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Is Algorand’s wallet centralized?
Is Algorand’s wallet centralized?
Blockchain

Is Algorand’s wallet centralized?

By Alfredo de Candia - 14 Apr 2020

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Just like every blockchain and crypto, to manage Algorand tokens it is necessary to have a wallet, a software that allows to secure and manage assets.

In the case of Algorand, as pointed out on Reddit by some users, its wallet, available for both Android and iOS, with a recent update has included a small entry, apparently innocent, but which questions some of the fundamentals of blockchain and decentralization.

algorand wallet

As can be seen from the image, before opening the wallet, some terms must be accepted without the possibility of rejecting them.

Furthermore, if we read these terms, point 6 gives Algorand the power to restrict and prohibit access to this tool at any time.

This is what is stated in point 6:

Right to Terminate. We may terminate your access to and use of the Services, at our sole discretion, at any time and for any reason, with or without notice to you.”

What rightly stands out is the complete arbitrariness of the imposition of these terms which, as is well known, only a few people will read carefully.

Some users on Reddit also explain that they saw their transactions being put on hold because they did not accept the new terms ( these are transactions using the official wallet).

Basically, it would be a highly centralized wallet and, since it is the official software of this crypto and therefore probably the most used, this could be a big problem for the users of this blockchain.

Currently, the company has not yet released comments on this issue.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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