📗Blockchain Knowledge

What is Blockchain?

Blockchain is basically a new method of storing data.

• The traditional way: We store everything on a centralized server. All data is gathered in one place to process. If the centralized server is manipulated, all data will be lost, or maybe modified. Hence, the integrity of data is at risk most of the time.

• With Blockchain:

  • We store data in a block, which contains data and timestamp (created time). All created blocks obviously are connected, which create a consecutive chain in an order of time. That’s why we call this technology ‘Block-chain’.

  • Not just that, the Blockchain is hosted by multiple computers. Each one is called ‘Node’, which contains a copy of the Blockchain. Every time a new block is created, it needs to be verified by more than 51% of the nodes. Only until then, the new block will be recorded.

  • Created blocks cannot be altered. We can only add new blocks to record an altered version of the recorded data. This means the integrity of data is intact, and we can always trace it back to the original version.

Or read more about blockchain on our blog here.

What is Smart Contract?

Smart Contract is similar to a regular contract, but instead of being created of ink & paper, people make the Smart Contract with the Programming language. Smart Contract is created and stored on a certain Blockchain, in a block, with a timestamp.

Smart Contract can execute automatically by itself when a certain condition is reached.

It’s a trust-less system with a transparent mechanism.

1. You can check the code in any Smart Contract, and how it operates before filling up the condition by using any Block Explorer.

2. Once a Smart Contract is created, it cannot be re-written.

3. No one operates the Smart Contract, but itself.

What are Tokens?

Blockchain tokens are created from Smart Contract, an advanced feature of Blockchain. This enables users to create assets that transferable. Technically, everything that exists on Blockchain is data.

For example:

A creates a type of token Z that pledged to USD as a median of exchange. Token Z is actually recorded by a Smart Contract on Blockchain that verifies its value is always equal to USD. A actually does not create any physical assets, but a Smart Contract that records the existence of token Z, and tracks the movement of token Z, or even its ownership.

B accepts token Z and willing to trade some goods, or even fiat for token Z so that he can use token Z to achieve something else. Then, they make a trade. In this case, value is created from thin air. The good thing is token Z cannot just disappear as everything is recorded on Blockchain in an order of time. It’s a trustless system as any movement is reported by Blockchain. Of course, B can send token Z to anyone he wants regardless of borders, or administration. That’s the strongest point of Token Z.

What is NFT?

NFT stands for Non-Fungible Token.

Basically, you can create NFT by using Smart Contract based on Blockchain. It means everything is store on a certain Blockchain. Any Blockchain that provides a Smart Contract feature will be able to generate an environment to create NFT.

An NFT would normally contain an image with special attributes. The attributes can be anything that text-based, like a passcode, characteristic of an item, a description, etc.

An NFT would last forever on a Blockchain with a unique ID, and each is differentiated by its ID. They might contain the same image and attribute, but the ID will be different. Every data is recorded on a block with created time (timestamp). As a result, it creates authenticity.

Pantogram & Panto NFT are created by facilitating the Smart Contract feature of Blockchain Technology.

What is Private Key?

Private Key is basically the password to access your account. In the Blockchai, you only need a Private Key to access an account, without a need to know other things like the username, or anything at all. Private Key is all you need.

This simply means who has the Private Key will be the owner. You cannot modify your Private Key in any way, as it’s provided by the Blockchain. In case your Private Key is leaked, you have to move everything to another account immediately. The reason is your account is not secured anymore.

What is gas fee?

Gas fee is required to successfully conduct a transaction or execute a contract on the blockchain

On the Ethereum blockchain, gas refers to the cost necessary to perform a transaction on the network.

In essence, gas fees are paid in Ethereum’s native currency. Gas prices are denoted in Gwei, which itself is a denomination of ETH – each Gwei is equal to 0.000000001 ETH (10-9 ETH). For example, instead of saying that your gas costs 0.000000001 Ether, you can say your gas costs 1 Gwei.

For basic ETH transactions, a standard gas limit is 21,000. So for example, let’s consider a hypothetical generic transaction sent when the gas price is 100 gwei. We can compute this transaction’s cost by multiplying 21,000 (gas limit) x 100 (gas price) x 0.000000001 (gwei denomination), with the result being 0.0021 ETH.

Gas limits for ERC-20 token transfers can range from 25,000 to as high as 500,000.

If the gas limit exceeds your ETH balance, the transactions will not be initiated and an error pop-up will appear.

What “limit trading” and “market trading”?

When trading with Pantograph DEX, you might wonder what is the difference between “Limit” and “Market” trading. We are here to help.

Limit Trading

Limit trading is when traders place to buy or sell orders at a specified price, either higher or lower than the arket price. For buy limit orders, the orders will be executed only at the “limit” price or at a lower one, while for sell limit orders, the orders will be executed only at the “limit” price or at a higher one.

Limit Order requires the Price and Amount field to be filled before Submitting.

Your placed Limit Order will show on the Order Book with a small yellow triangle.

Market Trading

When choosing Market, traders will be able to buy or sell immediately. This type of trading guarantees that the order will be executed, but does not guarantee the execution price. A market order generally will execute at or near the current bid (for a sell order) or ask (for a buy order) price. However, it is important to remember that the last traded price is not necessarily the price at which a market order will be executed.

