How To Set Up A MyAlgo Wallet
And how to get started using your ALGO for DeFi applications using the Algorand Blockchain
As more Algorand projects are released such as Yieldly, tools such as the MyAlgo wallet from Rand Labs make interactions with the applications smooth and effortless.
I have found the biggest barrier to the blockchain world is just getting the correct tools and how to set them up to work with DeFi applications.
The easiest way for me to learn these tools is usually through some sort of walkthrough with some visuals as a guide. Hopefully, the following will help you.
Disclaimer: There are no affiliate links. I am not affiliated with Algorand, Rand Labs, or Yieldly. I just like the products.
Lets get started:
2. You are going to click the Access button.
3. Next click Accept Terms if you agree to them and continue:
4. Create a password:
5. New wallet:
6. Continue to see your mnemonic phrase:
7. Copy your phrase down somewhere safe as you will need it for the next step. I copied and pasted it into a word doc.
8. In The next step you will need to count your phrase as it is given to you and match the word to its number in order. For example, I give you a list of words: apple, orange, green. Word #3 is green.
9. You will then be asked to name your wallet and enter your password to create it. You now have a wallet to use.
10. To add Algo to your wallet click on the receive and get your address. I used the copy button and in my Coinbase account pasted it in my send to my account. FYI this account has been deleted.
Now that you have a wallet you can go to Yieldly and click connect wallet. You will be asked for the password you created in step #4.
For more about Yieldly check out my article:
I hope this helps you as much as it was fun for me to make.
Thanks for reading!
