Today, we will be looking at another important tool in the digital system called the Digital Assets Wallet.
The rapid rise of cryptocurrencies in the world system which has subsequently led to the enhancement of the global financial system, as its use has improved not just the way transactions are carried out, but has strengthened different systems and economies, that have adopted it into their system.
It is undisputed that the introduction of cryptocurrencies into the digital system will mean an era of financial freedom for most people and a great breakthrough for others because using it in transactions, has made payments easier and better than it previously was, as it improves the speed, the security and even reduces the cost of making transactions.
Now back to our focus on digital assets wallets.
These great tools of carrying out transactions are often regarded as digital assets since they facilitate digital transactions, and so its emergence necessitated a place where these cryptocurrencies could be stored.
A storage tool for cryptocurrencies is not just important, but a secured one is very vital, being that a great value is attached to it.
This led to the creation of different cryptocurrency wallets, a tool that will allow for the secure storage and management of cryptocurrencies, with ease.
Most cryptocurrency wallets are designed and owned by centralized systems, like centralized cryptocurrency exchange platforms, and so are considered to be vulnerable when it comes to their security levels, as the users do not have full control of their wallets.
Decentralized wallets, on the other hand, are winning the hearts of many because the storage of cryptocurrency on them allows the users to manage and retain full control of every transaction and asset on it.
Introduction To The Staking And Storage Of Algo On Supported Wallets
Even the new cryptocurrency users already know the fastest growing Blockchain and cryptocurrency system called the Algorand platform.
The platform which has developed one of, if not the greatest decentralized Blockchain of all times, that was designed to run with the Pure Proof-of-Stake consensus and made to be open source and permissionless, so as to allow the entrants of many, into the Blockchain industry, and as well drive the global adoption of both the Blockchain and cryptocurrency.
So, the ALGO is the native cryptocurrency of this platform and due to how sophisticated and valuable the system is, the Algo currency has become the most sort after asset in the cryptocurrency industry, and by being a decentralized Pure Proof-of-Stake system which gives its users the opportunity to get rewarded just for holding the Algo token, a sophisticated kind of cryptocurrency wallet is needed by its users to be able to make the best out cryptocurrency ownership.
Currently, there are different wallets that support the storage and staking of the Algo currency to give maximum earning and security to its holders, so let’s take a more detailed look.
The ALGO Supported Wallets
- The Coinomi cryptocurrency wallet is a very prominent wallet that allows for the safe storage of varieties of cryptocurrencies, of which Algorand’s ALGO currency is part of.
It doesn’t just support the storage of the ALGO currency, but also allows for the seamless staking of the coin, for any user who has a minimum of 1 ALGO in the wallet.
This cryptocurrency wallet (Coinomi) is fully secured with encrypted private keys, giving the users control of their assets by making them custodian of the wallet private key.
To help retain the privacy of users, the Coinomi wallet does not require any tedious verification such as the KYC (Know Your Customer), before transactions can be made from the wallet. You can securely download Coinomi wallet here: https://play.google.com/store/apps/details?id=com.coinomi.wallet
- The Ledger wallet is another sophisticated wallet in the cryptocurrency industry, which has developed different Ledger wallet types such as the hardware wallet, Nano S, and even the Nano X wallet types.
Both the Ledger Nano S and Nano X wallets support the storage of the ALGO currency (of course by pairing with the Algorand main wallets) and also gives users the opportunity to stake it and earn staking rewards in the process.
This cryptocurrency wallet is designed with an operating system that makes it resistant to attacks and security threats, and with the help of its private key functionality, users do not have to worry about security, when storing their ALGO currency on it.
- Atomic wallet both the desktop and mobile version, has support for the ALGO currency, giving also to its users, a staking capability of ALGO.
Another unique thing about this wallet is that it makes the purchase of ALGO, to be easier as it has a swap feature that lets users exchange popular tokens to ALGO, right there on the wallet.
The storage and management of ALGO on the above-listed wallets will not just keep them secure and free from hackers, but through their support for staking, will let users earn more benefits. You can securely download and install AtomicWallet wallet here: https://play.google.com/store/apps/details?id=io.atomicwallet
But, a more suited wallet has been created by Algorand as well, for the storage and staking of its token.
The Algorand Wallet
Seeing how much the demand for the ALGO currency is increasing, the Algorand system has created its own wallet that will serve every user on its system, and make the ownership of ALGO to be secured and more rewarding.
- Algorand has developed a mobile wallet considered to be the Algorand Core Wallet, which is made available for different operating systems on either the Play Store or the Apple store.
It is embedded with all the great features to make the storage and staking of ALGO to be seamless such as an accurate calculator for all the user’s funds on the system, as well as a great speed for carrying out transactions.
To give more security, the Algorand core wallet is often connected with the Ledger Nano X and also gives users the ability to store their private keys offline.
- As an alternative to the Algorand core wallet, the web version called MyALGO wallet has also been developed.
This Algorand wallet type is accessible to every user on the web using any compatible device and makes the transactions with ALGO to be very easy and secure. It is this version of the Algorand wallet that is often connected to the Ledger Nano S wallet, to ensure absolute security.
Security of the user’s assets (ALGO), is guaranteed on MyALGO Wallet as it is designed to store the private key on the user’s device. You can securely download and install Algorand wallet from Google play store for Android users here: https://play.google.com/store/apps/details?id=com.algorand.android
Conclusion
By using the wallets made available for the storage and management of ALGO currency, the users can rest assured that their assets are in good hands and are beyond the reach of hackers since they hold their own private keys.
Greater value is also added to the Algorand system since its wallet supports staking of ALGO, which definitely opens them up to more rewards.
Algorand is here to give its users a great exposure to the benefits of the cryptocurrency industry.
Read more on the functionalities of Algorand Wallet here: https://www.algorand.com/wallet/
