
We chose the desktop wallet because in our opinion it is the most secure of all three options. For this guide we use the NEON wallet which is very popular, available for Windows, MacOS and Linux and recommended on the official NEO project website.
Step by step guide of how to setup your NEON wallet
1) Open the wallet section on the official NEO homepage by clicking https://neo.org/client. Then click “Download” which will take you to the project’s GitHub page.
2) On the GitHub page choose the appropriate version for your operating system.
3) Install the NEON application.
4) This is what you’ll see. Press “Create a new wallet”.
5) On the following page, enter a passphrase twice. Then click “Generate keys”.
6) Following that, print your keys on the next page, then click “Save Account”.
7) On the next page, press “back”.
8) You are landing on the start page again. Click “Login using a private key”.
9) Enter your private key we have just printed and click “Login”.
10) You can see the main page of NEON now with both your NEO and GAS balance being zero. Click “Receive”.
11) A window pops up and you can see the receiving address you can now send NEO and GAS to. Of course this is the same as the public address we printed earlier.
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