You needn’t fill the Price field when placing a Market Order

Backup account with KEYRING PRO

KEYRING PRO brings an ideal way to backup your multiple accounts with just 01 Backup file. Let’s find out how to backup with KEYRING PRO.

KEYRING PRO will give a signal if you have not backed up your account. There will be a red color backup icon on the top-right corner of your home screen, and ‘Create backup file‘ in the Menu will also be red-lined.

Tap on one of those to start backing up your account.

You will be required to set a password for your backup file. Tap ‘Create‘ when everything is done.

Now every account imported to Keyring has been backed up under one backup file. Make sure to keep this backup file in a secured place.

Learn how to restore your account using a backup file with KEYRING PRO here.

How to Export a Private Key on Pantograph Extension?

Warning: Exporting your account could be risky as it displays your private key in cleartext. Therefore, you should make sure no one else sees, or otherwise is able to capture a screenshot while you retrieve your private key, to avoid possible loss of your TOMO/tokens. Many phishing campaigns would ask for your private key, which would help them gain access to your accounts. You should never share your private key with anyone, including the Pantograph team. We will not ask for your private key when we manage or troubleshoot your issues.

the Pantograph Extension, please select the account you would like to export by clicking on the top-right icon.

On that account page, click on the Menu (3-dot icon), then select ‘Account Details‘.

Click ‘Export Private Key‘, input password, then click ‘Confirm‘ to export your Private Key. Click on the Private Key to copy. Make sure you keep this somewhere secured.

Click ‘Done‘ to close the screen.

How to reveal Seed Phrase on Pantograph Extension?

Warning: DO NOT share this Seed Phrase with anyone! These words can be used to steal all your accounts. You can’t edit/change your Seed Phrase.

If for some reason you forgot to record your 12-word Seed Phrase or you lost the original copy, as long as your account is still unlocked on Pantograph Extension, you can reveal your Seed Phrase so you can back it up again.

From the Menu, click ‘Settings‘, then go to ‘Security & Privacy‘. Click on ‘Reveal Seed Phrase‘.

Enter the password, click ‘Next‘ to reveal your Seed Phrase.

The 12 words below are your Seed Phrase. Now you can either copy this Seed Phrase to the clipboard or save it as CSV File. Make sure to keep it somewhere secure.

How to Reset Password on Pantograph Extension?

When resetting your password for your Pantograph wallet, you will need your 12-word seed phrase. If you do not already have your seed phrase saved someplace safe, please make sure to read How to Reveal Seed Phrase.

Before trying these steps, confirm that you have your Seed Phrase with you, as you will not be able to reset your password otherwise and will risk being locked out of your wallet.

If your wallet is currently unlocked, please log out. Click on the top-right corner icon, then click ‘Log out ‘.

At the login view, click Restore account / Import using account seed phrase.

Enter your 12-word Seed Phrase in the Wallet Seed. Make sure that they are added in order, with a single space, in all lower cases.

Enter the new password, then confirm the new password. Click ‘Restore‘ to finish up.

How to Switch Network on Pantograph Extension?

You can switch between Mainnet and Testnet of TomoChain on Pantograph Extension by following these simple steps:

Click on the top side of Pantograph Extension to access the drop-down menu. Select ‘Test TomoChain Network‘ to switch your account to the Testnet of TomoChain. Select ‘Main TomoChain Network‘ to switch back to the TomoChain Mainnet at any time.

My device is lost

I lost my device! Is my fund still safe?

The good news is your assets are not actually stored in your device. Everything is on Blockchain. It means as long as you still have your private key, you can always get your assets back safe and sound.

You can just get a new device, re-install a wallet application, and restore your old account with your private key. From then, it’s a good idea to move everything to a new account. Since the device is lost, there is a chance somebody might be able to access your old account, so it’s best to use a new account instead.

Sending to the wrong address

I made a mistake. I sent my assets to the wrong address. Is there anything I can do to get my fund back?

If you accidentally send your asset to the wrong address. There is no way, or no one can reverse what happened.

Blockchain is based on a decentralized structure, which means no one has the authority to alter recorded data. It’s totally different from a centralized structure where an entity has the full power to manipulate or modify the system.

Please be extra careful when sending your asset.

What if I lose my Private Key?

The private key serves as proof of ownership over a wallet address and should never be revealed, exposed, or shared with anybody, online or offline, since doing so may result in the loss of cash. It should be kept safe (ideally offline on a piece of paper) and only you should have access to it. Please keep in mind that once a private key has been lost, there is no way to retrieve or renew it.

Apart from the private key, there are additional methods for importing your wallet address and recovering the tokens stored inside.

They are:

• Mnemonic phrase/seed phrase/recovery phrase

an ordered list of 12 or 24 random individual words

Occasionally 13 or 25, with the additional word being a password established by the owner.

• Keystore/JSON file a file with an encrypted version of your address' private key

These are generally supplied to you by the wallet service provider when you create a wallet address, and they will usually urge you to store a backup of them somewhere personal and safe. You should be able to simply access/import your address if you have access to any of the aforementioned. If you don't have any of these three, you might not be able to go back into your account and retrieve your token.

*Please keep in mind that importing a wallet address by its private key or mnemonic phrase should only be done as a last option because it exposes the wallet address online. If you want cash immediately, it is suggested that you transfer the funds to a newly formed address after importing the previous address. Alternatively, if you only want to keep the coins, it's best to keep the tokens in the address until you're ready to spend them.*