How to Deposit Neo to Ledger Wallets

Key Takeaways

• One of the most secure ways of keeping your NEO safe is via storing them on a hardware wallet such as the Ledge wallet.

• The main advantage of a Ledger wallet is that it makes it almost impossible for a hacker to steal your NEO funds.

• The Neon wallet has native support for Ledger devices, so no complicated setup is required.

• NEO originated from China and was formerly known as Antshares.

• Due to its wonderful technology, the platform allows for the development of decentralized applications with numerous programming languages.

• At the beginning of 2017, the price of each NEO was $0.14, and within 8 months, it skyrocketed and attained a peak of $51.

• Although it enjoyed significant market growth in 2017, the platform hasn’t grown at the same pace since that time as a result of different challenges such as good wallets for storing NEO.

• Apart from NEO, another crypto that is popularly known as GAS formerly Altcoins), is also made available through the same NEO blockchain.

How to Deposit Neo to Ledger Wallets

To deposit NEO to your Ledger wallet, you will first install the Neo app on your Ledger device via the Ledger Live. NEO upgraded its protocol to version N3 in  September 2021, therefore, you will see two apps for NEO: Neo N3 and Neo (NEO). 

To download the Neo app, once you open the Ledger Live, navigate to the My Ledger tab, then connect and unlock your Ledger device.

If asked, allow My Ledger to access your device. From there, search for the Neo app in the app catalog and click the install button to install it.

Once it is successfully installed, proceed to download the Neon wallet which has native support for the Ledger device, and ensure you install the version that matches your device’s operating system.

Once you have successfully installed it, open the app and you will see an option to “Login using a Ledger.” Then, you simply pick up your Ledger device, search and open up the Neo app and you will get a confirmation message that says ” Wake up NEO.”

Once this message pops up, now click on login using a ledger option you earlier saw in the Neon wallet, then click Login using Ledger device.

Your Ledger NEO account will then appear. Then, click and share your public address with the sender/exchange from which you would be depositing the NEO.

Ensure you verify the address on your device screen before sharing it.

NEO Overview

NEO is often viewed by many investors and crypto enthusiasts as a platform that competes directly with Ethereum in the aspect of creating decentralized applications on a blockchain.

Also identified as the “Chinese Ethereum” because the company was founded by a team of Chinese developers, and it is a bit cheaper than Ethereum. Some of the top exchanges on which you can buy NEO include Binance, Kucoin, etc.

Neo upgraded its protocol to version N3 in September 2021. As a result, there are now two apps for NEO: Neo N3 and Neo (NEO).

Due to the extent of improvements found in Neo N3, certain features are not backward compatible with the existing Neo Legacy blockchain. Therefore, to manage the Legacy address, use the Neo (NEO) app, and to access the N3 address, you should use the Neo N3 app.

Best Ledger Nano Wallets

[table id=18 /]

Frequently Asked Questions (FAQs)

Q1. Can you store NEO on Ledger?

Yes, you can easily store NEO on your Ledger wallets via Neon wallet.

Q2. Can Metamask hold Neo?

No, you cannot use Metamask to hold NEO because it does not support the NEO blockchain.

Final Thoughts

The platform is rumored to have funds in place to stimulate the continued development of the blockchain into the future, which, to some investors makes it an attractive investment that might eventually replace Ethereum as a platform for building decentralized applications.

Even though, right now the Ethereum market price is several times bigger than that of NEO and most blockchain developers use Ethereum for building smart contracts. Regardless, the blockchain does have a lot of potential.