Algorand is the first pure proof-of-stake blockchain technology to ever exist, they provide the best options for users to stake, invest, transact Algo and other assets using the Algorand wallet.
Algorand wallet makes it easier for users to have an interaction with the Algorand blockchain without needing any knowledge of its advanced features. You can easily access this wallet’s mobile application by downloading it on Google playstore or Apple store.
This wallet is designed in a way that is user-friendly and easy to navigate. The setup of this application makes it easy for you to access all of your Algorand standard assets. Algorand wallet even provides high class security that allows you to keep your assets with confidence in the application.
With the Algorand wallet, you get to view all your holdings and rewards in plain view. The mobile application makes it easy for you to accurately track all your transactions both old and new with the notifications you get. In addition, Algorand wallet allows you to know the exact USD value calculation of your Algos.
To crown it all, the Algorand blockchain community is committed to constantly enhancing the features of the wallet. The wallet now has advanced features for helping you sort, filter and export the transaction history of your asset to CSV.
Algorand understands that developers need to test their transactions and assets before they go to MainNet. This provision is adequately provided for in the wallet. Another feature that you get to enjoy is that you can receive, write and view all of your transactions notes including the history.
The Algorand wallet has many remarkable features that enforces the place of Algorand among other cryptocurrencies. However, all of these features would be brought to naught without guaranteed security. Although the Algorand wallet is already secure, extra security is provided by the integration of Algorand wallet with Ledger Nano X.
What Is Ledger Nano X?
Ledger Nano X is a hardware wallet that helps its users securely manage all of their assets regardless of their geographical location. This hardware wallet helps you to protect the most important crypto information which is your private key.
Your private key is protected within a chip that is both certified and secure. The level of security that it offers is one of high calibre that makes your Algorand wallet into an impenetrable fortress. All you need to do is connect the Ledger Nano X to your mobile wallet using bluetooth connect or a USB.
This device has two buttons and one screen that allows you to easily conclude all of your transactions. The other parts include CC EAL5+ which is the chip and BOLOS which serves as the proprietary operating system. These features further enhance the extra advantages that Ledger Nano X adds to your Algorand wallet.
Benefits Of Securing Algorand Wallet With Ledger Nano X
Algorand’s integration of their wallet with Ledger Nano X would never have happened if Algorand knew it would not be beneficial. Being a top class blockchain technology, Algorand seeks to continue that trend with maximizing the benefits that Ledger Nano X adds to their system.
- Easy Cryptocurrency Management
Ledger Nano X empowers you with the ability to easily manage your Algo coin. This system not only allows you to buy and exchange but also manage your coins and token on the Ledger Live platform. You can monitor your crypto coin with your smartphone or PC. Ledger Live allows you to track your financial activities as long as you are with your mobile device.
- Asset Growth
Allowing your Algorand assets to just stay on a platform with attracting any revenue is an act of short changing yourself. With Ledger Live, you can keep your assets safe but also generate revenue by staking Algorand. You can generate rewards by delegating, claiming or running validators. Ledger Nanon X allows you to stake up to 7 algo coins with its easy to use Ledger Live.
You can download and install up to 100 applications by using the Ledger device. This way, you are not limited by space because the capabilities of Ledger Nano X would take care of the situation.
10 Steps On How To Pair Your Algorand Wallet With Ledger Nano X
- Download Ledger Live and Algorand wallet on either playstore or App store depending on your phone type. Install the Ledger Live application.
- Make sure that the Ledger Nano X has gone through the initial setup process
- Click on “Open Manager” on the Ledger Live platform.
- To connect with the Ledger device, click on “Add New Ledger Nano X”.
- Ensure that bluetooth is enabled on your Ledger Nano X device
- Enter the name “Algorand” under the App Catalog, then install the Algorand application.
- Go to the homepage of Algorand Wallet, click on “Pair Ledger Account”.
- Your phone would start searching for the Ledger device and one it has found it, click on “Connect”. Then pairing commences.
- Name your account that you’ve backed up with Ledger, after that select “Create Account”.
- Finish setting it up and start signing transactions using Ledger Nano X.
Algorand wallet is remarkable especially with its rekeying feature that allows you to change the private key of your wallet without affecting your public address in any way. This version allows you to change your password according to your preference giving you more control over your activities. The rekeying feature is what allows you to add Ledger Nano X to your account.
Also, it makes it easy for you to swap between Ledger devices and keep your details in the new Ledger device. It only attracts a minimal fee of 0.001 Algo to enjoy such innovative features.
Ledger Nano X serves as a cold storage option for helping its users in the creation and storage of private keys in an offline system. Your private key would never touch your mobile phone by using the Ledger device. The security of the Algorand wallet is concretely backed up by this device.