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Best Algorand Wallets: 5 Secure ALGO Staking Options

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Algorand (ALGO) is one of the newest and hottest cryptocurrency projects in the space. All the interest in the project has led to a great deal of demand for their ALGO currency.

The Algorand network is a decentralised, permissionless, open source blockchain that was developed by a team of researchers, mathematicians, and economists. Algorand is also a proof of stake blockchain which means that users can earn steady returns for staking the crypto.

With so much demand to store and stake ALGO, there is a dire need for secure wallets.

In this post, I will take a look at 5 of the best Algorand wallets. I will also take a look at their staking functionality and give you some top tips when it comes to staking and securing your ALGO.

Top 5 Best ALGO Wallets

Before we can dive into the wallet picks, it is important to explain the main criteria when it comes to picking the “best” wallet.

From my perspective, a wallet must firstly be safe. But it must also be highly functional and well supported by the developers. It must also have a pretty decent reputation amoung the community. Your fellow ALGO users are often your best resource.

Now, given that Algorand was launched as its own native blockchain, there is not as much wallet support as you will find with other coins that are either built on another chain or forked from it. Having said that, there is still a decent selection to choose from.

Here are 5 of the best Algorand wallets (in order of preference).

Ledger (Hardware Wallet)

The Ledger is probably the best known hardware wallet, and according to many it is also the best and most secure. We won’t be making that decision, but we can say that hardware wallets are the best way to go when looking for security of your coins, and the Ledger is certainly no exception to that. It can completely isolate your private keys and any personal data, making certain that hackers are unable to compromise your holdings.

While Ledger Live doesn’t support Algorand, the Nano S and Nano X do have levels of support for the cryptocurrency, including the ability to stake your ALGO’s right from the wallet. The Nano S pairs with the web-based MyALGO wallet, while the Nano X can be used with the Algorand Core mobile wallet.

Ledger Nano Algorand Wallet
Get your Ledger Nano X From the official store

Besides the Ledger integration and ability to stake ALGO’s from within the hardware wallet, users get access to the solid security features offered by the Ledger wallets.

This includes the customized BOLUS operating system that prevents malicious attacks on the wallet, as well as the integrated security chip designed to maximize the security of each users’ private keys. Furthermore, the Ledger has been certified by ANSSI, one of France’s leading cybersecurity agencies.

Warning ⚠️: Always make sure to buy your device from the official ledger store. Third party sellers have been known to tamper with ledgers.

The Ledger hardware wallet is also quite useful for those who are holding more than one cryptocurrency since it currently has support for well over 1,200 different cryptocurrencies, many of which are also stackable within the Ledger.

These include the popular Tezos (XTZ) and Tron (TRX) cryptocurrencies. Overall the Ledger allows staking of up to 7 different coins at the same time and rewards can be earned through Ledger Live or by managing an external wallet.

MyALGO Wallet (Web Wallet)

The MyALGO wallet is a web-based wallet designed by Rand Labs, a specialized team on Algorand technology. The wallet is a secure and easy to use interface for storing ALGO, and it can also connect with the Ledger hardware wallet for added security of your coins.

Because MyALGO Wallet is web-based it can be used with any of the major operating systems and with any of the major web browsers, and you can even access it from your iOS and Android mobile devices.

MyALGOWallet UI
MyAlgo Wallet User Interface

The MyALGO Wallet is one of the easiest ways to send and receive ALGO’s, to keep track of all your assets, and to organize, track, and manage all of your Algorand wallets. On the security front the wallet was created with a client-side interface that keeps the private keys secure on the users device. Private keys are securely encrypted and never leave the local device.

Of course you can use MyALGO Wallet for staking ALGO tokens. And in future releases of the wallet users will be able to swap their ALGO’s with USDT, BTC and other cryptocurrencies right from within the wallet.

Algorand Core Wallet (Mobile Wallet)

The Algorand core wallet is a mobile wallet and it can be downloaded for Android devices from the Google Play store, and for iOS devices from the Apple app store. As the official Algorand wallet it is continually under development, with new features being added regularly.

Naturally it is possible to use this wallet for staking, and thanks to Algorand’s Pure Proof of Stake consensus Algorithm staking rewards are earned immediately upon depositing ALGO within the wallet.

