The neotracker wallet is a popular web wallet for people willing to carry out transactions in NEO tokens
In the past few years, blockchain technology has struck the right chords with tech geeks. Many people worldwide are getting into transactions with cryptocurrencies, which largely work based on blockchain technology. The popularity of the technology has led to the development and launch of several cryptocurrencies and blockchain networks.
Initially, a person wanting to invest in cryptocurrency had Bitcoin and Ethereum as the only popular options. Today, the scenario is much different. Of the numerous options that people have, Neo is a popular blockchain.
What is NEO?
Neo is a blockchain network that was initially known as AntShares. Due to its ability to emerge as a top choice despite China's strict regulatory norms, Neo is hailed as Chinese Ethereum. It shares some common features withEthereum and has other features that make the network better than Ethereum.
The developers of Neo describe it as a distributed network for the smart economy. Here, smart economy refers to the combination of digital assets, digital identity, and smart contracts.
A smart contract allows people to engage in blockchain transactions without directly interacting with each other. The transaction occurs based on the specifications of a smart contract that is stored in the blockchain.
Tokens for NEO
The Neo network consists of two kinds of tokens – NEO and GAS.
NEO consists of pre-mined tokens with a hard cap of 100 million tokens. NEO tokens are generally used for managing networks, creating blocks, and consensus requirements.
GAS tokens, on the other hand, are the fuel behind the NEO blockchain network. GAS tokens are mainly used to run the blockchain, allocate resources, and reward users who maintain the blockchain.
The NEO Tracker Wallet – a brief introduction
The neotracker wallet is a popular web wallet for people willing to carry out transactions in NEO tokens.
- The wallet enables users to control private keys without storingthem on third-party software or online servers.
- This neo token wallet can be accessed via two popular web browsers – Chrome and Edge.
- The built-in explorer features make it one of the most advanced online wallets for NEO and GAS.
- The wallet enables hassle-free transactions.
- It consists of an additional layer of security for all users.
- A user can claim GAS tokens that are generated as rewards from their neotracker webwallet.
Is neo token wallet safe?
Digital assets are as valuable as other assets. Thus, security is a crucial aspect while dealing with cryptocurrencies. How safe is the neotracker web wallet?
The developers of the wallet are well aware of the security measures to be taken. It is an offline wallet. Thus, no data about the user or their wallet usage is stored on any of neotracker’s servers. No part of the information reaches the network.
While ensuring that all the information is stored only on the local device, the private keys also get cleared when a session ends. As the files are encrypted with strong algorithms, it would be difficult for hackers to gain access even if they reach the browser's local storage.
The neo token wallet is secure because of two features: it is open source, and the browser opens only in the Secure Socket Layer. As it is open-source, any user can check the code for malware or other issues. SSL ensures that the browser opens only in a safe location.
How does the neotracker wallet work?
Here is a description of how the neo token wallet works.
- It is a light wallet. Users of light wallets need not download the complete blockchain. The wallet downloads only block headers to verify transactions. Thus, light wallets are easy to maintain.
- Users can get details of their transaction history using remote servers.
Here is a detailed guide of the steps to follow while setting up the neotracker wallet.
Step 1: The tool can be installed from a web browser. Any device with an updated web browser is enough to get the user started.
Step 2: As the wallet gets installed on the device, the user can observe that the interface is quite user-friendly. The buttons are self-explanatory, and anyone can navigate without help.
Step 3: Now, the user has to create an address. Unlike some other web wallets, this one does not automatically create an address. The address can be created from the ‘Wallet’ tab and by choosing a passphrase.
Pro tip – It is advised to have a long passphrase. Note it down in a safe place. The passphrase is the only element that will come in handy when the user loses access to the wallet.
Step 4: After setting up the address, the user can start sending and receiving assets. To send coins, the user must specify the recipient’s address in the space provided. Users should always double-check the addresses they type. Even if there is a single mismatch, the transaction is lost and cannot be undone.
The only possible problems that a user might face while using the neo token wallet could be losing their passphrase or private key. This information is crucial to recovering access to the wallet. Thus, experts advise cryptocurrency users to maintain multiple private key and passphrase copies at different locations.
Pros and cons of neotracker wallet
Each blockchain network comes with its advantages and limitations. Here are the top three benefits of the neotracker wallet.
- The user has complete control over the private key. As long as the user follows safety measures and does not share the private key details with anyone else, it will be a safe cryptocurrency experience.
- Everyone who is a part of the network has access to the code. Simple programming languages are used in this open-source software. A quick visit to GitHub will allow any user to look at the code.
- The wallet is easy to run and maintain as there is no need to sync it with the complete blockchain network. It is a light wallet.
Now, the limitations of neo neotracker wallet are as follows.
- Those looking for additional security features are likely to be disappointed. The wallet does not offer two-factor authentication.
- The wallet has only password encryption. Additional features such as SEED functionality are missing in the neo token wallet.
- Generally, wallets that require multiple signatures to authenticate a transaction are considered much safer. Transactions in neo wallets do not depend on multiple signatures for validation.
Despite a few limitations, the wallet has become quite popular among cryptocurrency enthusiasts as the benefits overweigh the minor disadvantages.
Common features of Neo wallets
Numerous web wallets are available for Neo tokens. Among those, the top wallets share some common features. The list below helps users decide which neo wallet to choose based on the features that they are looking for.
- The rewards are available in the form of GAS tokens. Most of the top neo wallets allow users to claim their GAS tokens.
- The private key is generated from the mnemonic to keep it secure.
- The web wallets generally support only transactions but not the storage of funds. Those looking to store assets they have on the network can look for desktop wallets.
- Neo wallets offer support for a variety of old and new cryptocurrencies. Several wallets have built-in auto-update system to extend support for the ever-increasing variety of cryptocurrency.
- The wallets offer backup and encryption options for easier access recovery.
- Easy installation is a star feature. There is no need to install plug-ins or additional applications to carry out different kinds of transactions. A single installation from the browser extension is all the user needs.
- Some advanced wallets offer the option to sync wallets from different networks. Those looking for cross-platform operations can install wallets that support the feature.
Points to remember
Like any other regular transaction, dealing with cryptocurrency also carries a certain amount of uncertainty and risk. Here are a few things to keep in mind while choosing a neo token wallet.
- Security must always be a top priority. A user should research the safety measures and encryption algorithms that the wallet uses to ensure user data safety.
- Wallets that do not store user information on the server are the safest.
- The user should not disclose sensitive information such as the passphrase or private key to any individual under any circumstances.
- Make sure that the chrome extension being installed is a legitimate and original version of the web wallet.
The final word
A transaction involving NEO and GAS tokens can be rewarding if the user plays their card right. It can take a while for the user to get accustomed to good transaction habits. To develop this, the user can check out the neotracker wallet’s unique explorer feature to view blocks and transactions in real-time.
The future of NEO depends on several factors – the most important one being the regulations from the Chinese authorities. In case of a complete crackdown on cryptocurrency, NEO could lose its value. But if it manages to hold a high position, the value will continue to grow.