NEO, which is also known as the Ethereum of China has shown huge potential in the past few days. Most of the eastern, Chinese tokens are based on NEO smart contracts. And, many more are going to be launched in the future. NEO is also predicted to be one of the fastest growing Coin of 2018.
Neo, somewhat similar to Ethereum tokenizes proof of the ownership of an asset. Also, undertakes any legal complications that come with owning an asset. This is a very strong concept and this can apply Blockchain in various markets where exchange of goods and assets are involved.
NEO official website, offers 3 types of wallets. The most popular one and which has the most regular updates is NEO-GUI wallet. In this tutorial we will guide you how to setup NEO-GUI wallet and use it participate in ICOs. We will also share fixes to various common issues that users face using the NEO-GUI. NEO-GUI is the most advanced Neo wallet. If you are willing to participate in ICOs i.e. Initial Coin Offerings of NEO based tokens. We highly recommend you to use the NEO-GUI wallet. Though, if you are just using the wallet for security purposes and want something easy to use. You can go with NEON wallet or if you want to use it on Ledger Nano S, you can go with Morpheus wallet. All these are official wallets of NEO and can be trusted.
Also Read: How to Set Up MyEtherWallet: ICO Buyer Guide
How To Setup NEO-GUI Wallet
Go to this link, where you will find all official NEO wallets. Download the NEO-GUI wallet.
Click on the NEO-GUI wallet and download the latest version of the client. It will be the .zip file.
Once downloaded, unzip the file at your desired location. Click on neo-gui.exe file (installer file) and run the setup. A pop-up asking you to install the neo Onchain root certificate will appear. After the initial setup is complete, the wallet client will open. For ease of use, you can create a desktop shortcut of neo-gui.exe file.
Create a NEO-GUI Wallet
Now, Go to the NEO-GUI client. In the top left corner you will see the wallet tab. Click on Wallet, and then select the New Wallet Database from the options.
Browse to the location where you want to save the wallet file and name it according to your choice. Enter the password to protect the wallet file. Remember, do not ever delete the wallet file and keep it in a location where you can remember it and it will be safe from accidental deletion.
The wallet will start appearing in the Accounts tab of the client software. Congratulations, you have successfully created a wallet.
Sending and Receiving Transaction in NEO-GUI
Be it for participating in an ICO or any peer to peer transaction. You will need to learn, how to make transactions in NEO-GUI client to send and receive NEO tokens.
For receiving, you simply need to share your public key with the sender. Your public key is the key you see under the accounts tab. Select and copy it and give it to the person, who wants to send you NEO tokens.
If you want to send your NEO tokens to someone, go to the Transactions tab and click on transfer. A new window will pop up.
Click on the Plus sign. Now, you have to enter the public address of the wallet to which you want to send the money in front of the Pay to label. And, the Amount of NEO tokens that you are sending.
That’s how you can keep your NEO safe and conveniently. Keeping your tokens in exchange wallets may lead to huge losses, so we recommend you to be on the safe side and store your tokens in the desktop client. The NEO-GUI is also the official NEO client with the most advanced features, hence can be trusted. Also, participating in ICOs also require to use the NEO-GUI to wallet to send and receive the tokens.
If you have any kind of doubts of facing any problems while sending or receiving transactions. You can comment your query below and we will be happy to help.