Skip to main content

Algorand (ALGO)

What is Algorand (ALGO)?​

Here are 5 key points about ALGO:

  • Algorand’s consensus mechanism allows for transaction finality in under 5 seconds and supports thousands of transactions per second.

  • With the low transaction fees typically under $0.001, Algorand offers a cost-effective solution for users and developers.

  • Algorand’s PPoS ensures a highly decentralized network with no central authority.

  • Algorand’s Layer 1 Smart Contracts (ASC1) enable efficient and secure execution of decentralized applications.

  • Algorand operates as a carbon-negative blockchain, offsetting its minimal energy consumption.

tip

Learn more about ALGO by reading the Gem Wallet Learn article:
What Is Algorand?

ALGO on Gem Wallet​

  • Buy ALGO with fiat using debit/credit cards (TBA).
  • Store ALGO after paying for the ALGO Reserve Fee of 0.1 ALGO.
  • Send and Receive ALGO natively.

ALGO Wallet on Gem Wallet ALGO Wallet with the Reserve Fee

important

The ALGO Reserve Fee of 0.1 ALGO is a requirement of the Algorand Network.
It cannot be spent and will be locked on your ALGO Wallet once it is activated.

How to Get ALGO?​

Here are some ways to acquire some Algorand (ALGO):

  • Buy ALGO directly on the Gem Wallet app (TBA).
  • Receive ALGO with the unique ALGO address on the Gem Wallet app.

Enable ALGO on Gem Wallet Receive ALGO with Gem Wallet

note
  • Manually enable Algorand by tapping on the Manage Token List.
  • Memo is not required in receiving ALGO on Gem Wallet.

Transaction Fees on the ALGO Network​

The fees on Algorand are summarized as follows:

  • Algorand charges minimal fees, typically under $0.001 per transaction, making it an affordable blockchain for all users.

  • Transaction fees are predictable and consistent, ensuring users and developers can plan operations without unexpected costs.

  • The low fees make Algorand accessible to a wide audience, promoting inclusivity and efficiency in financial transactions.

Send ALGO with Gem Wallet Low ALGO Fee

How to Check ALGO Balance?​

Gem Wallet app connects to the Algorand Network to show the ALGO balance on your wallet. Tap on the 3 dots at the upper right corner, then tap on View address on Allo. You can also view transaction details by tapping on it on the list, then tap on "View on Allo".

View ALGO Balance Screen ALGO Transaction Screen

tip

Allo is the default ALGO explorer of Gem Wallet. You can manually check balances and transactions by going to Allo and search for your ALGO address.

View ALGO Balance on Allo View Transaction on Allo

Why Choose Gem Wallet for Algorand?​

  • User-Friendly Interface: Gem Wallet’s intuitive design simplifies the management of ALGO for both beginners and experienced users.

  • Enhanced Security: Self-custody features ensure users retain full control over their assets and private keys.

  • Continuous Innovation: Regular updates add new features and enhance functionality to improve the user experience.

Conclusion

Algorand (ALGO) represents a groundbreaking blockchain platform that combines speed, scalability, security, and sustainability. With Gem Wallet’s support for Algorand, users can unlock the full potential of the ecosystem, whether it’s managing assets, participating in governance, or exploring dApps. Gem Wallet is your reliable companion for navigating the Algorand Network.