What is an Algorand wallet’? Why do I need one?

A wallet is a core component of a blockchain/cryptocurrency system. Lofty uses the Algorand blockchain to manage the accounting of the fractional ownership of the properties on its platform. Because we run on Algorand, our assets are stored in Algorand Wallets.

A Public Key or Public Address are also terms that are used to describe a wallet. A wallet is composed of two parts: a public address and a private key. A good metaphor for this is a mailbox and a mailbox key. Anyone can drop anything in the mailbox, but only the owner of the private key can open it up and access it. The link between a public and private key is rooted in public-private key cryptography, and is what puts the crypto in cryptocurrency.

In order to receive your purchased tokens of real estate, you will need an Algorand wallet so that the assets can be delivered to you. We recommend the Official Algorand Wallet mobile app, but you may also use wallet.myalgo.com. You may not use a virtual wallet like Coinbase because it does not let you opt into ASAs (Algorand Standard Assets), which is what Lofty tokens are.

The most important thing to remember about wallets is to make sure to save your private keys. These private keys allow you to access your wallet and if they are lost, you will lose access to your wallet. Make sure to save both digital and physical copies of your private keys just to be safe.