What is Algorand Wallet? Algorand Wallet User Manual (2022)
Description of What is Algorand Wallet? Algorand Wallet User Manual (2022)
What is Algorand Wallet? Where to create Algorand wallet? This article will show you how to create an Algorand (ALGO) wallet in detail.
Algorand is a decentralized blockchain created by MIT professor Silvio Micali, allowing anyone to contribute and receive benefits from the network. Algorand uses Permissionless and Proof of Stake consensus to create transparency, safety and high speed for the platform, ensuring the network is truly decentralized.
And to interact with this network, of course you need an Algorand wallet. This article will show you how to create an Algorand (ALGO) wallet in detail.
What is Algorand Wallet?
Algorand Wallet is where ALGO is stored in the Algorand blockchain platform . Users can send and receive ALGO as well as interact with applications on the Algorand platform. In particular, this wallet is owned by the user, no one has the right to influence or use the wallet.
What does Algorand wallet address include?
Algorand wallet has 3 extremely important information you must note:
- Wallet address: A sequence of numbers and characters used to send assets to Algorand wallet. Other people can transfer coins to you through the wallet address provided. The Algorand wallet address (ALGO) will have the following format: VQIHKMZRFNRCQX2XDWIYQHRJS4HTDVHRPNRP6KK2ESWJPSJ65WHACBC4SU.
- Passphrase: A security key that can be understood as a password consisting of any 12 English keywords. When you want to perform the wallet recovery operation, you must go through the Passphrase login step. The format of the Passphrase is as follows: figure soap sail loyal task already fragile loyal try render expect cost.
- Private Key: Private Key is a character string format to connect to an account, quite similar to a bank account's password. The format of the Private Key is as follows: 3YrZwbMxbgQNkbz1VaKQdWRTRpk3WAC6X4BRue8sxSbxbBHZoUrc6nL5u11GarPW4WANZHgVExZTre2xP1Q1bKBK.
After creating the wallet, you will receive the wallet address, passphrase and private key similar to the example above.
To make it easier to imagine, you can imagine the Algorand wallet as a bank account, the wallet address as the account number and the passphrase or private key as the password.
The difference here is that with a bank account other people will know your personal information. As for the Algorand wallet, the user becomes anonymous, no one knows who, but only transacts through the address encoded into a sequence of numbers and characters.
Where to create Algorand wallet?
On the market today, there are many e-wallets that support Algorand, below are some Algorand wallet products in the market.
Coin98 Super App
Coin98 Super App includes Coin98 Wallet - a non-custodial crypto wallet (non-custodial wallet) used to store crypto assets, NFT on multi-chain, including Algorand ecosystem. After initializing the Algorand wallet on the Coin98 wallet, users will experience all the outstanding features on the Coin98 Super App such as Dapp Browser, Terminal toolkit, Coin98 Staking ...
Pear Algo Wallet
Algorand Signer is the official wallet product of Algorand, allowing users to store and experience features such as sending or receiving assets from elsewhere. In addition, Pera Algo users can access any dApp on the Algorand ecosystem on mobile devices with the help of Wallet Connect.
Download and create an Algorand Signer wallet here: perawallet.app
Instructions to create Algorand wallet on Mobile
Currently, the new Algorand wallet is available on Coin98 Super App version. The extension version will be updated in the future.
Download and access Coin98 Super App
First, download the Coin98 Super App to your device.
- iOS: http://ios.coin98.com
- Android: https://android.coin98.com
After downloading the app, you open the Coin98 Super App and select the language you want to use to be able 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 Super App.
Instructions to create Algorand wallet
Step 1: Open the application, at the homepage click Manage.
Step 2: Select Add Wallet and click on the Algorand icon (ALGO) to create an Algorand wallet or users can choose to create a Multi-chain wallet to own more wallets with the same passphrase (recommended) → Create (Create wallet).
Step 3: Give the wallet a name (name something that you can remember or convenient for later use). Select Next.
Step 4: Backup your Passphrase/Private Key in a safe place. ( Note: This is extremely important information that directly affects 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 the Passphrase/ Private Key has been saved. You must save 12 security keywords in a safe place and absolutely do not disclose to anyone. Otherwise, the 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 Algorand wallet.
Instructions to create Algorand wallet on Desktop
Install Coin98 Extension Wallet
You visit chrome.coin98.com to install Coin98 Extension Wallet.
For instructions on installing and using Coin98 Extension Wallet, you can refer here .
Instructions to create Algorand wallet
Update soon.
Instructions for using Algorand . wallet
Get tokens
This operation does the same on both mobile and wallet versions, so you should refer to the ways below and follow them.
Step 1: Click on Algorand wallet on the main screen.
Step 2: Select Receive.
Step 3: Copy the wallet address or use the QR code address.
Token transfer
This operation does the same for both Coin98 Super App and Coin98 Extension Wallet. Here, I will give an example of how to receive ALGO stored in a mobile wallet.
Step 1: Click on Algorand wallet.
Step 2: Select 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 wallet containing the token you want to send.
Note: Gas fee on Algorand blockchain is calculated in ALGO, you will lose very small amount of ALGO for each transaction.
Algorand Wallet Explorer needs to know to check transaction history
Algorand Wallet Explorer are explorers ( block explorers ) dedicated to Algorand, helping users to retrieve information such as wallet addresses, cryptocurrency transactions, smart contracts (smart contracts), ... from Complex data is easier to grasp than ever before.
Currently, the most commonly used explorer on Algorand is: algoexplorer.io/
Some notes when using Algorand . wallet
Is storing ALGO on Algorand wallet safe?
Coin98 Wallet is a non-custodial wallet, which means full control of your assets, no one has access to your wallet except you unless you disclose the key to others.
Is there a fee to send and transfer ALGO tokens?
Sending ALGO tokens from the Algorand wallet will cost the blockchain platform fee charged in ALGO to confirm the transaction.
Is it possible to create multiple Algorand wallets?
Sure! You can create as many Algorand wallets as you like, each wallet will have a different address and passphrase, so remember to save it. What should be named so that you can easily manage if you create multiple Algorand wallets.
Can Algorand Wallet store other coins?
Algorand Wallet can store ALGO coins which are powered by the Algorand blockchain platform. In addition, absolutely do not transfer any coins on other blockchain platforms to Algorand wallet if you do not want to lose your assets unfortunately.
summary
Hope the article has helped you to easily create and use Algorand wallet on Haymodgame. If you have any questions, you can comment right below this article to receive support from the Coin98 team.
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