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Algorand (basics)

Definitions

  • ALGO - the coin that powers the Algorand network
  • ASA (Algorand Standard Asset) - used to represent NFTs (quantity of 1, decimal of 0), fractional NFTs (an NFT you can split up; quantity of log(decimal), decimal of factor of 10) and coins / fungible assets (quantity > 1)
  • Mainnet - the main Algorand network
  • Testnet - the test Algorand network
  • Sandnet / Sandbox - a sandbox instance of an Algorand network run locally via Docker compose
  • Devnet - a version of the Algorand network where transactions are committed instantly (helps with faster end-to-end testing)
  • Dispenser - A website that you can use to ask for an account to allocate ALGOs to your test account
  • Account - something that can hold ALGOs and assets
  • Wallet - An application which manages accounts, assets and signs transactions
  • Mnemonic - A 25 word phrase that represents a private key for an account

Learning path

Next: Interacting with Algorand