Getting started with Algorand ​

What is a Blockchain, or Web3? ​

This is quite a complex concept to grasp quickly.

Here is a great breakdown by Algorand Inc, a cutting edge, Boston founded, U.S.Blockchain Technology Company.

“blockchain is an immutable database of recorded transactions that is shared across a network of computers (called nodes). Transactions are propagated through the network, verified, and bundled together into blocks. Each block of transactions is verified by the decentralized network of participating nodes and appended to the previous blocks. Every block is assigned a unique code (called a hash) that users can reference in the future and prove to anyone that their transactions were indeed added into that block. Any user can freely read from and write to this immutable database.”

Blockchain Technology, or Web3, is the infrastructure Algogems, and many other companies and corporations are innovating with. Algorand in our opinion is the best blockchain in existence!

Why Algorand? ​

At Algogems we believe Algorand is the future of finance. Algorand founder Silvio Micali has the best approach to the Blockchain Trilemma, in our opinion. @metapunks.world has a wonderfully written piece covering this exact topic. We agree completely, and the article is worth reading to the end!

Watch our video! ​

What is Centralized Finance? ​

Centralized finance, or CeFi, mimics the legacy financial industry by allowing people to exchange, earn interest, or get loans; using their cryptocurrencies as a form of collateral. Notable examples include exchanges like Binance, Coinbase, MEXC or even the likes of Celsius, SALT, etc. SwissBorg goes into depth about this very topic, please read here!

What is Decentralized Finance? ​

Decentralized finance, or DeFi, is a blockchain-based form of finance that does not rely upon legacy centralized intermediaries. That is a technical description of DeFi, but in simpler terms. DeFi is a form of finance open to anyone with a phone and an internet connection. In contrast to CeFi you do not need an ID, to KYC (Know Your Customer) or have a bank account. These are exactly the same requirements for using Algogems and creating an NFT, or interacting with Algorand DeFi.

What is a Wallet? ​

A wallet is how you are able to access and interact with the Algorand Blockchain. There are multiple wallet providers on Algorand. All wallets will use a 25 word Seed Phrase. Protect your Seed Phrase, and be responsible with how it is stored. This gives full access to your Algorand Account through any Algorand Wallet. It is common to keep a backup, in case the original is lost or damaged. You can use the same seed phrase on multiple devices simultaneously. For example,on your phone, laptop, and PC. Read more about the topic here.

How to make a Desktop Wallet ​

This is a wallet that is saved to the browser you use. It is our recommended wallet for laptop and PC users! My Algo Wallet is a great option for your first Algorand Wallet. Jason Porter has a well written article to guide you through the process!

How to make a Mobile Wallet ​

Pera Wallet is a favourite of the Algogems team. It makes your Algorand Wallet very portable, and has great features to view your NFT collection. This wallet can be downloaded from the Play Store or App Store. Here is a direct download link.