How to Setup Algoran's MyAlgo Wallet with MultiSignature Accounts

MyAlgo allows you and only you have access to your accounts and data. MyAlgo passwords and keys are stored locally in your browser. MyAlgo allows to create and import multisignature accounts that allows you to maximize security at Institution security level along with Ledger Hardware wallet.

How to Setup MyAlgo wallet Always verify you are on the correct URL: https://wallet.myalgo.com I would bookmark this website. When you click on Add Account, It supports Ledger Nano Hardware wallet. I love the fact Ledger Nano has a app for Ledger Nano where you can store Algoran directly in Ledger without storing any private keys on Computer but in a Hardware wallet. In this screen there is the option for New Account to create a new randomly generated account. You can also import account provide the mnemonic phrase. You can follow the balance and transaction of any public address. There is very cool option for New Multisignature Account. You can also import Multisignature Account with shared secret.

Algorand Multisig Accounts A multisignature account or multisig, is an account that requires 2 or more private keys to sign transactions. In Algorand, multisig technology is natively supported and allows for a variety of uses. In a normal account, a single signature is required to spend from it whereas in an Algorand multisignature account a combination of signatures from different accounts are required before a valid transaction can be created.

Here are the steps to create Multisignature account

1. Click On Add Account on the left side menu
2. Click the New Multisignature Account box.
3. On the left section, select the setup configuration you wish to have for your multisig account. In this example, we create a 2-of-2 multisig meaning that 2 signatures out of a total 2 signing accounts are needed to approve transactions.

How to import an Algorand multisig account To import an Algorand multisig account, in your MyAlgo wallet dashboard:

1. Click On Add Account on the left side menu
2. Click On Import Multisignature Account box
3. Paste the Shared Secret that the initial creator of the multisig gave you. The Shared Secret is available just after finishing the creation process of the multisig account. You can also use the camera or upload an image to scan or import the QR code accordingly.

How to send and sign an Algorand multisig transaction To create and send a multisig transaction with your Algorand multisig account after you have funded it:

1. Select the Multisig account you wish to transact with and then click on Send
2. Input the amount of funds that you wish to send. You can also choose another asset to send. Paste the destination address where you wish to send the funds to and click Continue.

Buying Algoran from Coinbase I will show you how to buy Algoran Tokens from Coinbase. I have few USDC. I am going to use it to buy Algoran tokens. You can connect your Bank Account to Coinbase and buy USDC without any fees. You can use USDC to buy Algoran tokens without any fees. I tried using the Coinbase convert function to purchase Algoran from USDC I have. Coinbase convert function is charging me $0.99 to purchase small amount of Algoran. Now, I am going to switch to Algo-USDC trading pair to purchase Algoran tokens. I click on Trade tab on the left. Coinbase Trade does not charge trading fee to buy from Algo-USDC trading pair. I used my Coinbase account to buy $2 worth of Algoran tokens.

In summary, it was much earlier to setup the MyAlgo Wallet. wallet.myalgo.com is much easy to setup it. You can use MyAlgo wallet and connect to Algoran Dex like Algofi, Tinyman, Pact, Humble Defi, and Algodex. I will have a detail video of Tinyman DEX on Algoran on the top and bottom links. Algoran due to its' technology it will be poised for 10X on next bull market in crypto from the current price of $0.17. Algoran future potential all depends on Algoran foundations backing and how many quality project they can attract to the chain. As a Layer 1 and Algorand’s Compatibility with Ethereum will make it almost valuable like Polygon is to Ethereum.

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00:00 Introduction to Algoran's MyAlgo Wallet 00:48 How to Setup MyAlgo wallet 02:30 Algorand Multisig Accounts 04:23 How to import an Algorand multisig account 05:04 How to send and sign an Algorand multisig transaction 07:09 Buying Algoran from Coinbase 07:54 Summary

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