I have modest experience with PoW coins - buying, trading, etc. I wanted to get into PoS coins and Algorand is one of two I’m most interested in. In large part because my organization is also looking at possibly using a blockchain platform for client work product management.
Now, I wanted to get an idea of how Algorand works today for a general ‘consumer’ and started with the Algorand Android app and a Ledger. Traded a bit of BTC to Algo and voila, that much worked brilliantly (and FAST).
However, I’m confused by a number of things:
I add an account - on the Ledger. I name it and I get an address. That address is static for all transactions now? Unlike other coins I have experience with where I can generate a receiving address. Is this by design or a limitation of the current implementations? When I look at My Algo and others, this appears to be normal. While I’m not expecting privacy at a high-degree, it seems odd that by doing any ALGO transaction with any given party, they now know my entire holdings on that account.
As it pertains to (1), this appears also to tie the end-user to assets. Which, again, seems odd to me - especially if some business dealing might benefit from negotiations. You wouldn’t share you balance with a vendor before negotiating, right?
There is the list of ‘Verified’ assets - I found via Google the micro-shares listed aren’t for US persons. And there doesn’t appear to be any barrier (or risk) to validating against an asset you don’t do business with. It’s just ‘noise’ from what I can gather but I’d like to confirm this? If we’re toying with assets and they’re ‘not for us’, it doesn’t really matter … we can just remove them? Well, I haven’t tried removing, so can we remove?
I watched the video introducing the new asset features and there was the coffee example - there is a coffee example on the testnet (although it doesn’t appear to be the same one). There is also the verified Tether asset. It appears these use your ALGO address (again and issue for (1)). They are different units of issuance which makes sense. However, for something like Tether … how do I get my existing Tether INTO Algorand (the USDT asset, not into ALGO)? I see USDT-ALGO listed on some exchanges but it appears to just be tracking ALGO against USDT. One cursory check and putting my ALGO address as the receiver doesn’t validate to send.
I understand this is all RAPIDLY developing so perhaps the answer is ‘sit tight, it’s all coming’ - I just want some semblance of privacy options if they exist today. Before I start exploring assets more closely.
To be clear - I don’t always want (or can expect) privacy with a asset partner. However, I would think P2P trading or other activities in the future would desire some privacy. Right?
Thank you for your time, Cheers, -Pk