New update for the Algorand wallet

Yesterday saw the release of the latest update of the official Algorand blockchain wallet for storing ALGO tokens.

This new release introduces new features to the Algorand wallet.

As reported in the announcement, here are some features of this version, v4.0.0:

• Transaction memos. Users can now use the memo field directly from the Algorand wallet to see incoming transactions and details;
• Testnet compatibility. It is a feature designed for developers to test the system directly before executing the transaction on the mainnet, also checking the various tokens that have been created;
• UX enhancement. The graphical interface has been greatly improved, starting from the icons, the addition of tutorials and a better choice of colour palettes.

These are the functions that have been implemented for the moment, but other features are already planned for the future, such as the notification centre, the possibility to export the transaction history in a CSV file, new transaction types and dark mode.

Thus, as shown, this new Algorand wallet has a lot of features.

It’s also worth recalling that with the Algorand blockchain and its wallet, all the ALGO tokens inside it are being staked: without the user having to go through complicated procedures to generate profit from their assets, they can earn interest (just over 5%) on their crypto. 

The Algorand wallet is available for free on Android and iOS. The team explains that they would like to receive feedback from the crypto community so that they can further improve their products. 

The latest news about Algorand

This update certainly represents an important step for the Algorand blockchain.

By the way, only last month Algorand was chosen by the insurance world to provide a valuable tool to combat fraud.

In addition, at the end of April, the company also entered the world of gaming, one of the sectors that most experts say will help blockchain and crypto to reach mass adoption.

It is worth remembering, however, that this wallet was caught in the eye of the storm some time ago for its unclear Terms and Conditions. It seems, in fact, that the wallet is centralized, giving Algorand the power to restrict and prohibit access to this tool at all times.

Finally, it should be noted that the goal of Algorand is to solve the blockchain trilemma, i.e. to achieve security, scalability and decentralization at the same time.