What is Algorand Wallet? How to use Algorand Wallet

Algorand is a green blockchain-based cryptocurrency platform that aims to be secure, scalable, and decentralized. The Algorand platform supports smart contract functionality, Algorand Virtual Machine (AVM), Algorand Standard Assets (ASA), and the PoS consensus algorithm.

To be able to skin in this blockchain, of course, you will need an Algorand Wallet. In today's article, I will show you the details on how to create an Algorand Wallet.

What is Algorand Wallet?

The Algorand wallet is where ALGO tokens are stored on the Algorand blockchain. You can send and receive ALGO tokens as well as interact with applications on the Algorand platform.

In particular, this wallet is owned by you, so no one has the right to influence or use the wallet other than you.

What is included in an Algorand Wallet address?

An Algorand Wallet has 3 extremely important pieces of information you must take note:

• Wallet address: A sequence of numbers and characters used to send assets to the Algorand wallet. Others can transfer coins to you through the wallet address you provide. An Algorand (ALGO) wallet address will have the following format: VQIHKMZRFNRCQX2XDWIYQHRJS4HTDVHRPNRP6KK2ESWJPSJ65WHACBC4SU.
• Passphrase: A security key that can be understood as a password consisting of any 12 English keywords. If you want to perform the wallet recovery operation, you must go through the Passphrase login step. Format of a Passphrase: figure soap sail loyal task already fragile loyal try render expect cost.
• Private Key: A string of letters and numbers to connect to the account, quite similar to the password of a bank account. Format of a Private Key: 3YrZwbMxbgQNkbz1VaKQdWRTRpk3WAC6X4BRue8sxSbxbBHZoUrc6nL5u11GarPW4WANZHgVExZTre2xP1Q1bKBK.

To visualize, you can imagine that the Algorand wallet is a bank account, the wallet address is the account number and the passphrase is 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 owns the wallet, and transactions only occur through the address encoded into a sequence of numbers and characters.

Algorand Wallet Review

There are many wallets on the market that support creating the Algorand blockchain. Let's take a look at some outstanding Algorand wallets in the crypto world.

Coin98 Super App

Coin98 Super App is a well-known super app containing crypto services, and it is the gateway of DeFi & Web3. After installing the Coin98 Super App, you can experience many of its features such as Dapp Browser, Terminal toolkit, Coin98 Staking,...

Because it is a decentralized wallet platform, users are in complete control of their assets, no one has access to your wallet, including the developers. You can rest assured when storing ALGO tokens here.

Learn more: What is Coin98 Super App?

Pera Algo Wallet

Pera Algo is an Algorand wallet, that lets you sign deploys on the Algorand Network to perform actions like buying and sending your tokens to another person or an exchange account. Also, Pera Algo users can Access any dApp on the Algorand ecosystem with Wallet Connect support when using mobile devices.

Create an Algorand Signer wallet here: perawallet.app

Trust Wallet

Trust Wallet – Binance's electronic wallet with 5 million active users, is one of the most popular wallets on the market. Trust Wallet allows users to store assets on a variety of platforms and connect their wallets to Dapps, allowing them to freely study and trade on the Trust Wallet app.

Learn more: How to use Trust Wallet

How to create Algorand Wallet on Mobile

This tutorial will guide you on how to create a new Algorand wallet on both the mobile and desktop interfaces, so you can also install both to flexibly switch use.

Download and access the Coin98 Super App

Algorand wallet is now available on the Coin98 Super App for both iOS and Android users.

After downloading the app, open the Coin98 Super App application and select the language you want to use before directly accessing the wallet interface.

At this interface, you can create a new wallet or restore an existing wallet from other wallet applications to the Coin98 Super App.

Create the Algorand Wallet (ALGO)

Step 1: Open the application, at the homepage click the Wallet icon → Manage.

Step 2: Click Add Wallet and click on the Algorand (ALGO) icon to create an Algorand Wallet, or you can choose to create a Multi-chain wallet to own more wallets with just one passphrase (recommended) → Create. 

Step 3: Create a name for the wallet (name it something that you can remember or is convenient for later use). Click Next. 

Step 4: Back up the Passphrase in a safe place.

Note: These are CRUCIAL information that directly affects control over your assets.

• Copy and paste the Passphrase into the Confirmation box.
• Tick ​​the Backup your recovery key box and click on the copy icon to confirm that you have saved your Passphrase/Private key. You must save the security key in a safe place and do not disclose it to anyone. Otherwise, your account is at risk of being stolen if someone knows these sequences of characters.
• Tick ​​the two remaining boxes to confirm that you understand the risks if you lose your Passphrase.

Click Create Wallet.

Once done, you can also go to Manage → Manage All Wallets to check the newly created Algorand wallet.

How to create Algorand Wallet on Desktop

Coin98 Extension Wallet installation instructions

You can access chrome.coin98.com to install the Coin98 Extension Wallet.

For instructions on installing and using Coin98 Extension Wallet, you can refer to this guide here.

Create the Algorand wallet (ALGO)

Update soon…

How to use the Algorand Wallet

Add ALGO tokens

This process is similar on both the mobile version and the extension, so you can follow these steps for both.

Step 1: Click the Algorand wallet on the main screen.

Step 2: Click Receive.

Step 3: Copy the wallet address or use the QR code address and send your assets to this address.

Send ALGO tokens

This operation works the same on both the Coin98 Super App and the Coin98 Extension Wallet. I will give an example of how to send ALGO stored in the mobile wallet.

Step 1: Click the Algorand wallet

Step 2: Choose Send.

Step 3: Select the token, insert 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.

In addition, you can also go to the Send section in the main interface, select the Algorand wallet you want to send from.

Note:

• The gas fee for each transaction is paid with the ALGO token.
• The default gas fee on the Coin98 Super App has been set at the standard rate that offers the most optimized speed at a reasonable cost.

Use the Algorand Wallet Explorer to check the transaction history

Algorand Wallet Explorer is the Algorand ecosystem explorer, allowing access to information such as wallet addresses, cryptocurrency transactions, smart contracts, etc. Complex data is easier to grasp now than ever before.

Algorand Explorers that are commonly used by many users is algoexplorer.io/

Some notes when using the Algorand wallet

Is it safe to store ALGO tokens in the Algorand wallet?

Coin98 Wallet is a non-custodial wallet, that is, full control of assets belongs to you, no one has access unless you disclose the key to others. Therefore, it is perfectly safe for your assets.

Is there a fee to transfer ALGO tokens?

Sending ALGO tokens from an Algorand Wallet will cost the blockchain platform fee in ALGO.

Is it possible to create multiple Algorand wallets?

Yes!  You can create as many Algorand wallets as you want. Each wallet will have a different address and passphrase, so remember to save each of them. Each wallet should be named so that you can easily manage them if you create multiple Algorand wallets.

Can Algorand wallets store other coins?

Algorand wallets can store ALGO tokens supported by the Algorand blockchain platform. Otherwise, do not transfer any coins on other blockchain platforms to the Algorand wallet if you do not want to lose your assets.

What is the best Algorand wallet app?

For those who mainly interact with Algorand, Algorand Signer Wallet will be one of the options worth considering.

For those who use a lot of blockchain platforms, the Coin98 Super App is a great choice for you.

Summary

With the fast development of the crypto market, you will see a series of potential DeFi projects appearing on Algorand. We hope the tutorial can help you to easily create and use the Algorand (ALGO) Wallet on Coin98.

See you in our future posts!

Learn more: What is Function X Wallet? How to create Function X Wallet