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Algorand Wallet Review 2020: Wallet Features and How to Set Up a New Wallet.

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Algorand wallet review will be focusing on the features of the wallet and how to set up a new wallet.

The Algorand Wallet is a user friendly mobile app with a new design that includes key features, full integration of Algorand Standard Assets, and best-in-class security with Ledger Nano X integration

In this review we will look at the features of algorand wallet and how to set up a new wallet on its blockchain network using the mobile app wallet. 

Algorand wallet has one of the world’s best-in-class crypto security for assets held in the wallet. The mobile wallet is also lite encouraging downloads.

The security feature of Algorand wallet provides wallet users the option to add an additional security layer towards

  • Authenticating and authorizing transactions via Algorand’s mobile wallet.
  • Providing a cold storage option for creating and storing private keys offline. 

This security support enables the safety of Algos or any other asset built on the Algorand blockchain. Wallet users can also pair their wallet with Ledger Nano X integration to store their assets offline.

Full and Automatic Integration With User Defined Tokens

Algorand blockchain supports the creation of assets. An asset created on its blockchain is known as Algorand Standard Asset. All assets on its blockchain are supported and accessible in the wallet.

Algorand Standard Asset Features Includes;

  • Wallet users can see the assets that other users have.
  • The assets benefit from the network speed, where any transaction is around 4 seconds.
  • Assets support & integration is free, and it is only a milli Algo for any writing to the blockchain.
  • This is a super simple way to interact with the blockchain. Within 5 mins, an asset can be created and easily distributed.

Some Common Features of the Algorand Wallet includes;

The wallet has a comprehensive view that allows users to see their holdings without having to toggle between accounts.

Image from Algorand

The wallet allows you to see the earnings report of the rewards that you earned on your Algo holdings.

Image from Algorand

There is an in-app calculations feature that allows users to view an exact USD value for Algos held in the wallet.

Image from Algorand

The wallet supports the Notifications feature where users will not miss being aware of any transfers or updates.

Image from Algorand

How to Set Up a New Algorand Wallet:

Follow these steps to set up your wallet:

  • Download mobile app from google playstore or apple store for ios.
  • Click on Create New Account
  • Save your 25 key phrase offline
  • Verify your recovery phrase
  • Set your account name.

Opening new wallet after downloading from google playstore.

A new interface will show. The details of what you will see includes; Create Account, Pair with ledger nano X and Recover account.

You will need to click on create a new account to start with your new wallet.

  • Save your recovery phrase. You have to make sure that no one has access to your recovery key phrase except you. Keep it where it is safe offline.
  • After saving the key phrase, you will be required to randomly verify the key phrase to ensure that you have saved it. Click on verify recovery phrase above.

Once you have successfully verified the key phrase, the picture below will pop up. Then you click on ‘ok’ to proceed.

  • You will be required to create a new account name after verifying your key phrase. This username can be changed or edited later in the future.

After setting up your algorand wallet successfully you can proceed to open a new binance account below and then buy algos and fund your wallet.

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Written by Musa Aminu Bio- Algorand ambassador

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Bitcoineagle
Bitcoineagle
1 month ago

Thanks for creating this article, It has helped me to setup an Algo wallet. Waiting for your article on staking, hope it’s coming soon.

Diutocoinnews Editor. A cryptocurrency enthusiast, bitcoin believer. A seasoned training Journalist in Nigeria
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