How to create a Tezos XTZ wallet?

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What is Tezos?

Token XTZ is a symbol of the Tezos blockchain platform. Its use is similar to other altcoins. It is used as a platform to support the initial coin offer (ICO), as well as for making micropayments on the network and promoting smart contracts, even for voting on the future of the project. The management of the Tezos platform is entirely up to stakeholders. All interested parties have the opportunity to participate in the management of the protocol and vote on the proposed protocol updates issued by the developers, who can attach invoices to the proposed improvements so that they receive compensation if their proposal is accepted.

It is composed in such a way that it allows you to update your protocol through the chain continuously. Therefore, Tezos can gradually increase over time without the need for radical changes and can cause a hard fork and divide the network.

Tezos is categorically against hard forks, so the platform is designed in such a way that it does not need to go through it; it is updated continuously based on offers and votes of users. The network can change any protocol parameter.

To make updates, developers submit independent offers that include the expected compensation that the developer wants to develop and release this update. Anyone who owns Tezos tokens can vote for these proposals, and if they approve them, the developers who proposed them can start work on updating them.

Who created Tezos?

Tezos was launched through an ICO in 2017, which managed to raise $232 million, which is one of the most extensive raising of capital in the blockchain ICO history. However, the launch of the leading blockchain network was postponed due to a dispute between the founder Diego Olivier Fernandez Pons, president Johann Gevers and two other key figures in its structure, Arthur Open in new window and Kathleen Breitman Open in new window, who were the owners of Tezos rights. Finally, Gevers resigned along with Diego Olivier Fernandez Pons, and two community members replaced them. The main Tezos network was finally launched in September 2018.

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How many Tezos coins are there?

One of the main characteristics of Tezos is the participation of members in the management of the platform. Users can amend their voting on the Tezos protocol and even make some changes to the voting process. In the simplest case, stakeholders will approve or veto changes to the code or the protocol itself. The number of coins in circulation at the moment is 694,191,974 XTZ, together with a whole issue of 763,306,930 XTZ. While a market capitalization of $1,796,781,571 positions it in the first 20 cryptocurrencies on CoinMarketCap.

How do you get Tezos?

Tezos has managed to reach some of the biggest exchanges around the world. However, it was unable to penetrate other secondary markets, such as underlying assets and CFDs, which are managed by regulated and reliable brokers, where trading opportunities are expanding significantly. To buy Tezos on platforms where it’s available, you first have to buy BTC or ETH. When you will have BTC or ETH in your portfolio, you can exchange to XTZ.

As of the release date of this article, these are the exchanges with the most massive volume of transactions in XTZ: Guarda, ChangeNow, BitMax, Gate.io, Kraken, HitBTC, Bitfinex, and Huobi.

Tezos wallet

First of all, it is essential to remember that you can store your XTZ cryptocurrencies on the exchange platforms mentioned above that provide built-in wallets that are very easy to use. However, some users prefer to install local solutions (i.e. hardware Tezos wallet) for security reasons or to take advantage of options such as rates. If you want to make an extra step in the field of security, cryptocurrency is also compatible with the most popular hardware wallets: it works with all Ledger devices.

Special software required to work with Tezos - it's a wallet program (or online resources, cryptocurrency exchanges). This program allows the user to work with the blockchain and create transactions or receive transfers to his address.

Wallets on which Tezos is stored can be classified:

Custodial Wallets:

  • Exchanges: keys are generated on the servers of the developer or third parties. Your private keys are also stored in their cloud, which is why these wallets are more prone to attacks or theft. Of course, you can access your account from any device using a browser and an Internet connection. Examples: Coinbase, BitFinex
  • Wallets: keys are generated on the servers of the developer. Examples: Freewallet.

Non-Custodial wallets:

  • Software wallets can be mobile or computerized, which are downloaded directly to the device.
    • Web wallets: Such wallets are most popular with novice users and people who trade a lot. Web wallets are usually offered on the sites of large cryptocurrency exchanges. They can store any currency that you bought, quickly sell it or transfer it to other users. The popularity of this type of wallet is due to the ability to quickly and simply sell different coins and make transfers directly on the site, which is very convenient for novice users. Web wallets are also good in that they can be accessed through a browser from anywhere in the world. This allows you to always manage your funds if you need to pay for something or make a transfer. The main problem of such wallets is the presence of potential risks of hacker attacks, therefore, storing large funds in them is dangerous. Despite the fact that the relevant sites are doing their best to ensure the security of the proposed wallets, they cannot control your computer and detect viruses and spyware on it, which hackers use to steal money from accounts.
    • Desktop wallets: It’s a kind of an actual app that is installed on your computer.
    • Mobile wallets are usually used to store small amounts intended to transfer coins to other users or pay for goods in online stores and physical retail outlets. More and more stores around the world are beginning to accept payments in Bitcoin or Ethereum, so it’s convenient to keep some of these coins in your mobile wallet in case you need to pay something. But Guarda is created to work with any amount, due it’s big variety of functions. For example, in a Guarda wallet, a person essentially downloads a program to a device that generates keys. To check this, you can turn off the Internet and create a wallet - the keys are generated.
  • A paper wallet is considered to be the safest mechanism for storing Tezos. To use them, users print keys on paper and integrate them with the online wallet. However, even so, the Guarda developers have already come up with a solution for you. You can absolutely safely generate your private key, however, to send funds, you will need an Internet connection. Guarda developers have provided all kinds of cases and added the watch-only ability to safely monitor the balance.
  • Hardware wallets are physical, electronic devices, such as USB flash drives, that can generate secret keys and digital signatures of transactions offline. They can guarantee complete anonymity. They are much more expensive than other options, but they are easy to set up, back up, and use. They are also very safe, as they can work offline. Examples:

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Best Tezos XTZ wallet - Guarda Wallet

Guarda supports Tezos among other crypto coins. We offer XTZ storing solutions across multiple platforms and devices. Tezos is one of the largest cryptocurrencies in the world, so we hastened to add it to our wallet.

