How The New Algorand Wallet Benefits Users

When blockchain and cryptocurrency came out years ago, people were skeptical about it, but that has changed. Users have increased in the crypto world, and this is because of the numerous benefits and potentials that can be explored by almost every sphere of life.


The fact that there has been a surge in crypto users means that the crypto wallets in existence have to be outstanding. They have to be a lot more flexible, easy to use and offer a seamless experience to users.

This is what Algorand decided to achieve when it updated its new wallet. The updated Algorand wallet comes with numerous features. It is designed to allow users to seamlessly interface with the Algorand blockchain. The wallet possesses an interface that makes it easy to operate on the blockchain for anyone. You don't have to possess a degree in blockchain development or have complex tools before you can use it. The great thing about this is that it works well on both Android and iOS devices, thereby permitting everyone to manage their accounts effortlessly and carry out transactions with their ASAs and Algos.

We will analyze some of the new features in this updated Algorand wallet that everyone can benefit from.


Algorand Wallet: New Features

When it comes to user-friendly crypto wallets, Algorand Wallet is ranked as one of the easiest to use and the most appealing to the eyes. It comes with a state of the art security interface, with the Ledger Nano X integration. It also incorporates the perks of using Algorand Standard Assets- ASAs.


1. Comprehensive view of user's accounts 

It is common for crypto enthusiasts to have different accounts with different holdings there. Normally, when they want to see what's happening in their different accounts, they have to toggle between the accounts. This can be tiring. Algorand decided to solve this issue. The new Algorand Wallet comes with a bird's eye view that allows users to have a comprehensive look at what's ongoing in all their accounts. It is the classic case of killing many birds with a stone.


2. Visibility of rewards earned on Algo holdings

From time to time, Algorand rewards its loyal users with Algo rewards, and so on. The Algorand Wallet is designed to allow users to know if any reward has accrued to their holdings from Algorand or elsewhere. Using the updated Algorand wallet will make you know what is happening to your earnings at every point in time.


3. Real-time In-app calculations

Gone are those days when you had to crunch calculators when you wanted to know how much your Algos are worth. The updated app solves this issue effortlessly. It updates the value of Algos in USD to allow users to know how much their holdings are to the USD. Everything is updated in real-time.


4. Real-time notifications.

The updated Algo wallet is designed to alert users whenever there is an activity going on in their wallet. Users won't miss any ongoing activity, be it a deposit or a withdrawal.

Apart from the above, if there is any update to your wallet or the likes, you are updated in real-time. This will allow users to be in the know at all times.


5. Rekeying with LEDGER NANO X

This is the icing of the cake in the updated Algorand wallet. Have you always wanted to change your private address or key regularly, but whenever you changed it, you also had to change your public address? This can be hectic for users that do regular transactions on the blockchain. Before, you would be expected to change both at the same time, meaning that you will have to alert other users in the community that your public address has changed. Users change their private keys regularly, in a bid to secure their accounts and the holdings in them. This usually translated to them changing their public address too.


This inefficiency left users grunting in anger. To solve this, Algorand added the Rekeying function to their wallets. The Algorand Rekeying in Layer-1 tackles this snag by permitting users to alter their Private Spending key whenever they want, without changing their Public Address.


Algorand Rekeying along with Ledger Nano X permits the wallet users to make updates to the configurations or setting of their accounts without them changing their public address. It adds heightened flexibility to it.


There are other uses of the new Ledger Nano X, and they are:

• Adding to an old Algorand account, a new Ledger Device. Users can now change the backing of an account from a locally-stored passphrase and have it backed by the state of the art Ledger Nano X device. When this occurs, the user transfers every signing power from the old passphrase to the new Ledger device that is backing the account up. After this is done, the user can discard the old passphrase.


• Easy swapping of Ledger Devices 

Users can now swap their accounts that was once backed by a Nano X device go one that will be backed by the new Ledger device. This will bring about the same thing that occurred in the above scenario. The old Ledger device won't be allowed to sign transactions again since the new device has taken over. With the new Algorand wallet, it is easier for users to sign the transactions ongoing in their multiple accounts with their ledger accounts.

One great thing about the Algorand wallet is that users are not charged for obtaining or utilizing it. A tiny charge of 0.001 Algos is only charged when the user does the Rekeying process. This is merely a means of confirming the swap, as the user will be expected to send that tiny transaction fee to the network to the network.


6. Improved Security With Ledger Nano X Bluetooth Integration

For those assets that are stored in the wallet, they enjoy a state of the art security.

Transactions will be authenticated and authorized on the mobile wallet. There is a cold storage alternative for those that want to create and store their private keys offline. 

