Last updated on October 5th, 2020 at 05:25 am
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In the world today, there are over 2,000 cryptocurrencies in existence and more than 36million crypto wallets have been created so far.
However, Algorand wallet remains one of the secure wallets for all cryptocurrency adopters. The need for security over our assets cannot be overemphasized, loss of valuables can be so discouraging and even traumatic atimes.
Hence, all crypto enthusiasts should employ the use of trusted and secure cryptocurrency wallets. Bringing to users limitless user experience, Algorand has modified it’s wallet to a more comfortable interface through additional series of amazing features.
So today, we’ll be looking into the new features of the Algorand wallet. We believe that a modified and more equipped wallet will bring about fairer user experience. Before we unveil the piece for today, let’s take a quick summary of the Algorand ecosystem.
About Algorand: Algorand is a leading technology for smooth finance. Explicitly, Algorand is the pioneer technology company inventing and developing an open, permission-less, pure proof-of-stake blockchain technology that dispenses the required security, scalability and decentralization necessary for this present economy without any form of duplication.
We bring traditional finance and decentralized financial services to the arms of frictionless finance. This is achieved by the hard work and dedication our prudent team has put in.
- Smart contracts
- Algorand standard assets (ASA)
- Atomic transfers.
In addition to a novel technical team, we have strong business execution and deep market insight. Algorand never lag in providing the best technology as a frontier in the DeFi train.
Algorand 2.0 follows the platform launch after 6months. Organizations who partners with Algorand have seen our ultimacy from decentralized exchanges to digital securities to assets tokenization.
Also, Algorand is committed to current development of best-in-class solutions for the later days of economic exchange.
This auspicious commitment is led by Turing award-winning Silvio Micali together with a renowned team of cryptographers, engineers and mathematicians who solved the Blockchain trilema.With that being said, let’s check out the intriguing features of Algorand wallet.
Algorand wallet is a connection between a user and the Algorand Blockchain. It is an official interface that enables a user to interact with the Blockchain in the absence of Blockchain developers tools or knowledge of the set of advanced features. With Algorand wallet, users can securely manage their accounts as well as carrying out transactions with Algos and Algorand standard Assets (ASA).
Algorand wallet functions on both iOS and Android.
New features of Algorand wallet:
- Users can now view all their notifications-both old and new, in the the new notification bar.
- Number of pin entry attempts on the lock screen has been limited in order to enhance stronger security.
- Provision of advanced sorting, filtering and exporting each asset’s transaction to CSV.
To lit up the aforementioned user friendly features, the Algorand wallet is now enabled with Rekeying.
This is one of Algorand’s newest unique capabilities. Algorand Rekeying in Layer-1 generates solutions to operational limitations. This is enabled by allowing a user to change their private spending keys or passphrase without having to alter their public address.
Making it easier for users to adopt a new private spending key at their will time and retaining their public address. As well as reducing overhead through maintenance of existing public addresses as a mode of identification for others who keep carrying out transactions with that public address, lessening operational burdens.
Now that Algorand wallet is enabled with Rekeying, we offer the crypto version of changing passwords with ease. Thereby giving our users more control and increased flexibility. Also two additional workflows have been provided which gives users the following features;
- A ledger device can now be added to an existing Algorand account: This feature allows an existing Algorand account that has it’s passphrase manually saved to be changed and backed by a ledger Nano X device. Therefore rendering all signing power to that ledger device. Hence, the former passphrase becomes irrelevant.
- Swap ledger device: This allows an old account that is secured by a Nano X device to be swapped to a new ledger device. Signing of transactions on the previous ledger device becomes invalid for this account while the new ledger device backs the account. Also, a ledger device of a single user can be used for signing transactions of multiple accounts.
In conclusion, no charge is required when obtaining and using the Algorand wallet, it is completely free. However, the Rekeying process where it is necessary for users to send a transaction to the network confirming the swap, includes Algorand’s minuscule transaction fee, which is at the moment, 0.001 Algos only.
Written By Yusuf Muhammed—Algorand Ambassador