We normally store money in a wallet. But, for the digital currency also there are wallets where you can store your virtual coins. Each wallet has a different look, compare to the leather wallet you carry in your pocket, although the goal remains the same.
So every cryptocurrency requires a wallet compatible with it. Now you will be looking which wallet is best for you to store digital Currencies, one such wallet is the “Daedalus wallet” and why its best for you let’s find out.
So read our complete Daedalus review to know more about this wallet.
- ADA- The Cryptocurrency of Cardano
- Features of Daedalus wallet
- How to Use Cardano Wallet?
- What Coins Does Cardano Wallet Support?
- What to Look for in a Cardano Wallet?
- Do Any Other Wallets Support ADA Cryptocurrency?
- Latest updates
The Daedalus wallet is the optimal wallet of IOHK which stores Cardano. It’s a multi-platform, safe, and hierarchical deterministic (HD) wallet for the Ada cryptocurrency. Also, It is one of the best Cardano wallet available out there.
Cardano is a smart contract platform that operates the Ada cryptocurrency (ADA), which itself can send and receive digital funds. Ada also known as Ada wallet is one of the 10 largest cryptocurrencies in terms of market capitalization. (At the time of writing)
There’s a single digital wallet available to store Ada- Daedalus (official Cardano wallet). Here’s the detailed guide on how the Cardano wallet works?
The open source cryptocurrency wallet for Ada, built to grow with the community
ADA- The Cryptocurrency of Cardano
Daedalus is a highly safe wallet for the Ada cryptocurrency. This digital wallet is going to add more cryptocurrencies and develop them along with Cardano. They focus on becoming a renowned app store, a universal digital wallet, and an application platform.
Daedalus wallet is a “full” or “thick” client. It is operating the Cardano protocol and engaging directly in the network.
- Digital wallet to store ADA, security features are backed by the development team
- No app, no support for other cryptos, user complaints, still one of the good option
Daedalus is the name gifted to the official digital wallet for ADA. It’s an open-source software download for Windows and Mac OS.
Cardano Wallet allows you to manage multiple wallets and organize funds the way you like.
However, it’s really simple to send/receive ADA cryptocurrency and view the transaction history. Daedalus wallet works on the cryptography standard technology.
In the FAQs on the Daedalus wallet website, you’ll find the reason behind this:
Daedalus is a “full” client running the Cardano protocol and participating directly in the network, and full clients are usually unable to run on a mobile operating system. “Light” or “thin” clients, which only hold transaction information and private keys, and interact indirectly with the protocol, will one day, be developed.
Features of Daedalus wallet :
- Both Encrypted private keys and spending passwords provide safety against security threats
- Wallets can be exported to paper certificates, with the majority security option to place funds in cold storage
- Ada cryptocurrency redemption is built directly into Daedalus wallet. ( Hence, it supports encrypted and unencrypted redemption certificates)
- Configurable transaction assurance level monitoring: This allows you to ensure when transactions become irreversible
The future aspects include:
- Support for Ethereum Classic and Bitcoin
- A mobile wallet for Android and iOS
- Staking support
- An application store to download community-built applications
- The digital wallet also plans to support “virtually any cryptos” in the coming future.
How to Use Cardano Wallet?
This wallet needs a simple installation. Once you install the app, it automatically opens and you can start using the Cardano ecosystem.
Further, Daedalus wallet gives you access of the entire transactions history. (In the process and previous process)
Using Daedalus Wallet to Store Ada Cryptocurrency
To store the funds, follow the steps mentioned below:
Download and Run the Installer
The installer of this digital wallet is available for Windows and Mac OS. However, you can choose the system any of your preference. Once you install the application, you can store your coins and perform other transactions.
Create a Wallet
Once you install the program, run it. You will encounter a synchronization window after which the main dashboard appears. Next, click the “+” sing to create a new personal wallet. Further, enter a username and password for your wallet. Then, enter a recovery phrase which you must keep safely at some secure place.
Sending Your ADA Cryptocurrency to the Wallet
Once you successfully create the wallet, click on the “receive button” within the wallet. Next, you will see the Cardano wallet address as a QR code that you can scan. However, you can either scan or copy this address. Use this address to send ADA cryptocurrency to your wallet.
What Coins Does Cardano Wallet Support?
Daedalus is built by the Cardano Foundation to use the ADA cryptocurrency. Therefore, Cardano and Daedalus go hand in hand because Cardano doesn’t have any other wallet and as Daedalus is created for Cardano.
Daedalus Wallet Encryption
Before using this wallet, you will be having a lot of doubts, Is Daedalus Wallet safe?. This digital wallet is safe to use as it provides multiple security alert features. Since it’s an HD wallet; you can derive keys using a general seed. This is the reason why encryption level is high. However, it has three structures:
- Only users are liable for the integrity, confidentiality, and security of information.
- If the account gets hacked or used by fellow without the authority of the actual user, the user can’t complain and he will liable for this.
- It is the liability of a user to ensure that confidential information such as passwords and keys are safe.
Some Additional Information!
What to Look for in a Cardano Wallet?
If you’re looking to store ADA cryptocurrency or any other, then follow the few key features to look for in a wallet. These include:
If you face a problem with a transaction or functionality, are you able to quickly and easily access customer support? Does the support team hold a good reputation to offer prompt assistance?
Moreover, look for the digital wallet with a strong development team that’s always make improvements.
Easy-to-understand user interface:
Ensure any wallet you choose to provide a simple user interface which is easy to understand.
High level of security:
Does the digital wallet allow you to retain control of your private keys? Does it provide two-factor authentication? Is a backup facility available? So, consider the security aspects to decide whether the wallet provides secure storage for your crypto.
Do Any Other Wallets Support ADA Cryptocurrency?
At this moment, the only place to store ADA cryptocurrency is the Daedalus Wallet. Also, many reports have indicated, that ADA support will be linked to Ledger hardware wallets at some point. The concrete date is not announced yet.
Tips to Secure Your Cardano
Remember the following tips to ensure the hassle-free storage of your Cardano holdings:
- Go offline (offline storage reduces the threat of hacking)
- Make use of security features (Two-factor authentication, setting up a safe PIN to protect your cryptos)
- Backup (Regularly backup your wallet to keep it up to date)
- Use standard security practices while storing Cardano
- Watch out for scam wallets (Recent reports of scam Cardano wallets, use a wallet from the trusted and reputable provider)
With the advent of new decade, Daedalus will see a new update every week in 2020.
The Cardano announcement “Cardano 1.5 was released on Mainnet on March 20, 2019. Now the Daedalus users need to install the 0.13.0 Daedalus. This update is made to improve performance when rendering a list of transactions and wallet address the addition of features for detecting insufficient disk space, and a new screen that visualizes the block storage consolidation process.”
Overall, Daedalus has a simple, user-friendly interface. The wallet has low transaction fees as compared to other competitors and the customer support is quick and helpful. Security has been given top priority and hence Daedalus is synchronized with Cardano’s blockchain.
If you’re looking for one of the best wallet for Cardano, then you can go for the Daedalus Wallet.
Thanks for reading this Daedalus wallet review. Don’t forget to visit our website to learn more about different crypto related topics.
Have you ever tried using the Cardano wallet? How did you find the Daedalus Wallet?