Everything You Need To Know About Tezbox Ico And Restore
Tezbox is a software wallet made especially for storing tezos and was the first to do so. They have brilliant security measures for storing their users’ private keys and preventing any threats from approaching their accounts.
They are a decentralized wallet which means they are free of any central authoritative figure. This makes them free from inflation.They do not store private but rather the encrypted version for the security of their user’s key. So, the private key never leaves the device that the user is operating in.
The key is always stored offline except when making transactions that require the user or owner of the key to be online. this helps in making sure that the key is not vulnerable to online threats of viruses or hacking.
They use a function called PBKDF2 which is an acronym for Password-Based Key Derivation Function 2 that helps in making brute-forcing excruciatingly hard to pass the encrypted password that is regularly hardened, made by using this function.
They also have their platform available for chrome, android, iOS, and windows. They are constantly updating their technology according to the current market which makes the tezbox very safe and convenient to use.
Tezos is a blockchain similar to other digital or cryptocurrencies like bitcoin. It is a decentralized currency that is not governed by any nation or one particular authority.
It follows a proof of state system in which the owners of this crypto also known as token holders are rewarded for taking part and investing more amount of funds in staking by giving them the chance to develop the next block that can be added to the blockchain with verification and permission.
This helps to create a healthy amount of active participation by the owner of the crypto and in constantly improving the system of tezos.
It facilitates a technique. The technique helps in correcting the code commanding the transaction is proven correct mathematically, boosting the security of the overall smart contract.
They had a successful ICO opening in July 2017 which earned them $232 million which made them one of the biggest ICOs of all time.
Understanding what is an ICO-
Initial Coin Offering is also known as ICO or Initial Currency Offering is used to fund cryptos with crowdfunding. In this process of funding, the company seeks funds for creating a new coin, app, or service online and, the people who are interested in investing in it buy the offering and in- return receive the cryptocurrencies token launched by the company.
They are similar to stocks. The investors can also be the shareholder, with the coin offering or avail to the services provided by the company through the crypto tokens.
It is like capital for start-up companies. There are also private ICOs that do not seek public funding. The crypto tokens can be exchanged for, legal tenders like coins or banknotes or cryptos which are more stable like Bitcoin or Ethereum.
If you are interested in becoming a member of the tezos crypto community, you need to create an account on Tezbox. You can do so with the following guide-
- Open or download the official tezbox site or app. But beware and make sure that you are on the right and genuine site as many fake and fraudulent sites can cause harm to your device.
- As soon as you have opened the official page, you will have three options; creating or restoring the account and using trezor and ledger.
- Select the create account option, and it will direct you to another page.
- On this page, you will have to select the 15-word seed phrase which will help in allowing access to the cryptocurrency wallet. It is also known as the recovery or backup phrase. You will have options for this and you can choose the one you want from those.
- You will then have to write down the words in the blank space below. Be sure to store or write down this seed phrase somewhere safe and secured as it is important. Write it in the exact sequence as it is given in with space in between.
- Do not ever share this 15-word phrase with any third party as it can put your account and cryptos at risk.
- After doing the above you can move forward and next, you will be asked to set a safe and secured password for your account to encrypt your data in it.
- Remember and note down the password as well, to be on the safe side then click on the ‘encrypt tezbox’ option and you are ready with your tezbox account.
This was a guide for newcomers but if you are looking to recover your account of tezbox ico to claim or bake the tezos that you have bought then you can follow the below steps to do so-
- You will need your 15 words to seed phrase that is the recovery phrase that you must have got at the ICO and, you can also find it in the pdf provided by the same, the password you had entered for it, your public key, and the code from KYC/AML.
- If you are prepaid with these things, you can start the recovery process by opening the official website or downloading the app on the desktop or the mobile application.
- Select the restore option on the main page and, you will have to enter; the seed phrase, the email, the public key hash, password, and the activation code. The first four are compulsory to fill but, the last one is optional.
- At last, you will have to encrypt the wallet by creating a strong password.
Now you are officially an account holder of tezbox ico, and you can restore and use your tezos currency to make transactions and manage them.