Introducing My Algo Asset Manager
As Algorand’s blockchain grows in adoption, more and more projects are looking to issue tokens as standard assets (ASA). These companies need extremely secure tools to create, mint and manage these assets in an intuitive way. My Algo, known for its advanced web wallet, has now released a tool to enable projects to create and manage assets leveraging the full functionality of My Algo Wallet. This new solution is called My Algo Asset Manager.
Video Tutorial: Create an Asset using a Mulsitig Wallet
Creating an Asset using a Multisig Wallet:
To access the Asset Manager from the My Algo Wallet interface, simply click on the top left drop down to select the Asset Manager product.
First and foremost, My Algo’s Asset Manager uses the same wallet accounts added in the My Algo Wallet dashboard. This means that in the MyAlgo Wallet users can manage their accounts by adding them there and using them in other products such as this Asset Manager or MyAlgo Connect. Furthermore, users wishing to use the most secure wallet can create a Multisig wallet and combining multiple Ledger Nano hardware wallets.
You should read this article about how to create and use Multisig wallets in My Algo if you’re new to it.
For projects looking to launch tokens that are expected to have significant market value, it is recommended that a strong Multisig wallet (composed of 5 or more Ledger Nano wallets) is used when creating the ASA using this tool. This Multisig wallet configuration can also be used to manage the Reserve Address whenever more tokens are injected to the circulating supply.
In this example, we will show how My Algo Asset Manager works using a multisig wallet.
To create an Algorand Standard Asset (ASA), select the multisig wallet you wish to use and then click on Create Asset in the dashboard.
Input relevant information of the ASA you are creating and click Create Asset.
Note: In the Advanced Options, you can modify and configure the accounts that you wish to have specific roles for your ASA. For instance, you can create a different Multisig Wallet in MyAlgo Wallet and use that one as the Reserve and/or the Manager Address to separate the wallet controlling the unminted supply or the configuration of your ASA from the Creator Address.
Once you have reviewed the transaction, sign it with the multisig wallet. You or the other signers will receive a notification in the My Algo Asset Manager dashboard requesting to sign the pending transaction from the other signing wallets.
Select the multisig wallet affiliated with the other signing accounts, and click on Action Required to review and sign from the remaining wallet(s) to complete the creation of your ASA using a secure Multisig wallet.
The My Algo Asset Manager also allows you to create Asset Configuration, Clawback, and Freeze transactions.
To do so, click on the menu button on the top right corner of your Asset’s overview box.
There you will find the different actions you can take on your asset. Once completed, just follow the same multisig signing process used to create the asset.