Algorand (ALGO)

What is Algorand?

Algorand is a carbon-negative Layer 1 blockchain designed for speed, scalability, and sustainability.

Here are 5 key points about Algorand:

Fast settlement: Transactions finalise in under 5 seconds.

Low fees: Typically under $0.001 per transaction.

Pure proof of stake (PPoS): Ensures decentralisation without central authority.

Smart contracts: Layer 1 smart contracts (ASC1) enable efficient dApp execution.

Carbon-negative: The blockchain offsets more carbon than it consumes.

Algorand on Wraith Wallet

With Wraith Wallet, you can:

Store ALGO securely.

Send and receive ALGO natively.

Buy ALGO directly with debit/credit cards (coming soon).

⚠️ Important: The Algorand network requires a reserve fee of 0.1 ALGO to activate a wallet. This fee is locked and cannot be spent.

How to get Algorand (ALGO)

Buy ALGO directly within Wraith Wallet (coming soon).

Receive ALGO using your unique Algorand address in-app.

📌 Note: You can manually enable Algorand in the Manage Token List. No memo is required when receiving ALGO.

Transaction fees on Algorand

Minimal fees: Typically under $0.001 per transaction.

Consistent and predictable: Ensures no unexpected costs.

Accessibility: Low fees encourage wider adoption and inclusivity.

Checking balances

Wraith Wallet connects to the Algorand blockchain to show your balance. For detailed records, you can select View on Allo in-app to check transactions.

Allo is the default Algorand explorer integrated with Wraith Wallet.

Why choose Wraith Wallet for Algorand?

Simple interface: Easy to use for both beginners and advanced users.

Secure self-custody: You control your private keys and assets.

Continuous improvements: Frequent updates expand features and functionality.

Summary Algorand is a fast, low-cost, and environmentally friendly blockchain. With Wraith Wallet, you can securely store and manage ALGO while benefiting from its low fees and self-custody features.

[Previous: Migrate Fantom to Sonic] [Next: Polkadot (DOT)]