BitGo, a leading crypto asset security provider, today announced support for Algorand, providing the industry’s first multi-signature wallet and custody services for the Algorand proof-of-stake blockchain.
Algorand wallets are now available via BitGo’s web interface or API. Algorand custody is available through either BitGo, Inc. or BitGo Trust Company, a qualified custodian purpose-built for digital assets.
“Algorand has some new and interesting ideas around multi-phase proof-of-stake block generation. We’ve enjoyed working with the foundation to bring multi-signature security to Algorand.”
– Ben Chan, Chief Technology Officer at BitGo
The Algorand proof-of-stake consensus mechanism is permissionless and ensures full participation, protection, and speed within a truly decentralized network. The blockchain does not fork. Unlike with proof-of-work protocols, two different blocks can never be added to the chain in the same position. Only one block can have the required threshold of signatures in order to be certified in a given round.
All transactions are final in Algorand. Once a block appears, users can rely on the transactions it contains immediately, as they can be confident that the block will forever be part of the chain. Even if the Internet is split into multiple pools of users, only one safe and consistent Algorand chain will exist.
“We are excited to welcome BitGo to the Algorand community. By providing custodianship services with multi-sig security as well as new staking opportunities, the BitGo partnership adds even more opportunities to participate in the Algorand ecosystem.”
– Fangfang Chen, Head of Operations at the Algorand Foundation
Algo, the native asset for the protocol went live into circulation back in June, after the Algorand Foundation held a series of Dutch Auctions.