Recently the wallet added support for the Ledger Nano X, making it one of the first Bluetooth integrated cryptocurrencies. Using the Ledger Nano X provides additional security for funds through the ability to authenticate and authorize transactions though the Algorand mobile wallet, while also providing a cold storage option for creating and storing private keys offline.

The wallet also includes full and complete integration with user generated Algorand Standard Assets. The moment in which such a custom asset is created it becomes supported by the wallet and accessible.

These assets have the benefit of 4 second network speeds, and wallet users can view the assets of other wallet users. This is a great way to interact with the Algorand blockchain, and within 5 minutes a new asset can be created and fully distributed.

Other excellent features include the ability to view all a users holding right on one screen without the need to switch between accounts. The wallet also comes with a built-in calculator that show the exact USD value of all ALGO holdings within the wallet. Rewards are easily seen within the wallet and users can even choose to enable notifications so they don’t miss any transfers or updates.

Overall the Algorand Core Wallet is an excellent choice for storing ALGO in a secure manner. Users are able to benefit from the immediate staking provided by the wallet to take advantage of compounding, and can also connect to a Ledger Nano X device for added security. We also appreciate the fact that this is an official wallet and is under constant development to add new features and improve security.

Atomic Wallet (Desktop & Mobile)

The atomic wallet is a third-party wallet created by the same team that brought us the Changelly crypto exchange. Because it has built-in Changelly support users can quickly and easily exchange between more than 60 different cryptocurrencies.

In addition, users can store more than 500 different coins in the wallet, including Algorand. The wallet is available in both desktop and mobile versions, with support for Windows, Mac and Linux for the desktop version, and for iOS and Android for the mobile version.

Even though this is a third-party wallet it has proven itself to be secure, and many users appreciate the lack of any KYC approvals or registration to use the wallet and its exchange service.

Atomic Wallet Overview
The Atomic Wallet Support for Algorand

Of course users keep full control over their assets, with the private keys for the wallet encrypted and stored locally on the device. The Atomic wallet also comes with a customer support team that’s available 24/7 to help with any issues that might arise when downloading, creating or using the wallet.

In addition to offering swap capabilities for over 60 cryptocurrencies users are also able to purchase 12 different cryptocurrencies, including BTC, LTC, and USDT in their own local currencies. While Algorand is not supported for purchases users could simply purchase BTC or USDT and then use the built-in swap feature to exchange for ALGO.

Closed Source 👨🏼‍💻: It’s important to point out that Atomic Wallet is not 100% open source which means that the code has not been vetted by the community. It has not had any security breaches in its recent history though.

Finally let’s not forget that users can stake ALGO in the Atomic wallet. It is also possible to stake 8 other cryptocurrencies, including Tezos (XTZ), Tron (TRX), and Cardano (ADA).

In addition, the Atomic wallet has its own native cryptocurrency, the Atomic Wallet Coin (AWC). By holding AWC in the wallet (minimum 1,000 AWC) users can receive up to 1% cash back on all exchanges made within the wallet.

Coinomi Wallet (Desktop & Mobile)

Coinomi is another popular third-party wallet that has both desktop and mobile versions. Windows, Mac OS and Linux are supported for the desktop version, while Android and iOS are both supported for mobile versions.

Coinomi is well known as it has support for over 125 different blockchains and thousands of associated tokens. Naturally this includes Algorand, and the Coinomi wallet also has support for staking ALGO, so long as you have a minimum of 1 ALGO.

The Coinomi wallet comes with a great feature set, including strong encryption of private keys, which are stored locally on the user’s device. In addition to security, the Coinomi wallet is well known for its focus on privacy. To that end it does not require any KYC verification, has no IP association or identity linking, and never tracks transactions.

Coinomi Wallet Algorand
Coinomi Desktop Wallet & Mobile Screenshots

There’s plenty for users to like about the wallet, including the integration of Changelly and Shapeshift to easily convert a large number of cryptocurrencies from right within the wallet. The wallet also allows for the custom setting of fees or you can allow it to dynamically calculate the appropriate fee to get the best value at all times.

