In this article, we’ll be looking at a few things about the Algorand Mobile Wallet. We do know that Algorand, basically, is an improvement on the traditional block-chain with respect to the challenges or constraints of block-chain. These constraints are known as the block-chain trilemma, and the block-chain trilemma involves the 3 block-chain interrelated feature of Scalability, De-centralizion, and Security. The trilemma there is the fact that the traditional block-chain cannot offer all 3 features simultaneously and optimally. This means that at least, the output level of one feature has to be given up in order to ensure that the other features are offered satisfactorily. For instance, Security being forgone for increased de-centralization and scalability, and so on.
Algorand’s block-chain (platform) is the solution to this trilemma. Algorand is a digital ecosystem, and hence, requires a token and also a wallet. This wallet is known as Algorand’s Wallet.
Before we dive deeper into Algorand wallet, let’s look at what an electronic wallet is or does.
WHAT IS A CRYPTO WALLET?
In simple terms, a digital wallet is an electronic store for holding or keeping digital currencies or tokens. It’s like a distributed database store for crypto-currencies, e-cash, virtual currencies, and the likes (collective called digital currencies).
It is a device or program that stores keys (instead of money) and can track the receipt and sales of crypto-currencies, as well as the ownership of any given crypto-currencies. It is like a bank account in physical banks, but electronic wallets only allow transactions in digital form. The currencies themselves are not in the wallet, the wallet only tracks them as they are stored in the block-chain (ledger).
ALGORAND MOBILE WALLET
This wallet is proven to be an easy-to-use, attractive and user-friendly mobile application with the latest and cutting-edge design that comprises of major features for the benefit of its users or holders. It is fully integrated with the ‘Standard Assets’ of Algorand. The wallet is based on the block-chain technology and is secure.
Recently, in order to achieve greater security for the Algorand Wallet, a new technology known as Ledger Nano-X has been introduced and can be integrated into the wallet in a mobile phone, and via Bluetooth connection. We shall discuss this integration, shortly.
REMARKABLE FEATURES OF ALGRAND’S MOBILE WALLET.
The notable characteristic features of the mobile wallet include, but not limited to:
1. Very User-friendly and easy-to-use
2. Clean, attractive design and interface
3. Comprehensive view that permits users the opportunity of seeing their various holdings (different assets) without having to switch between accounts
4. In-app computations that allows users the viewing of exact value for Algos held in the wallet.
5. Visibility of earned rewards on the token (Algos)
6. Instant Notifications; in order for wallet users not to miss urgent updates such as transfers
LEDGER NANO-X: THE SECURITY ENHANCING DEVICE
Ledger Nano-X is a hardware digital wallet in which Algorand wallet users can get their private keys stored in a bid to ensure enhanced security for their accounts.
Importance of using Ledger Nano-X
Of course, Ledger Nano-X’s integration into the Algorand Mobile Wallet comes with a couple of very significant benefits for Algorand’s users:
1. ENHANCED SECURITY
As earlier said, Ledger Nano-X offers greater security to the Algorand Wallet by storing private keys more securely. In fact, users’ private keys wouldn’t need to touch their phones, as they will be securely stored on the integrated Nano-X hardware wallet. Meanwhile, it doesn’t hinder the Algorand Wallet from achieving it’s other functions needed by users.
2. SIMPLE INTEGRATION PROCESS
The process involved in integrating or pairing Nano-X with Algorand’s Wallet is very simple and hassle-free.
3. BLUETOOTH CAPABILITY
The ledger Nano-X has a Bluetooth connection feature that makes integration with a mobile phone easy and automatic via the phone’s Bluetooth. By this simple connection method, ledger Nano-X can be fully integrated into the Algorand Wallet mobile app on the phone. That’s interesting! Isn’t it? It’s good news for Algorand Wallet users.
ALGORAND’s goal for the benefit of their wallet users is to:
Ensure authentication and authorization of transactions through the mobile wallet. Provide a cold store for the creation and holding of private keys that can b done offline.Hence, integrating their wallet with Nano-X enables an enhanced safety for Algos (Algorand token) or other crypto assets on the Algorand Block-chain.
Algorand’s block-chain (platform) is the solution to the block-chain trilemma of De-centralization, Security and Scalability. Algorand is a digital ecosystem, and hence, requires a token and also a wallet. This wallet is known as Algorand’s Wallet.
Algorand Wallet is a very user-friendly, easy-to-use mobile application with the latest and cutting-edge design that comprises of major features for the benefit of its users or holders.
A new Algorand development is the integration of Ledger Nano-X into Algorand Mobile Wallet to ensure an enhanced security of keys and better user’ satisfaction.
We know the great security features of block-chain technology. Imagine the security that is achieved by incorporating Algorand wallet with Ledger Nano-X. Algorand wallet itself is based on the Algorand block-chain which is an improved version of the traditional block-chain.
RESOURCES ON ALGORAND ECOSYSTEM:
YOU CAN DOWNLOAD ALGORAND MOBILE WALLET HERE: