18 September 2018

How To Send NEO Blockchain Assets With Neon Wallet

How To Send NEO digital Assets With Neon Wallet? (VIDEO TUTORIAL: Part 1 – Send Assets)

For this tutorial, we have created both a Video Tutorial on how to send your NEO blockchain digital assets and a written one. If you are already very much familiar with the NEO Ecosystem and just want to have a quick look at how the Neon Wallet (NEO desktop wallet) version is functioning with respect to the UI (User Interface), This 1m:30s tutorial might be all you need. However, if you’d like some additional information with the video, just continue to read and check out the step-by-step explanation on how to use the Neon Wallet to send Neo Blockchain assets!

Introduction: Send & Receive NEO Assets

If you just got started with the Neon Wallet and your first NEO wallet address, you might start thinking about how to send or receive digital assets across the NEO ecosystem. Whether you want to send NEO, GAS or NEP-5 tokens to other NEO wallet addresses, or just want to be sure that you are sharing the ‘correct’ Neo address when you expect a NEO blockchain based asset deposit, you are in the right place.

While the process is pretty straight forward, it can’t hurt to have things explained step by step as ‘any mistake’ could be costly. Did you know for example that you cannot reverse a transaction on the blockchain? So, you have to make sure that you that you do things right, or you might be in for an unpleasant surprise.

Now, don’t let this scare you, it’s just a question of being correctly informed and understanding how things work within the crypto space.  In this tutorial, we are going to show how  you can  send or receive NEO digital assets with total peace of mind.

We’ll separate the tutorial in two parts. In this section we’ll focus on how to send NEO assets. If you want to check how to easily get hold of your ‘Neo Public Address’ so you can get ready to receive NEO blockchain based assets, you can start here in the second part.

NEO Digital Assets

So, before going into the actual steps on how to send and receive NEO assets, we’d like to take a minute to explain what we mean, when we speak of ‘NEO digital assets’, NEP-5 tokens, GAS, and so on.

The first thing you should know, is that cryptocurrency wallet addresses are not necessarily compatible with every cryptocurrency asset. Every digital asset, token, cryptocurrency, lives within its own ecosystem, and can only safely move within that ecosystem. Simply said, never send bitcoin to a NEO Wallet address for example, or vice versa.

When we speak of digital assets within the NEO Ecosystem, we refer to NEO, which is the governing token, GAS, which is used to pay for NEO network usage and NEP-5 tokens. NEP-5 tokens are what ERC-20 tokens are to the Ethereum Network. NEP-5 is essentially a protocol which allows blockchain-based projects to issue their own NEO blockchain based tokens, which run on the NEO blockchain.

Examples of NEP-5 tokens are; SOUL, TNC, TKY, QLC, EFX, CPX, ACAT, APH, NRVE, NKN, and many more. If you’d like a updated list of the most important currently issued NEP-5 tokens, you can check our ‘NEO Token Script Hash List’ and learn more about this list of NEP-5 tokens!

Your NEO wallet address will support any of these NEP-5 tokens, so you can send these digital assets safely to your Neo Wallet address. In this tutorial we will use the NEON Wallet to send and receive NEO digital assets.

If you are just getting started and this already sounds a bit complicated, we’d advise you to read our NEO 101 tutorial to familiarise yourself with some of the basic concepts surrounding cryptocurrencies and the NEO blockchain in particular.

As we said before, we will use the NEON Wallet in this tutorial and we assume that you have it already installed and are logged in. If not, You can quickly check our tutorial on ‘how to create a NEO Wallet with NEON Wallet in 7 simple steps’. This is a Video and Written tutorial in one, which shows you where to download the NEON Wallet and how you can easily create your own NEO Wallet address.

How To Send NEO digital Assets With Neon Wallet? (Written TUTORIAL – Part 1 -Send)

Neon Wallet - How To Send Neo Assets

Neon Wallet – How To Send Neo Assets

Getting started with sending and receiving NEO related digital assets using your own Neo Wallet address can be a liberating experience. The fact that we are able to transact digital value in a peer-to-peer network is simply amazing. So, whether you are interested in holding NEO or GAS tokens, or you want to participate in a NEP-5 token ICO and need to move some digital value in crypto land, it is pretty much required that you learn how to use a third party service like NEON Wallet.