One downside for some users is the switch made in late 2018 that made the source code for Coinomi closed. Transparency is important to many cryptocurrency users and the move to closed-source code means the code base for the wallet can no longer be reviewed by third-parties.

Algorand is one of only a handful of coins that can be staked in the Coinomi wallet. While the rewards do not show up as transactions in the wallet, the balance does reflect all the rewards earned.

Conclusion

And there you have the five best places to store your ALGO tokens, and to receive ongoing rewards from staking. All the wallets have their own top features, from security to simplicity to in-wallet exchange.

Which wallet you go for will depend on your own personal preferences. I would personally go for a ledger hardware device as the security cannot be beat. Alternatively, the core wallet is great if you want that staking capability and both Coinomi and Atomic wallet are ideal if you want to store other cryptocurrency.

There may be other wallets that support ALGO that you do find. If you are considering them you have to make sure that they have a decent reputation among the community and that they are well supported by the developers.

Whichever Algorand wallet you decide to use, make sure that you follow wallet security 101. Always back up your seed words and store them in a safe location. Don’t download any suspicious files that could be laden with malware.

And lastly, hodl in secret. Nobody needs to know what you are staking and the $5 wrench attack is pretty effective. 😉

Best Places to Buy ALGO

Featured Image via Shutterstock


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Source: https://www.coinbureau.com/analysis/algorand-wallets-algo/

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Shiba Inu (SHIB) Rises to Range High

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Shiba Inu (SHIB) yesterday reached the range high where it has been trading since May 2021. If the token breaks out of that area, it could begin a parabolic rise.

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SHIB currently ranks as the 47th largest cryptocurrency by market capitalization, according to Coingecko. The main “dog competitor” and also the younger brother of Dogecoin (DOGE) broke out of the descending triangle pattern and validated the falling resistance line as support.

SHIB reaches the range high

Since the May 2021 declines, SHIB has been in a range between resistance in the $0.00000950 area (red rectangle) and support at $0.00000550 (green rectangle). Over a period of almost 4 months, the altcoin has repeatedly reached and bounced off these two areas.

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On 16 September, SHIB rose 26% to reach the resistance area again a day later. At the press release, this area rejected the price and left a long upper wick.

However, if the daily candle closes above $0.00000904, a higher high will be printed on the daily chart. Combined with the higher low (blue arrows) of 7 September, this could signal a reversal and the start of an upward impulse.

Chart by Tradingview

The possibility of breaking through the top of the range and continuing the uptrend is also confirmed by the growing volume signature. During the last two days, it reached the highest values since mid-June (red arrow).

Technical indicators confirm the possibility of the continuation of the uptrend. RSI has broken above the 50 line and is rising. MACD generated two positive momentum bars and the signal line is close to entering positive territory. The stochastic oscillator is heading upwards and is close to entering bullish territory above 80.

Chart by Tradingview

Descending triangle

The daily chart also shows the breakout from the descending triangle that occurred on 7 September (orange arrow). On that day, SHIB rose 24% and began a multi-day consolidation. It then rose to the top of the range at $0.00000950 and started a downtrend.

The downward movement validated the descending triangle line twice as support (orange circles) and brought the price to the bottom around the range support area. Since then, SHIB has risen 40% and continues its upward movement.

Chart by Tradingview

The movement target for this pattern as measured by the height of the descending triangle is the $0.00001100 level. This resistance coincides with the 1.414 Fib external retracement level measured for the last downward movement. If SHIB reaches this peak, it will confirm the breakout from the range described in the previous section.

SHIB future movement

The short-term 4-hour chart shows a breakout from the descending resistance line that has been respected since August 17. The line was tested several times until it was decisively broken through with high volume on 16 September.

At the same time, the SHIB price also broke through the short-term support/resistance area near $0.00000760 (green rectangle). It coincides with the 0.382 Fib retracement level. It is expected that in the short term it will serve as support and the price will validate the area before continuing the upward movement.

Chart by Tradingview

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

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PhD and an assistant professor at an international university in Lublin, Poland. Spent 10 years studying philosophy of nature and sport science. An author of 4 books and two dozens of scientific articles. Now, he is using his mind for the benefits of the cryptocommunity. Technical analysis enthusiast, Bitcoin warrior, and a strong supporter of the idea of decentralization. Duc in altum!