When blockchain and cryptocurrency came out years ago, people were skeptical about it, but that has changed. Users have increased in the crypto world, and this is because of the numerous benefits and potentials that can be explored by almost every sphere of life.

The fact that there has been a surge in crypto users means that the crypto wallets in existence have to be outstanding. They have to be a lot more flexible, easy to use and offer a seamless experience to users.


This is what Algorand decided to achieve when it updated its new wallet. The updated Algorand wallet comes with numerous features. It is designed to allow users to seamlessly interface with the Algorand blockchain. The wallet possesses an interface that makes it easy to operate on the blockchain for anyone. You don't have to possess a degree in blockchain development or have complex tools before you can use it. The great thing about this is that it works well on both Android and iOS devices, thereby permitting everyone to manage their accounts effortlessly and carry out transactions with their ASAs and Algos.

We will analyze some of the new features in this updated Algorand wallet that everyone can benefit from.


Algorand Wallet: Its New Features

When it comes to user-friendly crypto wallets, Algorand Wallet is ranked as one of the easiest to use and the most appealing to the eyes. It comes with a state of the art security interface, with the Ledger Nano X integration. It also incorporates the perks of using Algorand Standard Assets- ASAs.


1. Comprehensive view of user's accounts 

It is common for crypto enthusiasts to have different accounts with different holdings there. Normally, when they want to see what's happening in their different accounts, they have to toggle between the accounts. This can be tiring. Algorand decided to solve this issue. The new Algorand Wallet comes with a bird's eye's view that allows users to have a comprehensive look at what's ongoing in all their accounts. It is the classic case of killing many birds with a stone.


2. Visibility of rewards earned on Algo holdings

From time to time, Algorand rewards its loyal users with Algo rewards, and so on. The Algorand Wallet is designed to allow users to know if any reward has accrued to their holdings from Algorand or elsewhere. Using the updated Algorand wallet will make you know what is happening to your earnings at every point in time.


3. Real-time In-app calculations

Gone are those days when you had to crunch calculators when you wanted to know how much your Algos are worth. The updated app solves this issue effortlessly. It updates the value of Algos in USD to allow users to know how much their holdings are to the USD. Everything is updated in real-time.


4. Real-time notifications.

The updated Algo wallet is designed to alert users whenever there is an activity going on in their wallet. Users won't miss any activity that is ongoing, be it a deposit or a withdrawal.

Apart from the above, if there is any update to your wallet or the likes, you are updated in real-time. This will allow users to be in the know at all times.


5. Rekeying with LEDGER NANO X

This is the icing of the cake in the updated Algorand wallet. Have you always wanted to change your private address or key regularly, but whenever you changed it, you also had to change your public address? This can be hectic for users that do regular transactions on the blockchain. Before, you would be expected to change both at the same time, meaning that you will have to alert other users in the community that your public address has changed. Users change their private keys regularly, in a bid to secure their accounts and the holdings in them. This usually translated to them changing their public address too.

This inefficiency left users grunting in anger. To solve this, Algorand added the Rekeying function to their wallets. The Algorand Rekeying in Layer-1 tackles this snag by permitting users to alter their Private Spending key whenever they want, without changing their Public Address.

Algorand Rekeying along with Ledger Nano X permits the wallet users to make updates to the configurations or setting of their accounts without them changing their public address. It adds heightened flexibility to it.


There are other uses of the new Ledger Nano X, and they are:

• Adding to an old Algorand account, a new Ledger Device. Users can now change the backing of an account from a locally-stored passphrase and have it backed by the state of the art Ledger Nano X device. When this occurs, the user transfers every signing power from the old passphrase to the new Ledger device that is backing the account up. After this is done, the user can discard the old passphrase.


• Easy swapping of Ledger Devices 

Users can now swap their accounts that were once backed by a Nano X device go one that will be backed by the new Ledger device. This will bring about the same thing that occurred in the above scenario. The old Ledger device won't be allowed to sign transactions again since the new device has taken over. With the new Algorand wallet, it is easier for users to sign the transactions ongoing in their multiple accounts with their ledger accounts.

One great thing about the Algorand wallet is that users are not charged for obtaining or utilizing it. A tiny charge of 0.001 Algos is only charged when the user does the Rekeying process. This is merely a means of confirming the swap, as the user will be expected to send that tiny transaction fee to the network to the network.


6. Improved Security With Ledger Nano X Bluetooth Integration

For those assets that are stored in the wallet, they enjoy a state of the art security.

Transactions will be authenticated and authorized on the mobile wallet. There is a cold storage alternative for those that want to create and store their private keys offline. 


Conclusion

From what we have seen in the body of the article, you'll agree with me that the upgraded Algorand Wallet solves a lot of issues that are common in traditional wallets.