Staking Algorand with Ledger Live
Earn money while holding Algorand (ALGO)
Staking is the process of holding funds in a cryptocurrency wallet to support the operations of a blockchain network and, in return, holders are rewarded for their contribution.
Algorand (ALGO) aims to solve the three main challenges faced by blockchains today: security, scalability, and decentralization.
In Algorand’s consensus algorithm, called Pure Proof of Stake, the network ties its security to the honesty of the majority. Algorand makes any dishonesty impossible by a minority so any cheating by the majority would be foolish. As long as two-thirds of the majority are honest, the protocol is robust.
Rewards
You can earn passive income by participating in the Algorand network. All addresses that contain 1 ALGO or more will receive rewards. The current annual yield on Algorand is around 5 to 6%.
Rewards are claimed every time a transaction occurs to or from your account.
You could also do a transaction of 0 ALGO to yourself to claim your rewards.
Estimate your rewards
Earn ALGO with Ledger Live
Algorand has passive rewards system. You don't need any specific action to start earning.
Step 1
Install the Algorand application on your Ledger hardware wallet.
Step 2
Create your Algorand account on Ledger Live using the Ledger Live manager.
Step 3
You need at least 1 ALGO on your account to start earning.
The benefits of staking ALGO
No action to start staking - You only need a minimum balance of 1 ALGO
Compound reward - Once claimed, your rewards are directly added to your global balance
Low risk of forking
Speed of transactions