As a reminder, you should know that you can ‘open you NEO blockchain account’ (=access Neo Public address) with a multitude of different wallets which are supporting NEO. In other words, your NEO public address is not ‘linked’ to the NEO wallet where you created it. As long as you are in possession of the ‘private keys’, you can use any NEO Wallet of your choice to access your Neo Public Address and send, receive, claim GAS, etc…

Step 1: Login and Click ‘SEND’ Button

Let’s get started! So, assuming you have already logged in, you simply CLICK the ‘SEND’ button 

Neon Wallet- Send Neo Assets

Neon Wallet- Send Neo Assets

Step 2: Enter transaction details!

Here you’ll have the opportunity to specify which ‘digital NEO asset’ you want to send and enter the correct amount. You will also have to enter the recipient NEO blockchain address!

Note that if you are thinking of sending NEO, you’ll notice that you can not send a portion of a NEO token. You can only send whole numbers! This has to do with the fact that NEO is currently not divisible. (We say currently, as there are some discussions ongoing to potentially change this in the future, however at the time of writing this is not yet the case).

So, it’s always good to know the specifics about the coin you are transacting as these ‘token properties’ can change from one token to the next.

With respect to the recipient address it is from the utmost importance that you ‘double check’ the details as any error in this address could result in a total loss of funds, as there is no way to backtrack or undo, once the transaction is sent!

So, Enter the ‘Amount’, Select the ‘Asset’ and Enter the ‘Recipient Address’! (=Receiving address or destination address) & Click ‘NEXT’!

Neon Wallet - Send Neo - Enter Amount And Choose Asset

Neon Wallet – Send Neo – Enter Amount And Choose Asset

You’ll notice that the Neon Wallet also allows you to ‘Save’ and ‘Name’ Recipient addresses. A great feature in our opinion as it allows you to manage receiving addresses easier and make it less likely that you make a mistake when copy/pasting for example. In our example in the video tutorial, we are sending 1 NEO to a previously saved recipient account!

Neon Wallet - Send NEO - Enter recipient NEO address

Neon Wallet – Send NEO – Enter recipient NEO address

Step 3: ‘Agree To Transfer’ & Optional Priority Fee & ‘Send Assets’ !

So, now that you have entered the transaction details, you simply have to confirm that you ‘Agree to Transfer’. In other words, ‘triple check’!

You’ll also get the opportunity to add a ‘priority fee’. While adding a ‘GAS priority fee’ is optional, it does ensure that your transaction will get prioritised in the following block. Since the NEO blockchain has been victim of ‘Spam attacks’ on the network as of late, adding a priority fee is recommended. Spam attacks are basically using ‘fee-less’ transactions to ‘clog’ the network in a malicious fashion. In our case, we choose ‘add smallest fee possible’! As you can see the cost of 0.00000001 is negligible and at the time of writing there is no need to pay more.

Now, I you are one hundred percent sure (100%) that you want to proceed with your transactions simply Click ‘ SEND ASSETS’ 

Neon Wallet - Neo Send - Additional Priority Fee

Neon Wallet – Neo Send – Additional Priority Fee

Success & Confirmation!

Note that while the Neon Wallet will display a message that it has successfully sent your transaction request to the NEO blockchain, you’ll still have to wait until you see the transaction reflected in your Neon Wallet. In our case this process did not take more than a couple of minutes, but this can vary of course in times of network congestion and depending on your ‘priority fee’ settings you have chosen. As soon as the Neo network confirms that your transaction was processed, Neon Wallet will update your ‘Balance’ and it will update the transaction history section.

Note that you can also click on the ‘blue’ transaction link and you will be forwarded to the Neoscan.io blockchain explorer, where you can consult the precise details of the transaction on the Neo blockchain.

Neon Wallet - Send Neo - Transaction History update

Neon Wallet – Send Neo – Transaction History update

In closing,

We hope you found some useful information in this tutorial. If you’d like to learn more about the Neon Wallet and the Neo blockchain, you can find more information on our website. You’ll find that we have created the NEO 1o1 section as a starters guide for the NEO Smart Economy. We are currently in the process of creating  additional tutorial sections on the NEON wallet and we’ll add the links to them in our NEO 1o1 Guide for easy reference. We’d also invite you to check the Neon Wallet tutorial series on our Youtube channel, if you’d like more content like this.

(⇒ TUTORIAL: Part 2 – Receive NEO Assets)

 

 

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