Tezos(XTZ) is part of the cryptocurrency market that is currently on the rise. It is a blockchain network related to Tez also called tezzie, a digital token. These token holders are, rewarded for taking part in the consensus mechanism of proof-of-stake.
Proof-of-Stake is a concept according to which a person, depending on how many coins they own can validate or mine block transactions. In simple terms, the more cryptocurrencies a miner owns, the more mining power they hold.
Tez makes use of blockchain technology and is a decentralized ledger like Bitcoin and Ethereum. It makes use of smart contracts and also lets its participants control the network’s rules directly.
Tezos is a platform for evolving assets and applications by upgrading itself and is open-sourced. Tez’s price in early 2020 reached to record high which also changed its speculations in potential future investment.
One can interact with the Tezos blockchain by owning the Tezos tokens, also known as tez. These tokens are only accessible through private keys therefore, having complete control over these keys and their security is extremely crucial. Without private keys, you have no control over your tokens.
Hence, choosing a secure wallet to store these keys is crucial as these wallets need the user to enter their private key information and will have access to the tez stored in the correlated public key hash.
Is ICO also known as fundraisers?
ICO i.e., Initial Coin Offering, is mainly related to blockchain space or cryptocurrency and is a popular fundraising method. To participate in an ICO you need to have a basic knowledge of the usage of crypto wallets and you also need to be an owner of a digital currency.
Usually, in these types of fundraisers, the companies who are raising these funds provide a blockchain that is similar to a share given to an investor, a cryptocurrency token.
Most investors pay in tokens like Bitcoin or Ethereum which are popular and, in exchange, receive the equivalent number of new tokens.
Wallets for storing and using tez:
Tez can be stored and used in many wallets and, tezos Fundraiser wallet can be used in the list belowwhichis recommended by tezos official website and has at least one independent external security audit-
- Software Wallets:
- Hardware Wallets:
- Command Line
Here are the steps to activate your tezos:
- You should have contributed to the Tezos fundraiser.
- You can check your contribution by entering your public key hash and you can also find your public key hashes on PDF documents you created during the Foundation’s fundraiser.
- You have to obtain the activation code that is required for the access of allocations recommended of the corresponding public key hashes. Contributors need to complete the KYC/AML process i.e., the Foundations Know Your Customer / Anti-Money Laundering process.
- To access the fundraiser’s recommendation allocations, a contributor needs to activate them by using the Activation tool.
- After the activation, a contributor can view the page ‘store and use’ for details related to storing and using their Tezos tokens or tez.