Algorand
Algorand is a pure proof-of-stake Layer 1 blockchain in which a randomly chosen committee confirms each block with immediate finality; its coin is ALGO.
What Is Algorand?
Algorand (ALGO) is a Layer 1 blockchain that uses pure proof-of-stake. For each block, a randomly selected committee of ALGO holders proposes and validates it. A confirmed block is final: it cannot be reverted and the chain does not fork. Algorand was founded by the cryptographer Silvio Micali and is designed for fast, low-cost transactions.
Two account rules surprise newcomers. Every account must keep a small minimum balance. And before it can receive an Algorand Standard Asset, the network's token format, the account has to opt in to that asset, which raises the minimum. A token sent to an account that has not opted in is rejected.
On a hardware wallet, the device holds the account key and signs payments and opt-ins. Support is either native, in the manufacturer's own app, or comes through a third-party Algorand wallet that uses the device as a signer. Algorand's own wallets have traditionally backed up an account with a 25-word phrase. An account created on a hardware wallet is derived from the device's recovery phrase instead, and the two are not interchangeable.
Check the manufacturer's supported-assets list for ALGO and for Algorand tokens before buying. When funding the wallet, confirm the address on the device screen and send a small test transaction first.
A blockchain is a shared, append-only record of transactions kept by many independent computers, so no single party can rewrite it.
Read full definition: BlockchainA fork is a blockchain split into two chains due to protocol changes or disagreements. Hard forks create permanent divergences; soft forks are backward-compatible.
Read full definition: ForkA token is a digital asset on a blockchain that represents value, ownership, utility, or access rights. Examples include ERC-20 tokens on Ethereum.
Read full definition: TokenA hardware wallet is a dedicated device that keeps private keys offline and signs transactions internally, so the keys never reach an internet-connected computer or phone.
A mnemonic phrase is a set of words that stores a cryptocurrency wallet's private keys, allowing users to recover access if lost.
Read full definition: Mnemonic PhraseA test transaction is a small transfer sent before a large one to confirm the address, network and wallet setup work as expected.
Read full definition: Test TransactionReal-World Examples
Example 1: To receive a stablecoin issued on Algorand, a user first opts in to the asset and confirms the opt-in on the hardware wallet. Only then does the transfer from the exchange go through.
Example 2: Someone tries to enter a hardware wallet's 24 words into an Algorand mobile wallet that expects 25. It does not work, and it should not be tried: the recovery phrase belongs only on the device.
A stablecoin is a cryptocurrency designed to maintain a stable value, typically pegged to a fiat currency like the US dollar or backed by reserves.
A hardware wallet is a dedicated device that keeps private keys offline and signs transactions internally, so the keys never reach an internet-connected computer or phone.
A mobile wallet is a software application on smartphones that stores private keys and enables users to send, receive, and manage cryptocurrencies.
Read full definition: Mobile WalletA mnemonic phrase is a set of words that stores a cryptocurrency wallet's private keys, allowing users to recover access if lost.
Read full definition: Mnemonic PhraseHardware wallets that support Algorand
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Native support: 16 of 41 wallets we have data for — OneKey Pro, OneKey Pro 2, OneKey Neo, Ledger Stax, Tangem Wallet (3 Cards) and 11 more.
Frequently Asked Questions
Which hardware wallets support Algorand?
Why was a token transfer to my Algorand account rejected?
Most likely the account had not opted in to that asset. Before an account can receive an Algorand Standard Asset, it has to opt in, which you confirm on the hardware wallet. A token sent to an account that has not opted in is rejected. Opting in also raises the account's minimum balance.
Can I enter my hardware wallet's recovery phrase into an Algorand mobile wallet?
No, and it should not be tried. Algorand's own wallets back up an account with a 25-word phrase, while an account created on a hardware wallet is derived from the device's recovery phrase, and the two are not interchangeable. The recovery phrase belongs only on the device.
Why can't I send my entire ALGO balance?
Every Algorand account must keep a small minimum balance, and each asset the account has opted in to raises it. That amount has to remain in the account. When funding the wallet, confirm the address on the device screen and send a small test transaction first.
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