The long-awaited Algorand main network will be officially launched tomorrow. At the same time, all investors who participated in the Dutch auction will also receive the Algo token tomorrow. So, what kind of surprises will you get after receiving Algos? What issues should you pay attention to?

As the global strategic partner of Algorand, Bitpie Wallet has been working closely with Algorand R&D team for several months. Aim to provide users with a safe, stable and easy-to-use Algorand wallet after the main network be officially launched line.

After measuring the data based on the real main network, we have compiled this description so that everyone can easily understand the problems related to Algos.

First, Participation Rewards

I believe everyone cares about Algorand’s reward mechanism. We found in the test that as long as the balance on user`s address is more than 1 Algo, then the Algos reward will be given to this address constantly. After calculation, we have a conclusion that 1 Algo can receive 0.000017 Algos in 1 hour. Then, its annualized income is:

Annualized income = 0.00017*24*365/1*100%=14.892%

Besides, rewards are automatically issued and you don’t need to do anything. So, holding Algos via Bitpie wallet can really earn money without doing anything !

Here are three additional points to explain:

1. Total Participation Rewards are 1.75 billion. Rewards are awarded in monthly increments.

2. Single Algo Reward = Total distributed rewards amount/ Total circulation of Algos. Because the rewards are incremental and the circulation of the Algos is also increasing, the revenue that a single Algo can get is a dynamically changing number.

3. Participation Rewards will temporarily exist in the “Pending Rewards”. Once you initiate a transaction, the reward will be automatically sent to your address.

This model will encourage people to trade to a certain extent.

If you want to get this Algo reward, you must hold the Algo token in your Bitpie wallet, the exchange will not give the rewards to you.

Simply put, just put Algo in your Bitpie wallet and you can automatically earn rewards .

Second, the mnemonic of Algorand

Unlike the 99% wallet in the market, Algorand’s official wallet has 25 mnemonics.

* Technically speaking, 25 words are equals to 24 mnemonics + seed passwords, whose primary private key is generated by hashing these 25 words. The 25th word can be selected from 2048 mnemonics, or it can be arbitrarily selected. This form also meets the BIP protocol.

* On a security level, the security of 25 mnemonics (HD account + seed password) is higher than 24 mnemonics.

* From the use experience , the problem that 25 mnemonics will bring to most users is that it is difficult for you to find other Algorand wallets that support 25 mnemonics on the market to import your mnemonic.

Third, Algo receiving and storage

The auction has two steps. The first step is to create or import a wallet for auction. If you choose to create, you will create a 25-word mnemonic on the auction website. If you choose to import, you need to import 25 mnemonics. That is to say, this step can only be created directly, or imported with the help of the official wallet. Either way, the private key of this wallet is already updated to the website. The second step is to create a Secondary Wallet, which only needs to enter the receipt address and does not need to enter the private key. Your Bitpie wallet address is available at this step.

If the creation of the second wallet is not completed, the Algo token will send to the first wallet. If created, then will send to the Secondary wallet

It is strongly recommended that all participants in the auction add the address generated by the Bitpie wallet, because the security of the decentralized App wallet will be better than import your mnemonic to an online wallet.

Fourth, Algo minimum transfer and transaction fee

Algo can be subdivided into 6 decimal places, ie the lowest transfer can be 0.000001 Algo. However, the transfer fee is fixed at 0.001 Algo per transaction. This design may be use to prevent someone form dust attacks.

Fifth, wallet balance and transfer speed

The user cannot transfer all the Algos in the address. The system requires a minimum of 0.1 Algo on the address, and the transfer can only be made when the balance is more than 0.1 Algo. As for the transaction experience, it is very smooth at the moment, almost finished in seconds.

These are five results we got after the test. We hope Algorand will bring us more interesting functions in the future, we will continue to pay attention to it, and introduce you all the new functions as long as it comes out.

The newest Bitpie version V4.0.6, has support the Algorand main network

(This is the world’s first wallet that support Algorand)