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Source: https://beincrypto.com/shiba-inu-shib-rises-to-range-high/

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AMD Not Prioritize Mining Cards Over Gaming GPUs, Says CFO

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AMD, along with other chip manufacturers, has struggled to keep up with the high demand for GPUs due to crypto mining. 

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The past year has been hard on those looking to buy gaming graphic processing units (GPUs). The same high-powered units that are used in HD gaming applications also happen to be the GPU of choice for cryptocurrency miners worldwide. As the mining of cryptos such as Bitcoin becomes more and more difficult, more and more processing power is required to achieve the same goal.

Due to this, there has been a rush on GPUs in the last year with AMD, Nvidia, and other manufacturers struggling to keep pace. AMD has come under heavy pressure because of how poor its ability to meet the growing demand has been. Some even accused the company of prioritizing mining cards over gaming chips. The pandemic was another root cause of this shortage as the world’s population demanded more home electronics and entertainment devices across the board. 

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During the recent Deutsche Bank Technology Conference, CFO of AMD Devinder Kumar said that AMD was not prioritizing GPU cryptocurrency miners when asked directly about it. Kumar’s response was “crypto, negligible. That’s not a priority for us. We do not prioritize our products or make them for the crypto folks is not for the gamers, and that’s a high priority from that standpoint. What’s driven the growth, as you know, we had the Radeon 6000 Series high-end GPUs introduced very competitive and that is driving the growth in the GPU space.” 

Crypto-specific cards might be the answer

Nvidia has suffered through the same issue as its competition and is tackling it in a rather reasonable way. The company began to produce and market GPUs that were specifically designed for cryptocurrency miners. Nvidia creating a distinct separation between the two should help alleviate the rush on gaming GPUs that users are scrambling to purchase. 

The crypto-mining processors (CMPs) that are now being sold aren’t as sophisticated as their gaming counterparts because they don’t need to be. Because they can’t be used for conventional graphics-related tasks, they will not flood the GPU secondary market. CMP cards can’t be used for graphics-related tasks are therefore won’t flood the secondary market with GPUs.

Another step that Nvidia has taken to combat this issue is to nerf its currency line of GPUs to make them less suited to the task of mining cryptocurrencies. Due to this, they are only effective as gaming cards.

What do you think about this subject? Write to us and tell us!

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Matthew De Saro is a journalist and media personality specializing in sports, gambling, and statistics. Before joining BeInCrypto, his work was featured on Fansided, Forbes, and OutKick. With a background in statistical analysis and a love of writing, he takes an outside-the-box approach to reporting news.

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Source: https://beincrypto.com/amd-not-prioritize-mining-cards-more-than-gaming-gpus/

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Tomi Heroes NFT Sales Surpasses $1.35M

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NFT and DeFi enthusiasts worldwide may be wondering why Tomi Heroes have been popping off on OpenSea in recent days.

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These non-fungible tokens grant access to Tomi’s token presale soon, so the limited-edition sets are in high demand. With 395 Ether roughly $1.37 million in traded volume, it is evident that this is the project to keep an eye on over the coming days. 

Massive TOMI Presale ROI Potential

As Tomi Heroes generate more proceeds, the team will use these funds to purchase and burn TOMI token during the TOMI sale on SushiSwap.

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It is a no-brainer for any TOMI presale participant, as, given the contribution by the TOMI team from the NFT sale, the return on investment potential is borderline astronomical.

As more FOMO kicks in among investors who seek exposure to the TOMI presale rounds, the remaining NFTs will generate even more attention and return for the presale.

It is essential to see this project for what it embodies. It is not just an NFT collectible, although these items will likely remain very popular on the secondary market after the token sale concludes.

Instead, it is a tool to facilitate token presale participation and incentivize holding the NFT rather than flipping it for a quick profit like so many other projects. 

Moreover, using the proceeds to make the TOMI token even more scarce is a gamechanger in the crypto industry.

Since the project focuses on giving back to the stakeholders with no profits for the developers, other NFT projects can learn a thing or two from how Tomi approaches this novel technology.

Perhaps this will set a precedent for ethical and inventive demand-driven tokenomics.

