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How to stake Neo (NEO) in 2024

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Neo is a blockchain network that powers the smart economy, a decentralised secure environment where people can digitise and trade physical assets.

This general-purpose blockchain is like the Ethereum network, but with serious upgrades. The most popular is its 15 second block finality time, a snappy performance compared to Ethereum that could take up to 5 minutes and cost a small fortune. Another upgrade is Neo’s smart contract technology. Developers can build smart contracts using popular programming languages like Python, C#, Go, and Java that they are already familiar with. These smart contracts can execute complex financial transactions like loans, insurance, and even forward transactions.

The Neo blockchain also powers services like oracles, decentralised file storage, decentralised name services, and identity management services that originally need more than one blockchain to run. An example of this is Neo’s decentralised file storage system, NeoFS. Neo provides this service natively on its blockchain while other blockchain networks rely on external providers who run their own blockchains. 

Essentially, developers who need storage can access the service on the Neo blockchain instead of seeking an external provider on another blockchain. The result is that developers stay within the same ecosystem when building apps, easing the development process.

This page walks you through the pros and cons of NEO and why you might want to consider staking it.

Frequently Asked Questions

How does staking on a centralised exchange differ from a decentralised wallet?
On a smart contract level, the process is the same. Centralised exchanges use vaults to ensure that users do not withdraw their coins abruptly.
Are there other ways to earn yields with NEO?
Yes. Neo rewards holders that participate in governance. Voting in governance proposals earns you more GAS as you actively participate in the future of the network.
How does Neo pay staking rewards without locking tokens?
The Neo blockchain doesn't rely on the traditional proof-of-stake consensus model. It uses a delegated Byzantine fault tolerance (dBFT) consensus model where token holders elect delegates who propose and agree on the blocks to add to the chain.
Can I stake NEO with Ledger?
Yes, the Neo blockchain is compatible with the Ledger Nano S using the Neon wallet. To use Ledger, download the Neon wallet and navigate to the Connect Ledger Icon.
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