What is Tally Ho!
Tally Ho! is a free, open-source Web3 wallet and is the first to be owned by its users. Similar to Metamask, it allows you to connect to DeFi and web3 applications. The only difference is that Tally Ho is not run by a conglomerate, making it the more decentralized alternative. Compared to other wallets, Tally Ho offers a swap feature with half the price and there are no hidden fees. It also offers support for Ledger hardware wallets. In the future, it intends to provide for Layer 2, launch more EVM chains and also an NFT gallery.
In this post, I will discuss how to set-up an Ethereum using Tally Ho. I will primarily discuss on how to start a new Tally Ho wallet.
Step 1: Download the Tally Ho Browser Extension.
Go to tally.cash and scroll down to download the wallet browser extension. You can download it for both Brave, Firefox and Chrome browsers. As for me, I am downloading the Brave extension. Also, if you are frequently using incognito mode, make sure to allow the extension to be used on private tabs.
Step 2: Open the Extension and Create a New Wallet
Once you open the extension, you will be brought to a welcome page explaining the wallet features, sort of like a tutorial. After finishing this, there are a couple of options you can do. You can import a previous wallet, connect to ledger or view a read-only address. For this case, I will be creating a new wallet so I will choose "Create new wallet" found at the bottom.
Step 3: Create your wallet password
You will be asked to create a password for your wallet. Make sure to create a strong password. The wallet will indicate for you the strength of the password. On this step, you will be given to make Tally Ho your default web3 wallet. If you don't want to, you can turn that off by clicking the slider. Click "Begin the Hunt" once you are done.
Step 4: Write down your Recovery Phrase
The next step is to save and store your recovery phrase. Make sure to write down your recovery phrase into a safe place where only you can access it, preferably a piece of paper. This is because without the recovery phrase, you can't access your funds and accounts in case your browser or PC gets corrupted. You will be shown a 24-word recovery phrase with numbers with them. Make sure to also copy the numbers. Alternatively, you will also be given an option to copy the recovery phrase. Personally, I didn't use this option because storing my phrase digitally makes it susceptible to being hacked.
Step 5: Verify the Recovery Phrase
After confirming that you wrote down or copied the phrase, you will be asked to verify the recovery phrase by choosing the right words in the sequence. You will be asked some of them. This is why you also need to write the numbers so it would be easier for you to find the right word to choose from the phrase. After verifying your phrase, you can now proceed to your wallet.
What's Inside your Tally Ho Wallet
You will be brought first on the Wallet tab. This shows what wallet you are currently using as seen on the top-right corner. As of the moment, you can change the name but not the avatar. You can also see which network your currently in. According to the team, they are planning to add Polygon and other chains in the future. For now, it is only available for Ethereum.
Tally Ho wallet also offers a swap feature. As mentioned, they offer cheaper swap prices compared to other web3 wallets. You can swap between different Ethereum compatible tokens using this feature
There is also an overview of how many addresses are connected in the wallets and the total assets available.
On the settings tab, you have the option to hide assets with less than $2 value to make your asset list cleaner. You can also set Tally Ho as your default web3 wallet on this tab.
Conclusion
In general, the Tally Ho wallet is very easy to use especially if you already have experience in using web3 wallets before. I definitely love the simple user interface design of the wallet making it not hard to look at. There are still more things to be added like L2 support but so far the wallet is performing well. Still, I suggest that you proceed with caution with using the wallet as it is still new. You can try sending small amounts of ETH to the wallet if you like. I don't suggest importing existing addresses from Metamask for now just to be on the safe side of things. My hope is that unlike other web3 wallets, the team will be serious in making the wallet open source and truly decentralized. There is also an airdrop in the works for Tally Ho which makes it very attractive to try for the first time.
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