Tally Ho!

By Nams | cryptohowto | 20 Jul 2022


Did you know that “Tally Ho!” is the traditional cry made by hunters to notify other hunters that an animal has been sighted? Okay, enough fun facts for the day; let’s dive into the article.

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Image source

Value proposition: What is Tally Ho! bringing to the table?

Tally Ho is an open source, community-owned & operated Web3 wallet. In my humble opinion, I think that Tally Ho is probably the first crypto wallet working towards being truly decentralized. By being an open-source software, it means that the code is free to use by anyone, just as much as anyone is free to contribute to the development of the code/software. Most importantly, the code is available for anyone to audit it and suggest amendments to the code.

By being community-owned & operated, Tally Ho wants to use an organizational structure whereby the rules are made and enforced collectively by the members/community via a participatory form of governance referred to as a DAO (Decentralized Autonomous Organization). DAOs are member-owned without the influence of a central authority. DAO governance is done via proposals that any member with voting power can vote on, and all the resolutions of a DAO are immutably stored on the blockchain. This ensures that there is full transparency.

The most notable thing about Tally Ho governance is that all the funds generated from the swap fees will flow back to the community. $DOGGO is the native token, but it is not yet in circulation. It should be obvious that $DOGGO will play a big role in the governance mechanism of Tally Ho.

Additionally, Tally Ho swaps are half the price of Metamask. Now, that is definitely something to write home about.

Tally Ho for absolute beginners:

If you have ever used a desktop extension wallet like Metamask, for example, getting started with Tally Ho should be a walk in the park. However, if you are an absolute beginner to Web3 wallets then this quick tutorial will definitely come in handy. However, I must remind the seasoned users of other desktop wallets that Tally Ho has some features that I have never seen on another desktop wallet. This tutorial will be of benefit to you, too.

Getting started with Tally Ho

The quick tutorial below will run through how to get started with Tally Ho desktop wallet. I will specifically use Firefox browser. However, the process should not be very different if you are using other browsers like Chrome and Brave.

How to install Tally Ho on Firefox browser

To begin the process, open your Firefox browser and go to the official Tally Ho website. On the homepage you will see that Tally Ho wallet is available as a browser extension on Google Chrome, Firefox, and Brave Browsers. Since we are using Firefox Browser, click on the Firefox Logo in order to begin downloading Tally Ho on Firefox Browser.  

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click on the Firefox browser as shown in this image

Tally Ho will begin downloading. You will see the progress of your download just below the address bar (see image below). Wait for the download to finish completely. Depending on your internet speed, it should normally take less than a minute to finish downloading.

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When the download is complete, you will be prompted to allow the Tally Ho website to install the wallet as an add-on. Click on “Continue to Installation” in order to allow the wallet to be installed in your browser (as shown in the image below).

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After allowing the installation to continue, a warning message will pop-up to tell you that the extension you have just installed will have permission to access your data for all the websites you visit on you browser (see image below). Tally Ho, like all other Web3 wallets, needs this permission so that it can connect to websites like Uniswap and other decentralized applications (dApps).

To continue the installation process, click “Add” as shown in the following image:

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The wallet (Tally Ho) will now be installed as an add-on. It is ready to use. It will appear on the top-right, next to the other extensions that you have installed in your browser (see image below). In order to open it, click on the add-on and you can either import your wallet using a seed phrase or you can create a new wallet.

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Tally Ho gives three options of adding accounts when starting (as shown in the image below):

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The three different options are explained below:

  1. Import recovery phrase: this option allows you to import an existing wallet using your existing 12 or 24 recovery phrase that you created before using another wallet. When you input your seed phrase using this option, your ETH assets will be loaded and you will be able to send, receive or swap you ETH tokens.
  2. Read-only address: this option allows you to import a wallet using the public ETH address or ENS. This option only allows you to check the assets in that ETH address. You cannot make any transactions because you have not imported the private keys that give you access to the funds in that wallet. Basically, you can look but you can’t touch!

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The image above shows guy.eth's wallet. Note that I cannot sign any transactions because I do not own the private keys 

3. Create new wallet: this option will take you through the process of creating a new wallet. A 24-word recovery phrase will be reviewed to you. Make sure you write down the words in the exact order they appear on a piece of paper and safely store it. The next step will ask you to confirm the words in the recovery phrase, after which your wallet will be created. You are now ready to send, receive, and swap ERC20 assets for now.

The future of Tally Ho: Final thoughts

Globally, power rests in the hands of a few individuals or corporations who call the shots. As we have seen from many examples, a centralized form of governance is highly flawed, and has not really worked well in many instances. Centralization lacks inclusivity because the decisions made by a few indivividuals are usually made to benefit only a few individuals. However, DAOs are a novel way of managing affairs of the community by allowing them to govern themselves in a manner that is both inclusive and transparent. DAOs are built on smart contracts, therefore code is king

Inclusive decision-making is at the heart of Tally Ho governance. Each member of the community is accorded an opportunity to be part of the decision-making process, as well as profit sharing. Most importantly, the open-source code allows anyone to look under the hood to see what is really going on because the code is open for the public to audit at any time.

Finally, a quick look at the roadmap shows how far Tally Ho has come and where it is going. So far, Tally Ho only supports ERC-20 assets but you can see from the roadmap below that Polygon support is in progress. Optimism and Arbitrum support are also in the plans. There is a lot to be excited about just by looking at the roadmap. Let the Hunt begin, Tally Ho!

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The roadmap shows that there is so much to be excited for

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Nams
Nams

Blogger. Cryptocurrency enthusiast. Economist. Researcher. Cryptocurrency is the future, and the future is now.


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