We're excited to announce that Algorand blockchain is now live on Frontier. Users can seamlessly send, store, stake and receive $ALGO in non-custodian way!
What is Algorand?
Algorand is an open source blockchain designed by Turing Award winner and MIT professor Silvio Micali. It launched in June 2019. Algorand (ALGO) aims to achieve all three challenges of blockchains today: security, scalability, and decentralization.
In Algorand’s consensus algorithm, called Pure Proof-of-Stake (PoS), the network ties its security to the honesty of the majority. Algorand makes any dishonesty impossible by a minority so any cheating by the majority would be foolish.
The consensus mechanism ensures full participation, protection, and speed within a truly decentralized network. With blocks finalized in seconds, Algorand’s transaction throughput is on par with large payment and financial networks.
🔐 Creating Algorand Wallet on Frontier
#Step1: Download Frontier
Frontier is compatible with Android and iOS devices and can be downloaded from Play Store and App Store.
#Step2: Launch the App and Create Algorand Wallet
Launch the App and Click on Proceed which takes you to the Wallet creation page and then Click on Create Multi-coin wallet and Set up your Frontier Pin
Launch Frontier -> Proceed -> Create Multi-coin wallet -> Set up Frontier Pin
⚠️ NOTE: There is no way to recover your PIN if you lose it, Frontier does not store any user information.
#Step – 3 Backup your 12 Word Seed phrases
After setting up the Frontier Pin, back-up 12 Word Seed Phrases
⚠️ NOTE: Frontier never stores Seed phrases and user information. Incase of loosing seed phrases, Frontier won't be able to recover the wallet. We always recommend users to store their Seed phrases safely and securely where only they can access it.
You now have successfully created a Multi-Coin Wallet.
#Step – 4 Access Algorand Wallet
To Access your Algorand Wallet. Navigate to Menu -> Change Wallet -> Choose "Algorand" -> Select as Primary.
📥 Loading up Algorand Wallet with $ALGO
After successfully creating Algorand Wallet, let's load-up the Wallet with some $ALGO.
Click on Receive -> Copy the address or Scan the QR Code -> Send ALGO tokens to your Algorand Wallet.
You can earn passive income by participating in the Algorand network. All addresses that contain 1 ALGO or more will receive rewards. i.e holding $ALGO tokens in your wallet makes you eligible to earn staking rewards.
Rewards are claimed every time a transaction occurs to or from your account.
You could also do a transaction of 0 ALGO to yourself to claim your rewards.
📥 Importing Algorand Wallet
You can import Algorand wallet from other wallets to Frontier using the following steps:
Click on Import Wallet -> Choose Algorand or Multicoin Wallet if you want to import multicoin wallet -> Enter your Phrase/ Key-store/ Private key -> Click on Create Pin.
You have successfully imported your Algorand Wallet to Frontier.
Frontier is a Chain Agnostic DeFi Aggregation layer. Using Frontier, Users can Track and Manage DeFi positions, Stake Assets, Swap or Exchange Assets and explore more DeFi Applications in one single place.