  • Web Tezos Wallet
  • Desktop Tezos Wallet
  • XTZ Mobile Wallet (for Android and iOS)
  • XTZ Chrome Extension wallet

All these wallets are easy to set up and have all the functions a crypto user needs – secure holding, fast exchanges, Tezos purchases, and easy-to-perform transactions.

Tezos staking

Dictionary:

  • Tezos Node (node) – a node in the network that provides decentralization and accelerated transaction flow.
  • Baker — delegates who participates in DPoS (new coin mining).
  • Staking Power — Power of your vote. It depends on the total amount of coins on a common wallet (they are frozen to maintain the security of the blockchain). Determines how often the pool can bake new blocks.
  • Baking Rights — in order to find new blocks (and receive a reward for this), you need to register a node and take a place in the queue (among other participants).
  • Endorsing — block confirmation. The mechanism allows you to earn an extra profit (~ max up to 2 XTZ per block). For work, another 64 XTZ insurance deposit is required.

Tezos uses the Proof-of-Stake (DPoS) delegated algorithm to reach platform consensus. Unlike Proof-of-Work (PoW), which uses real mining, DPoS provides virtual retrieval. DPoS is a coherent high energy efficiency protocol. All owners of Tezos tokens can participate in the mining process either as a delegate or as a voter for representatives. Each user can decide whether they want to vote or prefer to vote for the delegate. In the second situation, the selected person will control our vote to vote on proposals. This algorithm aims to become a more effective form of control and put pressure on the delegates from the community. If one of the delegates abused his power, he would have lost his vote. Tezos has no delegate limit, unlike other projects using DPoS.

Tezos aims to create a unique blockchain with a focus on innovation, in which progress is not lost due to a gap in the future network. When buying XTZ, you have the opportunity to receive passive income thanks to the baking process, similar to the rates used by other cryptocurrencies. From an investment point of view, Tezos is great, especially after it became one of the cryptocurrencies with the largest market capitalization. In 2019, Tezos had a steady growth path, even at a time when many other cryptocurrencies were losing value. That is why this is a project that you should know.

How to «bake» Tezos to get passive income?

If you have high financial capabilities (from 10,000 XTZ) and trust the project, you can become one of the nodes that «baking» Tezos. In essence, this is a form of proof of participation in which you receive rewards for protecting a significant number of Tezos. You will also receive online voting rights. You can also delegate the activity to other nodes and get a small commission.

In addition to the self-correction process, which aims to develop the Tezos protocol, there is another method by which owners of “complexion” can participate in the network.

Baking Tezos such as mining Bitcoin. Through baking, a necessary check must be done to create new blocks in the network. It is through this consensus mechanism that network participants provide the necessary computing power for its operation.

The advantage over bitcoins is that:

  • Eliminates the need to constantly buy new equipment
  • Reduces excessive energy consumption to maintain the blockchain
  • Baking is the way in which Tezos holders can earn passive income with this cryptocurrency

To bake Tezos, the user must have 10,000 XTZ.
Anyone with less can, in spite of everything, delegate their share and earn income simply by owning Tezos.

How to store Tezos XTZ?

Web Wallet / Desktop Wallet

  1. Open the Guarda website (be sure to add the link to your bookmarks so you don’t accidentally go to the phishing site)
  2. Click on the button "Create a wallet" or "Download for desktop"
  3. Create a New Wallet
  4. Choose a password, however, make it hard enough so that attackers cannot compromise it.
  5. Make sure to keep your passwords in a safe place, because if you lose them, then you will not have the opportunity to restore your wallet.
    More details in Knowledgebase Open in new window.
  6. Wait a couple of seconds while the program will render the wallets for you. Numeric keys, commonly known as private keys or master keys, take the form of hexadecimal codes. At first glance, it looks intimidating until you find that it is flexible enough to be recorded, printed on paper, printed on a document, converted to an image, or even remembered.
  7. Download backup to always be able to import your wallet.
  8. Go to the Tezos Coins tab, and under the QR code (also you can scan it because QR is a wallet address itself), you will see your wallet where you can transfer funds from the Binance trading platform.

Mobile

  1. Go to the Apple App Store or Google Play Store.
  2. Find Guarda Wallet and download it to your device. Click on the button "Create a wallet"
  3. Create a New Wallet.
  4. Choose a password, however, make it hard enough so that attackers cannot compromise it.
  5. Make sure to keep your passwords in a safe place, because if you lose them, then you will not have the opportunity to restore your wallet.
    More details in Knowledgebase Open in new window.
  6. Wait a couple of seconds while the program will render the wallets for you. Numeric keys, commonly known as private keys or master keys, take the form of hexadecimal codes. At first glance, it looks intimidating until you find that it is flexible enough to be recorded, printed on paper, printed on a document, converted to an image, or even remembered.
  7. Download backup to always be able to import your wallet.
  8. Go to the Tezos Coins tab, and under the QR code (also you can scan it because QR is a wallet address itself), you will see your wallet where you can transfer funds from the Binance trading platform.

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