Here is a simple guide on how to stake NEO gas with NEON wallet to earn NEO gas tokens. I have also included screenshots of my own NEO staking wallet, so you can get an idea of what rewards are available and how the system looks.
First of all, a little about NEO coin, formally known as antshares.
NEO is a very popular digital currency that allows smart applications to run on the blockchain, similar to Ethereum. NEO has become a very popular coin in China, and jumped from around $5 to $52 at once stage, before settling back down to around the $30 mark as of writing.
NEO runs on a hybrid of proof of stake, which means you can earn virtual currency (NEO gas tokens) simply by holding this coin in your wallet.
All you need to do is create a NEON wallet, put your coins into the wallet and you will start earning small amounts of GAS automatically and instantly.
Github has the source code for NEON wallet, along with pre compiled versions for Windows, Mac and Linux. This software is very small and light weight, can run on nearly any device and takes virtually no resources. You don’t even need to keep the wallet open to stake.
Step 2. Create a new NEO wallet address.
Once you have downloaded and opened NEON wallet, you will see these options:
Click create a new wallet.
Next you will be asked to make up a passphrase, this is how you will access your wallet.
Once you have entered a passphrase and clicked generate keys, you will be given 3 keys:
Make sure you write this down in a safe place and make 2 or 3 back up copies, if you lose this you will lose your money forever. You need to keep your passphrase and 3 keys. You can also click save key to save your wallet to your local computer, although this is less secure if you keep the file on your PC.
Step 3. Send NEO tokens to your NEON wallet and begin staking!
Once you have your NEO wallet setup and ready using the instructions above, login using your passphrase. Once logged in you should see your receiving address here:
Please note!! NEO is not divisible.. which means you must send EXACT amounts of NEO, 1.0 2.0 3.0 20.0 for example. You CANNOT send 1.3 NEO, it must be 1.0!!
Send NEO tokens to your receiving address as you would any other cryptocurrency, just make sure you send extra to cover any fee’s your exchange might have, so the amount your wallet should receive is exactly 1.0 or 10.0, 100.0 etc.
Here is how my wallet looks when i have first added my coins. I added two NEO coins, which were worth around 24.50USD each when purchased. Transaction time was nice and fast, only a minute or two.
You can see as soon as i have added the coins, i start earning instantly! I really like this feature as most proof of stake coins take days and sometimes even weeks before you start to earn rewards. With NEO i could see my earnings count up in real time, and it started the moment i sent coins into my NEON wallet.
All you need to do is the click the claim button to claim your gas. You can claim gas every 5 minutes, although it doesn’t make any difference how often you claim it still counts up the same. So what i do is claim about once a month or every couple of weeks, whenever i remember.
If you take a look at this next screenshot, you will see something important to know. When you do your first few gas claims, for some reason unknown to me the first few transactions appear to be 0.000 – Although don’t worry these transactions will show up later.
Here is my NEON wallet after staking NEO gas for about 2 months. You can see in the transaction history how the amounts of gas claimed are now showing up correctly. Over the 2 months i have claimed about 0.02 worth of GAS, by holding 2 coins. This of course is a tiny amount, worth around 2 cents USD.
It’s important to note, i have not had to keep the wallet open so there has been no electricity cost at all. The price of NEO has also risen since i purchased the 2 coins, so most of the profit has actually been in holding the coin.
Staking NEO gas is very simple and takes virtually no electricity. While the rewards are fairly low, if you are already holding NEO on an exchange it might be a good idea to hold your coins in your own wallet and earn this interest, if the price of NEO gas tokens rise in the future this could be some easy free money waiting for you in the future.
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