Tezbox - The Best And First Wallet To Store And Manage Your Tezos
Mar 07, 2021 20:13
Tezboxwas the first Tezos currency wallet developed by a community developer from Tezos Commons Foundation named Stephen Andrews.
What are tezos?
Tezos is a blockchain network related to tez which, is a digital token. It is a decentralized ledger similar to Bitcoin and Ethereum which, makes use of blockchain technology. It is a form of cryptocurrency.
Tezos uses blockchain; a collection of information stored in computer's electronic systems called a database. But a blockchain has a different type of structured data compared to the typical one. It collects information in blocks together in groups. The storage forms a chain of data which is then called a blockchain.
Tezos is designed to make use of smart contracts that are contracts taken down in lines of codes. They contain the agreement terms between the sellers and the buyers. But, tezos has a concept of smart contract that is, the rules of the network are controlled by the participants directly.
As of February 2021, tezos net worth is $4,033,706,228 USD. With the various advantages that tezos has over other currencies it is a good future investment.
It is also not dependent on mining. Token holders of tezos are rewarded for taking part in the proofofstake mechanism. Tezos is also trying to have the decision-making process in the network of users.
What is proof of stake?
It is a mechanism in which, the validators whohave staked; that is locked their crypto assets to secure the network, a larger amount is selected to produce the next blocks for the blockchain after getting approved and verified.
What is a cryptocurrency?
A cryptocurrency is secured by complex cryptography that is encryptions techniques and is called virtual or digital currency. These types of currencies are immune to any authoritative interference. Like, the government as they are not circulated by a central authority. They are transparent, compact, and also resistant to issues like inflation.
Cryptocurrencies are also known as cryptos and are displayed by ledger entries that have an internal system. The transfer of these cryptos is secured by means like public and private keys and various incentive systems.
What is a digital or a crypto wallet?
A cryptocurrency wallet is used to store public or private keys. Every digital currency owner has a private key and a public key, these keys are very important, and losing them can lead to losing the cryptocurrency fund stored in them.
Unlike traditional wallets, these crypto wallets don't store any currency but rather they store the blockchain records of transactions. There are three main types of crypto wallets namely; software wallets, hardware wallets, and paper wallets.
What are software wallets?
Software wallets can be used on desktop, mobile, or any specified smart device and can also be online.
The desktop software wallets can be stored or installed on desktops or laptops. These desktop wallets are accessible only from the computer they are stored in.
Online software wallets are accessible from any device computable anywhere and are available to store on the cloud.
Mobile software wallets can also be stored anywhere and run on an app on the mobile.
What are private keys?
Privates keys allow an owner of the cryptocurrency to access her or his cryptos. When a person purchases crypto-like tezos, they are given a public address and a private key to allow any kind of transaction for the crypto coins. You can send, buy, or receive tokens or crypto coins through these keys. The private key is exclusive to the owner and should not be shared with anyone.
What are public keys?
The public address helps to receive and deposit the owner's funds. The private key is used to withdraw the funds. Public keys are used to receive cryptocurrencies in the account or the crypto wallet of the owner. These keys are used to confirm the digital signature to prove the ownership of private keys. The public keys are shared with the people with whom the owner wants to do transactions.
What is a Tezbox?
Tezbox is also a Software wallet available on desktop and mobile.It streams payments and has a DAPP Network which is a community-driven system of developers and users to scale blockchain.
They also don’t store their user’s private keys instead of that they store an encrypted version of the private key on the device it is installed in.
The private keys owner’s password is hardened by encrypting it using a pbkdf2 function that is Password-Based Key Derivation Function which is used to reduce threats against brute force attacks on the crypto password.
The keys are stored offline in Tezbox which makes them safe from being vulnerable to any attack online. Users can operate their application on any platform as it supports all digital or virtual platforms.
Managing, accessing, and upgrading the user's accounts is very easy and convenient for all the members of this wallet. Users can access their accounts at any time without interference.
The wallet is available for Chrome, iOS, and Android devices which makes the wallet very accessible for everyone. They can also support multiple addresses in a single Tezbox.
You can create an account on the Tezbox by following the given steps-
1.Open their official webpage or download their app if you want to from google play.
2.There are 3 options on the main webpage namely; CREATE NEW ACCOUNT, RESTORE EXISTING ACCOUNT, USE LEDGER/TREZOR.
4.Then select CREATE NEW ACCOUNT option. You will be shown a 15-word seed phrase and you can select the one given or change it and select whichever you want.
5.You will have to then, save, confirm, and back it up. When doing this step, be sure to note down the phrase as it will help you with recovering your password if you ever lose it. Therefore, don't share this seed with anyone and the same goes for the password.
6.After you're done with step 5, you will have to create a password for encrypting your data.
7.Confirm the password and click on the 'encrypt tezbox' option.
And you are now part of the Tezbox community and ready to use your account.
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