|Wallet type||Web-based, hot wallet|
|Platforms supported||Android, iOS, Chrome, Firefox and Windows|
|Cryptocurrencies supported||Cardano ADA|
We usually store money in a wallet. When it comes to digital money, there are wallets where you can store your virtual coins. These wallets look and function differently from normal wallets, although the purpose remains the same.
Each cryptocurrency needs a wallet compatible with it. You cannot store any digital currency in any wallet. The Daedalus wallet is made for Cardano, one of the most valuable digital currencies in the world.
In this article, we will explain how to use the Daedalus wallet, what it is, and let you know if it is the best wallet for Cardano. Let us look into this Daedalus wallet review in detail now,
What is Daedalus?
The Daedalus wallet is the official wallet launched by IOHK, the team that created the Cardano cryptocurrency. The wallet was built to be used across several platforms. It enables the safe storage and transfer of ADA coins to and from other addresses.
Daedalus is a hierarchical-deterministic wallet that supports the creation of a number of accounts in a single wallet. Cardano is a smart contract blockchain platform that is home to the Ada cryptocurrency (ADA). Ada ranks 12th in the total list of cryptocurrencies according to market capitalization.
Daedalus has gained much popularity within a short time because of the wide range of features it offers users. Users can manage the wallet easily and securely using high tech features.
The Daedalus wallet shows some of the characteristic features which can be listed as below:
- Easy installation with one-click setup of bundled Cardano node
- Locally stored wallets and encrypted private keys, not shared with third-party servers
- Trustless operation with locally running full Cardano node which independently validates full transaction history of the blockchain
- Supports Cardano network by participating in Cardano protocol
- Wallet backup and restoration using mnemonics phrases
- Support for staking coming with Shelley release
- Complete autonomy without reliance on third-party servers and services
- Paper wallet generator for offline storage of funds.
Daedalus Fees and Limits
There are no fees charged for downloading Daedalus. However, there are transaction fees charged by the network. The minimal fee included is calculated based on the formula: a+b *size where:
- a is a special constant, at the moment it is 0.155381 ADA;
- b is a special constant, at the moment it is 0.000043946 ADA/byte;
- size is the size of the transaction in bytes.
Daedalus Supported Currencies
Daedalus is made by the Cardano Foundation for use with the Cardano ADA. The only cryptocurrency that is supported is Cardano, as this wallet was specifically built to hold ADA.
There is no restriction when it comes to the user’s geographical location, but one needs to consider to check if handling cryptocurrencies is legal in your country’s jurisdiction.
Is Daedalus Safe?
Cardano is a highly secure blockchain platform written in Haskell, a programming language that uses complex mathematical logic for coding, and has a high fault tolerance degree.
Since Daedalus is also based on the same platform, it is as safe as Cardano itself. Cardano wallet technology is safer than most because of the highly innovative peer-reviewed research. Daedalus has an encrusted structure as well as formal verification codes.
How to register on Daedalus?
Step 1: Download and run the wallet installer. Once downloaded, run the installer and install it on your computer.
Step 2: Create a new wallet. Once the application is installed, you will see a “+” sign.
Step 3: Once you click that sign, you will be guided to create a new wallet. Make sure to create a strong and secure username and password through a two-step verification process.
Step 4: Create a recovery password. A recovery password is the best option to get access to your wallet even if you forget the password.
Step 5: Once you have confirmed the recovery phrase, you will be brought to a window with the terms and conditions. Read and then tick the boxes and click on the confirm button to create the wallet.
How to restore the Daedalus wallet?
Step 1: Click on the Wallet icon on the top left if you do not see Add wallet on the bottom left.
Step 2: Click on Add wallet, Now click on Restore.
Step 3: Select your wallet type and continue
Step 4: Enter the Wallet name and the 12-word Daedalus wallet recovery phrase.
Step 5: Name your wallet and set your Spending password. Wait for your wallet to Synchronize
Step 6: You will see your balance once the wallet is fully synced.
How to send funds on Daedalus?
Step 1: Click on the “Send” tab.
Step 2: Copy and Paste the Receiver’s Wallet Address.
Step 3: Specify the amount you want to transfer.
Step 4: After you have checked all the details, click “Next.”
Step 5: Confirm the transaction.
Step 6: The Receiver’s Wallet Address, Amount, Fees, and Total will be displayed.
Step 7: Enter the password of your wallet.
Step 8: Click “Send.”
How to receive funds on Daedalus?
Step 1: Click on the “Receive” tab.
Step 2: Copy the address featured above “Your Wallet Address.”
Step 3: Paste the address to the sender.
Step 4: Specify the amount you want to transfer.
Step 5: After you have checked all the details, click “Next.”
Step 6: Confirm the transaction.
Step 7: Enter the password of your wallet. Click “Receive.”
Step 8: Wait for funds to be credited to your wallet.
Daedalus Pros and Cons
- Hierarchical-deterministic wallet
- It provides a single seed backup option
- Encrypted Keys & Password to keep safe from malware security threats
- Compatible with Mac, Windows, and Linux
- Only supports ADA coins
- Requires time for blockchain synchronization
- No exchange, direct purchase functions
- User complaints regarding functionality
Daedalus is an easy to use cryptocurrency wallet and has a simple, user-friendly interface. Free to download and use, the wallet has low transaction fees. The customer support is prompt and helpful. Daedalus is synchronized with Cardano’s blockchain to provide better security.
This multi-platform cryptocurrency wallet ensures that your private keys are strictly under your control, and so nothing is store outside of your access device. Daedalus makes sure clients are able to store their coins easily and securely.
Thus If you are looking for the best wallet for Cardano, then Daedalus is certainly the best option recommended.
- On July 30, 2020, Shelly roll out introduces the arrival of Mainnet staking and delegation to the Cardano Protocol.
- On Aug 20, 2020, EMURGO to integrate Cardano ADA Staking Data with Yoroi Wallet.
- On Aug 21, 2020, Kevin Cislakk held a virtual Cardano Community meet up to discuss all things of Cardano.
- On Aug 28, 2020, A new version of the Daedalus wallet, Daedalus 2.2.0 was released for Cardano.