Review on NEON Wallet by Olugbenga Ajayi
Neon wallet need to improve insecurity
Neon wallet is an open source wallet that was founded by the city of Zion inc. it support multiple digital assets categorized as Nep-5 tokens and the neo coin. It is the best recommended wallet for use with the ledger Nano S.
Among the advantages of using the Neon wallet is that as user stores neo coin in the wallet, he gets gas reward. The wallet is free and it doesn't charge any fee for sending and receiving fund.
In terms of security, this wallet is somewhat lagging behind. It doesn't have any major security features that should be expected of a good wallet. For instance, it doesn't support two factor authentication, not even as an option. Also it doesn't support multisig which one feature that makes a wallet suitable for Enterprise use.
In addition, there are reports from users that asset used to get stuck in the wallet after updation.
Pros
- The wallet doesn't charge fee for sending and receiving fund
- Since it is light weight, it saves storage space to install
- It is open source and code can be verified
- User can get rewarded with gas as they store neo coin in the wallet
- Your private key is under your control
Cons
- It does not have multisig feature yet
- The security architecture is not strong for instance it does not support the basic two factor authentication
- It is does not support generation of different public keys for each transaction
- It doesn't offer high privacy for user
