Sep 10, 2020

Algorand Wallet Upgrades Features and Capabilities for a Seamless User Experience

By: Algorand

Cryptocurrency users have grown in the past 3 years, and according to Statista we will see an even bigger increase with over 50+M crypto wallet users in Q2 in 2020. This increase in demand for crypto-based wallets is evidence of the more interest in the Cryptocurrency market, however it also means that Crypto Wallets need much more flexibility and advanced user-friendly features that enable a seamless experience.

Precisely why Algorand is investing in more features for its Wallet in this latest launch. Algorand’s Wallet is the official interface that lets users interact with the Algorand blockchain, without needing special blockchain developer tools or knowledge of advanced feature sets. This wallet operates on both iOS and Android platforms and allows people to securely manage Algorand Accounts and transact with Algos and Algorand Standard Assets (ASAs). In this release, Algorand has developed features that allow for a better experience with managing a wallet account, by:

  • Allowing users to see all of their notifications (old & new) in the new Notification Center tab
  • Increasing security by limiting the number of PIN entry attempts on the lock screen
  • Providing advanced sorting, filtering, and exporting each asset’s transaction history to CSV

In addition to the above user-friendly features, the Algorand Wallet is now enabled with Rekeying; one of Algorand’s latest unique capabilities. Algorand Rekeying in Layer-1 solves operational inefficiencies by allowing users to change their Private Spending key or passphrase without the need to change their Public Address. This allows for more flexibility to change a users Private Spending Key anytime, continuity of use of the same Public Address, and less overhead by maintaining existing Public Address as identifiers for others that continuously transact with that Public Address, lowering operational burdens. Algorand’s Wallet is now enabled with Rekeying and offers the crypto version of changing passwords easily giving more control and flexibility to users. 

With Rekeying being enabled on Algorand’s wallet, 2 additional workflows are now provided enabling users to: 

  • Add a Ledger Device to an existing Algorand account - for the ability to take an existing account that is backed by a locally-stored passphrase and change it so that it is backed by a Ledger Nano X device. In this scenario, all signing power is transferred over to that Ledger device, and the old passphrase can be deprecated/discarded.
  • Swap Ledger Devices - to have the ability to take an account that is backed by a Nano X device and swap to a new Ledger device. Similar to the previous scenario, the old Ledger device will not be able to sign transactions for this account and the new Ledger device will now back that account. Users can now use their ledger devices to sign transactions for multiple accounts.

There is absolutely no charge for obtaining and using the Algorand Wallet, and when using the Rekeying process, where users must send a transaction to the network confirming the swap, there’s Algorand’s minuscule transaction fee (currently is 0.001 Algos).

For more information on the Algorand Wallet, please visit our website, and to learn how you can use rekeying please view the new Rekeying with Ledger Nano X Tutorial, or contact us at [email protected]