CRYPTO AND ART GALLERIES How to set up an Algorand Wallet
An Algorand wallet will allow you to store assets (whether fungible or non-fungible) on the Algorand blockchain. The wallet is made up of as many accounts as you would like to add, each with their own unique address, backup phrase, and the assets they individually hold.
The easiest way to set one up is by downloading one from the app store specific to your mobile device.
First, select the option below that's appropriate for your device, then simply download the app and follow the instructions here.
Setting up your first account can be daunting if you aren't familiar with what a backup phrase is or what it's actually doing. If you have questions, we're here to help.
Backup Phrase (commonly referred to as a “Seed Phrase”): This is the phrase that will give you instantaneous access to your account if you lose your password, have your phone or computer stolen, etc. Each blockchain has a different length, but what it amounts to is a series of non-sequitur words that, when placed in the right order on the blockchain, unearth your account as if they were a magical incantation.
The reason this works is your wallet and all the accounts on it, in actuality, live on the blockchain. The app you’re using to access the account is simply interacting with the blockchain. So when you lose the app due to unforeseen circumstances, the contents of your wallet are 100% safe, globally accessible, and stored on a public ledger if you need to account for what was sent where.
In Algorand, the recovery phrase is a 25-word string. Write it down when you receive it, memorize it, or store it in a safe place. If you and you alone have this seed phrase, nobody can take the contents of your wallet. Not an Algorand developer, or a bank, or a robber. Only you will have access to your assets.
Address: Every account has an address that’s publicly identifiable and permits the sending and receiving of assets on the blockchain. In actuality this is an unintelligible string of numbers and letters (like this: F894582FDSFO9GADFS9REWDFDVSAFDSA).
In practice, this can be utilized in a number of ways that don’t include copying and pasting machine generated identifiers. One widely used method is via QR codes, which allow for the quick scanning of the address, making it easier than swiping a credit card.
Additionally, human-readable NFT crypto addresses are fast becoming standardized. This allows you to give people an address like fineart.crypto, to which they can send funds to instantly. No machine codes – just something memorable and easy to type out.
Assets: For our purposes, the assets we care about are non-fungible tokens representing ownership (or something either physical or digital). In general, however, an asset can be anything stored on a blockchain, both fungible and non-fungible. While it is important to understand that NFTs are in no way technically affected by the market value of their fungible counterparts, both can exist on the same blockchain.
*It’s also important to understand the limitations of assets. You cannot, for instance, send an Algorand NFT to a Bitcoin wallet address. You may, in this instance, actually lose your NFT for good.
If you ever have need of recovering your Algorand wallet, please follow the steps here.
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