What is Tezos Wallet? How to use Tezos Wallet

Tezos is an open-source platform that addresses key barriers facing blockchain adoption for assets and applications with self-upgradable without hardfork. In addition to special features such as Onchain Governance, Self-Amendment, or proof of stake algorithm, Tezos is also a popular blockchain about asset encryption and NFT. As the market for NFTs is growing strongly, you can find an opportunity for yourself in a blockchain specializing in NFT like Tezos.

To be able to get skin in the game with this blockchain, of course, you will need a Tezos Wallet. In today's article, I will show you the details on how to create a Tezos Wallet.

What is Tezos Wallet?

The Tezos Wallet is where XTZ FA1.2 FA2 standard tokens are stored in the Tezos blockchain. You can send and receive XTZ FA1.2 FA2 standard tokens as well as interact with applications on the Tezos platform.

In particular, this wallet is owned by you, so no XTZ FA1.2 FA2 has the right to influence or use the wallet other than you.

Tezos Wallet has 3 extremely important pieces of information you must note:

• Wallet address: A sequence of numbers and characters used to send assets to the Tezos wallet. Others can transfer coins to you through the wallet address you provide. A Tezos (XTZ FA1.2 FA2) wallet address will have the format starting with "tz...": tz1NqA15BLrMFZNsGWBwrq8XkcXfGyCpapU1.
• Passphrase: A security key that can be understood as a password consisting of any 12 English keywords. If you want to perform the wallet recovery operation, you must go through the Passphrase login step. Format of a Passphrase: strike dragon jar random tuna claw multiply ring member blue roast picture.
• Private Key: This is a string format to connect to the account, quite similar to the password of a bank account. Format of a Private Key: edskS9dHE8B3bFbTovFaJLfAzJEoLhWQ5uaQgPozEH8P4rEPbKwLrQyxZfkvuxH9rChfKHh9U3BLHTYHYMd4j2MrXF72xqx8Nx

To make it easier to visualize, you can imagine that the Tezos Wallet is a bank account, the wallet address is the account number and the passphrase/private key is the password.

The difference here is that with a bank account, other people will know your personal information. As for the Tezos Wallet, the user becomes anonymous, no one knows who owns the wallet, and transactions only occur through the address encoded into a sequence of numbers and characters.

Where to create a Tezos Wallet?

You can create a Tezos wallet through Coin98 Wallet.

Coin98 Wallet is an NFT & non-custodial wallet that not only supports the Tezos platform but also many other platforms such as Ethereum, Solana, Tezos, Polygon, Kusama, BSC, HECO Chain, Near, Avalanche (C-Chain & X-Chain), Polkadot, Cosmos, Terra, Persistence, Bitcoin, TomoChain, Celo, Binance Chain, THORChain, BandChain, Kava, xDAI, GateChain, Klaytn, OKExChain, Ronin, Harmony, KuCoin Chain, Boba Network, Arbitrum on Ethereum, Arbitrum on xDai, Optimism, KardianChain, Harmony,...

Because it is a decentralized wallet platform, users are in complete control of assets, no XTZ has access to your wallet including the developers. You can rest assured when storing XTZ FA1.2 FA2 tokens here. 

How to create a Tezos Wallet (XTZ FA1.2 FA2)

This tutorial will guide you on how to create a new Tezos wallet on both mobile and desktop interfaces, you can also install both to flexibly switch use.

Coin98 Supper App

Download and access the app

Tezos Wallet is now available on the Coin98 Supper App for both iOS and Android users.

After downloading the app, you open the Coin98 Supper App application and select the language you want to use to directly access the wallet interface.

At this interface, you can create a new wallet or restore an existing wallet from other wallet applications to Coin98 Supper App.

Create the Tezos (XTZ FA1.2 FA2) Wallet

Step 1: Open the application, at the homepage click Manage.

