The newly developed Crypto token “Tally Ho” has quickly taken Crypto moguls by storm while seemingly inadvertently giving veteran token and web browser extension “Meta mask” a run for its money. The new Cryptocurrency sensation is really living up to the origins of its name. Whether it be the hound chasing the fox, or the military origin which means “the target is within site” or just an upscale greeting used exclusively by upper class citizens, Tally Ho is figuratively taking Meta Mask down all while giving the finger with an upscale hello. If you have heard of Tally Ho or if you haven’t read on to learn everything there is to know about Tally Ho, in a post that is written, as always, in a fashion that you don’t have to be a Crypto expert to understand.
I think the best place to start in understanding exactly what Talley Ho represents is to understand the difference between a decentralized market and a centralized market. Simply put, a Decentralized Exchange (DEX) is a peer-led cryptocurrency exchange that is completed between the buyer and seller independently. So, in short, the middleman is cut out of the equation and government and central authorities are a non-factor. This appeals to many buyers and sellers due to the control they have over the transaction. While this can also be a downside to some because the security and dependability on the middleman does not exist so there is no guarantee via a third party (like a bank or financial institution) that the transaction will run smoothly or be completed without interference.
DEX transactions are typically completed via a per trade fee, meaning, when the transaction is ready to be made the buyer will pay what is called a gas fee, after this fee has been paid the transaction is confirmed via the blockchain. A gas fee is a fee that is assessed with the purpose of providing reimbursement to block chain miners for computing resources utilized to authenticate Blockchain transactions. These fees are typically paid via the Blockchain in questions indigenous, or mothering, token.
As you may have guessed a Centralized exchange (CEX) is exactly the opposite of a DEX transaction. Meaning a Centralized Exchange is created and facilitated by a company. So that company is in charge of organizing and facilitating the deal in question and therefore makes decisions on the fees that will be assessed and or any rules pertaining to the transaction. This is usually established as a percentage of the fee per each individual transaction that is made.
Unbeknownst to many that are well versed in the trade of cryptocurrency there are three main forms of exchange. DEX, CEX, and Hybrid Exchange. The lesser well known but more renowned form of Exchange is referred to as “Hybrid Exchange”. Hybrid Exchange would be what I would consider the offspring if CEX and DEX were to procreate. Many it is essentially a cross between the two exchanges in one exchange. The idea of the Hybrid Exchange is to amalgamate all the good qualities of each exchange creating an exchange that has the functionality and liquidity of its predecessor CEX while maintaining the privacy and security properties that DEX possesses. The idea of this up-and-coming exchange came about in 2016 and has since been on the rise as it extenuates the positive qualities of both exchanges.
Examples Of Centralized Exchanges:
- Coinbase
- Binance
- GDAX
- Kraken
Examples of Decentralized Exchanges:
- Airswap
- Io
- Barterdex
- Blocknet
You may be wondering why I opened this post with an explanation of the three exchanges, I will explain. These definitions are important because Tally Ho is revolutionizing the way that Crypto consumers view decentralization as Tally Ho is owned and operated both by its users and any currency that is put in via fees is then cycled back into the community. It is the first Web3 wallet of its kind to be owned and operated by its users.
Web3? Web What?!
Understanding what Web3 is pivotal to understanding the uniqueness of Tally Ho and how it stands to shape crypto exchange and web browsing as we know it. Web3 Cryptos are a innovative, up and coming Cryptocurrencies that use Smart Contracts and Block Chain technology with the goal of decentralizing Web3 all together in the near future, thus giving users full control of their transactions and information and eliminating the middle man once and for all.
Smart Contracts:
Smart Contracts are computer programs that are programmed to execute automatically (or document legally binding information) when conditions of an agreement, or contract, are met, hence the name Smart Contract. The purpose of Smart Contracts is to remove the complexities associated with traditional business agreements and typically remove the middleman in such a way that is safe and efficient for both parties involved. The use of Smart Contracts is typically more cost efficient than conventional methods without sacrificing dependability or legitimacy on either end of the agreement.
Blockchain Technology:
The Blockchain acts as a digital ledger for transactions made in the Cryptoworld. The transactions encrypted on the Blockchain are unchangeable thus acting as a reliable, digital form of recordkeeping.
Before Web3 was…
In reference to Web3 you may be asking yourself,
“If there is a Web3, what about Web1 and Web2?”
I’ll explain.
Web 1.0:
Web 1.0 or Web1 is the first era of the internet, many recall this version of the web as “Read Only Web”. It was a very intermediate and simplistic version of the internet that we know today. Tim Berners-Lee first derived the idea of creating a system which operated across multiple networks in turn granting individuals access to link from a file on one computer to another file via another computer. With this notion leading the way in 1990 Berners-Lee coded an app using Objective C, the primary programming language used to write software, and then Tada; the World Wide Web was then born. In June of 2021 Berners-Lee released the sale of the original code used to formulate the Worldwide Web as an NFT.
