Below, is an image of the home page of the new first DAO owned competitor to MetaMask. We all know that MetaMask is a perfect introduction to the crypto and Ether world, with it's smooth and make sense interface; especially now that Ledger's security can be utilized in addition to MetaMask's easy to use UI.
But with ConsenSys, the parent company of Metamask, raising public funds from the likes of Coinbase Ventures (2018) and Microsoft (2020), among many others, can we trust this kind of equity in a decentralized space?
In comes Tally Ho Wallet. Tally Ho Wallet introduces the smooth interface of MetaMask, but is DAO owned, rather than corporate controlled.
To download, the user will either need Chrome, Firefox, or Brave. I use Edge for MetaMask, so I had to choose one of these browsers to download. I chose Brave, and I highly recommend the same. Brave is 3x faster than Chrome, adds and trackers are blocked (and displayed so you can see), and you can easily earn BAT by watching adds. I just downloaded the Browser for this wallet, and I've already earned BAT somehow.
Once you have the proper browser downloaded, click one of the links at the bottom of the page for your respective choice. Tally Ho Wallet is a browser extension, like MetaMask, so it's accessed up in the top hand corner, once downloaded.
Once you've downloaded Tally Ho, you need to create or import a wallet. I use a Ledger, so I chose this option.
Pretty self explanatory- just make sure the Ethereum app is downloaded in your Ledger Live app. As you know if you use Ledger, your device contains multiple addresses, so just choose the one you'd like to use to connect to Tally Ho Wallet.
After connecting my Ledger and choosing an address, I now have a wallet named Lola. Apparently, every Tally Ho wallet takes on a unique dog name/image. As you can see, my Ledger connected wallet is named "Lola," and appears to be a Shepard.
Since MetaMask also recently made connecting to a Ledger a possibility, I found that I could actually connect my MetaMask Wallet to the same Ledger address as my Tally Ho Wallet- now I can access ETH through whichever address I prefer- see? same address, different wallets. This really drives home the point that your crypto lives on chain, not in a wallet, and your wallet is just an access key. Now I have two access keys for the same lock!
What about a hot wallet for those that don't have a Ledger? Got it, just click the "new wallet" tab. Of course, if you create a new wallet, you'll be given a bip39 24-word key phrase with which you'll be charged to keep secure. Once you receive the bip39 phrase, your wallet has been created, and you can access it through the "import wallet" tab.
Now I have two wallets under Tally Ho, one from my Ledger, and one a hot wallet; my new hot wallet appears to be a Basset named Matilda.
If you've read anything from my compatriots about Tally Ho yet, you may have seen that the DAO that owns the application only takes a .5% fee from swaps as opposed to the 1% (actually .875%) that Metamask assesses on swaps. For the clearest example, I used my Ledger account, and lined up the same swap through both wallets to compare fees. See below...
Metamask Tally Ho
There you have it. While the network fees and prices of assets change by the second, it's hard to compare these prices exactly; the fee honestly isn't a wide enough spread to be a selling point. Here is something I noted on Tally Ho's swap network.
The token options under the swap pool all seem to be Aave interest bearing tokens, or lesser known tokens. I'm not 100% sure if swapping to hold these interest bearing tokens will allow your tokens to accumulate interest or not- apparently alot of the liquidity that the TallyHo DAO owns is in AAVE interest bearing liquidity pools. Again, not sure if the interest accumulates with the DAO, or with the holder.
Another limitation that Tally Ho has versus MetaMask is that it can only access the Ethereum network and the Layer 2 Polgyon network.
Metamask, in contrast, can access any EVM supported network.
Although the TallyHo wallet can of course hold NFTs, like Metamask, offers no special NFT support.
TallyHo DAO
This is a diagram of how the DAO that governs the TallyHo Wallet is organized.
Elder Doggos- 12 Community Members elected by votes of tokenholders and delegates that are akin to a board of directors, who will help guide the progress of Tally Ho Wallet.
Packs- The packs are the core departments and building blocks of the DAO; as you can see, the first packs established in the DAO are Growth, Build, and Operations. Each team works their space to contribute to the overall health and direction of the DAO based on the leadership of the Elder Doggos.
Dens- The dens are smaller focus teams that support the missions of the individual packs. For example, a PR Den would focus the Growth Pack, while a dev team would be under the Build Pack. This gives the pack more maneuverability with accomplishing necessary tasks.
I love the structure of the DAO, delegated teams is an efficient way to accomplish goals in a decentralized manner. If you'd like to understand more about the Tally Ho DAO's structure, background, or governance, check out this great medium article.
Thanks for reading. Don't forget to follow me on Twitter, we're getting into some great spaces.