Investing in Tomi Heroes is a smart idea if you are interested in partaking in the TOMI presale rounds. It is essential to gain access to one of these five presale rounds, as they are available for only 30 minutes each.

The current rate of ETH trading volume is sufficient to make investors 10x on their TOMI investment even if no one else would participate in the token sale and it remains at a $75,000 market cap. 

The TOMI launch will happen on the Polygon network via the SushiSwap platform to avoid transaction delays and high gas fees. The token presale rounds will take place on September 21, 2021, with each of the five presale rounds lasting 30 minutes. .

A dive into the Tomi technology

To grasp the potential of TOMI, it is essential to look at what the ecosystem will provide to its users. Powering scalable projects through blockchain technology and introducing DEX swapping are two of its core solutions.

The focus on decentralized finance can change the lives of millions of people by democratizing access to alternative financial services and products.

Aligning this vision with PancakeSwap’s success and long-term plan can create a sustainable and attractive outlook for cryptocurrency and blockchain over the coming years. 

TOMISwap will serve as the next-generation decentralized trading platform built by the Tomi team. It will run on the Ethereum blockchain and facilitate the swapping of multiple tokens without forcing users to spend an arm and a leg on transaction fees.

Offering sustainable, efficient, cheap, and fast solutions for transactions at a high throughput helps conserve energy and offers scalability that will benefit all participants. 

The transaction fee per swap is capped at 0.3% of the amount, thanks to the use of decentralized liquidity providers. Of those fees:

  • Liquidity providers will earn 66.6% of transaction fees from TOMISwap and the Sushiswap smart contract’s activity, 
  • Governance token stakers will receive 16.6% of the transaction fee.
  • TOMISwap user giveaways will be allocated 8.3% of the transaction fee.
  • The remaining 8.3% goes to TOMIFundMe. 

Through TOMIFundMe, every person on the planet can set up a profile to share project ideas and business plans.

Rather than stopping there, TOMIFundMe will help business ideas grow and evolve if they can change the world for the better.

All TOMI holders can vote on projects to receive a grant. Those grants are paid out using the 8.3% of all TOMISwap fees collected for this purpose.

It is a front-row seat to future development in the decentralized industry, unlike anything that has been seen before. 

The team’s strong focus on wealth distribution and making a positive societal impact brink value to the TOMI token and those who hold it in their portfolio. However, there are multiple benefits to holding that token.

TOMI utility In a nutshell

The TOMI token serves multiple purposes in the Tomi ecosystem, as it is the native currency.

Ranging from community governance to liquidity provision and cheap transactions, there are multiple reasons to like the concept of TOMI.

Governance token stakers receive passive income from TOMISWAP and can vote on the new era of blockchain development.

Traders can benefit from cheap transaction fees and liquidity rewards through swapping DEX. 

With an initial supply of 1.5 billion – capturing the initial needs of the project – the team opts for using half of the coins to provide liquidity through Sushiswap.

Another 250 million tokens will fund the development of the project and require TOMI governance token holder approval before spending.

The remaining 500 million – to be unlocked over three years – is used for the Community pool. There are no free tokens for the founders or anyone else to ensure a fair distribution and release. 

After the TOMI sale concludes, the team will launch TomiSwap and TOMI staking in October 2021. TomIFundMe will be released in Q1 2022, somewhere near February.

The Tomi blockchain – marking the migration away from Ethereum – goes live in Q3 2022 and will support ERC-20 tokens. 

Closing thoughts

The ongoing interest in the Tomi NFTs confirms investors are on board with the team’s vision of creating wealth for everyone through fairness and transparency.

Moreover, the team’s choice to use all proceeds to buy back TOMI tokens and reduce the supply from day one – without any developer receiving a free allocation of tokens – confirms their commitment to a long-term business plan capable of changing DeFi for good. 

A confident team with a solid business plan and a forward-thinking approach can make many ideas become reality. As cryptocurrency becomes a more mainstream concept, now is the time to build wealth and share it with everyone else. All aspects of Tomi fulfill that outlook and provide value and incentive for TOMI holders.

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Source: https://beincrypto.com/tomi-heroes-nft-sales-surpasses-1-35m/

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