By Staff Writer
January 20, 2021
imToken, Asia’s biggest wallet for Ethereum users and China’s first self-custodial digital asset wallet, has deployed support for public blockchain Tezos. This latest public chain wallet integration demonstrates strong support for popular blockchain projects such as Tezos from imToken’s 11 million users in more than 200 countries and regions around the world.
The Tezos integration with imToken is part of a rising global phenomenon of combining digital value storage in cryptocurrencies and transmitting them through digital wallets in a new era of programmable Internet money. PoS chains such as Tezos are enabling a new generation of financial networks and governance systems for entrepreneurs and businesses of all sizes and industries. These financial networks bring powerful network effects that reward their participants relative to the value they contribute in an auditable and decentralized manner.
Unlike the high computational resources required by Bitcoin miners to secure the Bitcoin network, Tezos uses a consensus mechanism known as Liquid Proof of Stake (LPoS) protocol to secure its network in a greener and more cost-effective way.
In blockchain technology, the PoS mechanism enables participants to reach consensus on the state of the blockchain at scale, minimizing friction of counterparty risk and a single point of failure. Anyone can participate in the consensus process by holding a certain amount of the blockchain network’s native cryptocurrency and setting up a blockchain node.
Through the integration, imToken wallet users are now able to help secure the Tezos network by delegating their tez, the native cryptocurrency of Tezos blockchain, to imToken and other popular validators within the Tezos ecosystem. These validators, known as bakers, are in charge of securing the Tezos network on the wallet users’ behalf.