Step 2: Click Add Wallet and click on the icon Tezos (XTZ FA1.2 FA2) to create a Tezos wallet or you can choose to create a Multi-chain wallet to own more wallets with the same passphrase (recommended) → Create. 

Step 3: Create a name for the wallet (name it something that you can remember or is convenient for later use). Click Next. 

Step 4: Back up the Passphrase/ Private key in a safe place.

Note: These are VERY IMPORTANT information that directly affects control over your assets.

• Copy and paste the Passphrase/Private key into the Confirm box.
• Tick ​​the box Back up your recovery key and click on the copy icon to confirm that you have saved your Passphrase/Private key. You must save the security key in a safe place and do not disclose it to anyone. Otherwise, your account is at risk of being stolen when someone knows these sequences of characters.
• Tick ​​the remaining two boxes to confirm that you understand the risks if you lose your Passphrase/Private key.

Select Create Wallet.

Once done, you can also go to Manage → Manage All Wallets to check the newly created Tezos wallet. 

Coin98 Extension Wallet

Installation instructions

You access Chrome Web Store to install Coin98 Extension Wallet.

For instructions on installing and using Coin98 Extension Wallet, you can refer here.

Create the Tezos (XTZ FA1.2 FA2) Wallet

Update soon…

How to receive XTZ FA1.2 FA2 token into Coin98 Wallet

This operation is similar on both the mobile version and the extension, so you should refer to the ways below and follow.

Step 1: Click on the Tezos Wallet on the main screen.

Step 2: Click Receive.

Step 3: Copy the wallet address or use the QR code address.

How to send XTZ FA1.2 FA2 from Coin98 Wallet

This operation works the same on both Coin98 Supper App and Coin98 Extension Wallet. Here, I will give an example of how to receive the XTZ FA1.2 FA2 token stored in a mobile wallet.

Step 1: Click on Tezos wallet.

Step 2: Choose Send.

Step 3: Select the token and enter the number of tokens you want to send & the wallet address to send to. Adjust the Gas fee slider to suit your needs → Slide the Send bar to confirm sending. 

In addition, you can also go to the Send section in the main interface, select the Tezos wallet you want to send from.

Note:

• The gas fee for each transaction is paid with XTZ, approximately 0.00015 XTZ.
• The default gas fee on the Coin98 Wallet has been set at the standard rate that offers the most optimized speed at a reasonable cost.

Some notes when using Tezos Wallet

Is it safe to store XTZ FA1.2 FA2 tokens on Tezos Wallet?

Coin98 Wallet is a non-custodial wallet, that is, full control of assets belongs to you, no XTZ FA1.2 FA2 has access unless you disclose the key to others.

Is there a fee to send XTZ FA1.2 FA2 or transfer XTZ FA1.2 FA2 tokens?

Sending XTZ FA1.2 FA2 tokens from Tezos will cost the blockchain platform fee in XTZ FA1.2 FA2 to confirm the transaction.  But the transaction fees on Tezos are much cheaper than on Ethereum.

Is it possible to create multiple Tezos wallets?

Yes! You can create as many Tezos wallets as you want, each wallet will have a different address and passphrase, so remember to save each of them. Each wallet should be named so that you can easily manage them if you create multiple Tezos wallets. 

Can Tezos Wallet store other coins?

Tezos Wallet can store XTZ FA1.2 FA2 tokens supported by the Tezos blockchain platform. In addition, do not transfer any coins on other blockchain platforms to Tezos Wallet if you do not want to lose your assets

Summary

With the fast development of the crypto market, you will see a series of potential DeFi projects appearing on Tezos. Hope the tutorial can help you to easily create and use Tezos (XTZ FA1.2 FA2) on Coin98 Wallet.

If you have any questions about the above steps, don't hesitate to leave a comment at the end of this tutorial! The Coin98 team will answer your questions as soon as possible! See you in our future posts!

Learn more:  What is Kusama Wallet? How to use a Kusama Wallet