So far most of AirdropAlert’s airdrop required you to possess an Ethereum wallet, as most of the airdropped tokens are distribitued to an ERC-20 compliant wallet. China’s government tolerates the Neo blockchain more than the alternatives, which is why Neo airdrops might become popular within the near future.
This Blog is brought to you by AirdropAlert.com to explain their visitors how to set up a Neo webwallet, along with a video demonstration. Before web wallets are explained, let’s go over the difference between NEO and GAS.
NEO & GAS explained
Using the NEO blockchain to transfer funds comes with it the introduction of two associated cryptocurrencies: NEO & GAS. NEO acts as shares of the NEO Blockchain as owners are able to vote on consensus nodes. While you are holding NEO, you automatically generate GAS over time. To use the network (to make transactions) the fee is paid in GAS. So the difference is that with NEO you hold shares and are entitled to vote on consensus nodes, but to make transactions you pay GAS. NEO and GAS are two distinct cryptocurrencies, GAS in the NEO Blockchain should not be confused with the gas paid to make ETH based transactions!
NEO’s official website and why this is important
To learn more about NEO’s services from the official channels, visit this website: https://neo.org (always verify the links!). Go to the tab ‘Clients’ where you will find all the support wallet platforms, since this website is the official website of NEO, the links to the wallets as shown on this website can be trusted. 3 web wallets are picked from this webpage and explained in this blog. A web wallet implies browser based access to the NEO network, contrary to the Desktop wallet, where you need to install a program.
Similar to Etherscan.io‘s services, NEO Tracker allows you to explore the blockchain of NEO. This way, transaction details can be revealed by accessing the website. In addition, NEO Tracker also allows you to make a NEO Wallet. The process of making a NEO wallet is quite similar to that of MyEtherWallet, where you are able to download a keystore file which can be used to access your wallet combined with the password you use when you make the wallet.
A private key will also be given during the process of making the wallet. Using the private key, you can access the NEO wallet directly. This is not recommended however, as it is safer to memorize the password and use the keystore file. Private key could be considered as a last resort to access your wallet, which is why it is not uncommon to write down the private key and storing the paper in a fireproof safe.
To make a Neo wallet using Neo Tracker, visit their website: https://neotracker.io/. Click on New Wallet, enter your password, download the encrypted key (keystore file), hit continue, safely store your Private Key, download the paper wallet (optional) and hit continue. That’s it, you now have a Neo Wallet. The NEO address is shown directly above.
Note that NEO Tracker’s wallet is NEP-5 compliant, this means that you can receive NEO blockchain based tokens on your NEO Tracker wallet.
Alternative to NEO Tracker’s services to access the NEO blockchain and manage your funds, is a lightweight wallet developed by the NEO community dev team. The wallet is simply called Neo Wallet and can be accessed by visiting this site: https://neowallet.cn/
This wallet is based on API and all messages are encrypted before transmitted. Wallet file and the private key will not be uploaded to the server. Dev team cannot help you save or recover the wallet file, so please make sure that your wallet file (or private key) are backed up well.
NEP-5 compliant Wallet
Just like Ethereum wallets can be ERC-20 compliant, so do NEO wallets. A NEO wallet from an exchange is most likely not NEP-5 compliant, however a NEO wallet from NEO Tracker is NEP-5 compliant, so you will be able to receive NEP-5 tokens on your NEO Tracker wallet, as confirmed in the tweet below:
Setting up NEO Tracker Wallet
The video below shows the steps in making a NEO Tracker web wallet.
AirdropAlert can not be held responsible for the possible consequences of the wallet-choice you make.