A couple questions - Staking/Ledger Support

General
1

Hello,

I have a couple questions here.

  • If you could summarize Algorand in a short description, what would it be?
  • It’s to my understanding that this is a competitor to Tezos, can I make money just holding the coin in a cold storage wallet or exchange?
  • Is there Ledger support for Algorand?

Let me know your thoughts,

Thank you.

2
3

What’s the safest way to purchase ALGO and add it to a cold storage wallet?
How will I receive additional ALGO after I do this just for holding it? Will my cold storage wallet just magically spawn more of it because I own a portion?

These are important questions.

4

Currently Ledger is supported by https://wallet.myalgo.com/ and by the command line tools (https://www.algorand.com/resources/blog/algorand-hardware-wallet).

The additional “participation rewards” Algos are currently automatically distributed to all addresses (that are correctly marked online or offline). In short, if you keep your Algos in your own cold storage wallet, you will automatically receive these participation rewards.

5

Hey Geno, check out these two posts on network rewards:

6

Are you guys familiar with this?

"Once you have connected your Ledger Nano S to the Ledger Live app and allowed Ledger Manager, find Algorand in the app catalog and install it to your ledger device. This app creates an account for you and allows you to generate and sign transactions easily online.

The primary way to interact with the account stored in the ledger device is through the goal tool in kmd. We will show how to perform operations like transaction generation and signing on an online machine with kmd. In your node, type

./goal wallet list -d "

Algorand is not part of the app catalog for Ledger Live so I’m not too sure why this article states that.

7

Update

It took a fair amount of research as well as trial and error but I’ve figured this out now.

Thanks.

8

Its much simpler to use the Ledger through myalgo.com than CLI.