Web1 is now described as an informational versiolown of the Web. Users could research data, but the net then lacked the interactive aspects that we all find solace in today. Web1 was made up of static pages or “Flat Pages”, meaning the webpage is delivered to each user as it is stored. Therefore, it is the same for everyone that looks at it. It possesses no of the qualities of dynamic web pages which in contrast to Static Pages are produced via web applications.
Web 2.0:
Web 2.0 or more commonly referred to as “the participative social Web” is when users really started diving into the internet. Differing from its predecessor in terms of read only files, Web2 is when social media sites like Myspace, AOL email and the likes were introduced. Web2 encouraged the engagement of podcasting, social networking, and curating with RSS (Really Simple Syndication) feed amongst users. RSS feed readers integrate information from numerous sources and gives users automatic updates when new content is published. Unlike the 90’s where a payphone could be found on every corner, mobile devices allowed Web2 to gain unfaltering popularity as society has grown more dependent on the use of our cell phones, tablets, and laptops. All these qualities are pivotal to shaping what would come to be known as Web3.
Web 3.0
Web3 is the future of the internet as we know it and the continued growth of the World Wide Web is pivotal to the existence of Web3. You may have heard Web3 talked about about the Metaverse that we are building as a society. Some even believe that someday we will live exclusively in the Metaverse or the virtual world and leave the tangible world behind us for good. Wallets like Talley Ho are important to the Eco structure of the Web3 because the hope is that one day we will be completely decentralized and no longer must rely on banks or financial institutions. In a world where Web3 exists it would change the internet and life as we know it. If the Web were decentralized in theory a youtuber or someone that went viral on Facebook would have access to their own royalties because of the content that they create and post.
Key attributes of Tally Ho:
- A decentralized alternative to MetaMask for MetaMask critics and or skeptics:
- Meta Who!?
MetaMask is an Ethereum based web browser that functions on IOS and ANDROID devices, allowing users to access there Ethereum wallet and utilize DApps straight from there computer or mobile device.
- Users can access DApps from their web browser:
- DApp D-What?
DApps or decentralized apps are apps that are available to users allowing them to operate on a blockchain with no central authority figure and engage in peer-to-peer transactions and interactions with no intermediary interference. The most popular DApp is PancakeSwap which launched in 2020 . There are currently over 3500 active DApps. The notion behind DApps is to ultimately eliminate the middleman that has governed our transactions once and for all.
- Completely open source:
- Open Source?
Open source in the Crypto world is a fancy way of saying that the source is very public. The idea is that this should eliminate any kind of tampering revisions. Bitcoin is an example of an open-source network as the design is very public and anyone can partake.
- All Tally transactions are legitimized with a Tally NFT.
- What is all this talk of NFTS?
NFT stands for Non-Fungible Token, the word fungible pertaining to the uniqueness of the digital record in question. The first step to understanding non-fungible is understanding an example of something that is fungible. For example, the US Dollar is fungible, while it holds value and can be traded equally across the board for another dollar of equal value it is fungible. There are billions and billions of US dollar bills. It has no unique qualities that set it apart from anything else. A Non-fungible item would be something that is unique and cannot be replaced as there is only one of whatever it is, giving it optimum value. A Tally NFT is given at the time a transaction is made to legitimize the purchase for the user and act as a receipt.
- Compatible with the most popular web browsers, Chrome, Brave, and Firefox
- Tally Ho’s website has a quote on it that states “Owned by a community, not a conglomerate.”
- What the heck is a conglomerate?
A conglomerate is a corporation that owns multiple businesses either in full or partially. This can have advantages and disadvantages as the client is still allowing someone else control over their funds. However, a conglomerate is usually well versed in the financial aspect of business and has the funds to back up any promises made. Tally Ho is speaking of the decentralized perk of using their wallet with this quote.
- Functions at fifty percent the cost of competitors therefore it is safe to say that Tally Ho is cost efficient!
- All funds that are put into Tally Ho are cycled back into the community as a result of the decentralized nature of the wallet.
- Completely DAO
DAO stands for decentralized autonomous organization, often referred to as a decentralized autonomous corporation, is an organization that operates via a set of regulations mitigated via a computer software program. For the umpteenth time this ties into the decentralization aspect of Tally Ho and the positive benefits of exchanging and surfing the web freely, minus a central authority figure.
Examples include:
Uniswap DAO
- Uniswap Governance.
- SOCKS liquidity token.
- Protocol free switch.
- Uniswap Default List.
- UNI community treasury.
10.) DEFI transactions:
- Someone PLEASE DEFine DEFI!
DeFi stands for "decentralized finance" and is a blanket term used in the Crypto world to represent transactions that are strictly peer to peer on Blockchains that operate publicly, specifically, Ethereum.
What have we learned?
If you are looking for a decentralized (no middleman) web browser extension that functions via smart contracts and is compatible with todays most renowned web browsers. While also being able to utilize the high functionality of Decentralized apps all from your mobile device or computer at fifty percent the cost of predecessor MetaMask, then Tally Ho is the right choice for you. Even if these elements aren’t important to you and you are just a supporter of Web3 and changing the internet as we know it for the better, Tally Ho is still a good fit for you!
With all that being said..................
to a decentralized tomorrow and beyond!
