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.
But compared to other top cryptos, there are very few Cardano wallets and, as a result, Daedalus is among the most popular ADA wallet options.
The wallet has also recently added a staking testnet for Cardano.
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 you might want first to check if handling cryptocurrencies is legal in your country’s jurisdiction.
The wallet was designed to be used on the following desktop operating systems: Windows 64 bit, Linux 64 bit, macOS 64 bit.
The Daedalus wallet is simple and doesn’t have any unnecessary embellishments. In terms of functions, it doesn’t offer many options, just the basic send and receive functions, account balance, and history. The themes can be changed if the user wishes to customize his interface.
After you have sent and received your ADA, you can generate a new address. To do this, type your password and Click > Generate New Address.
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:
The Daedalus wallet generates a 12-word seed phrase upon wallet creation, to ensure that the wallet funds can be recovered by its true owner. It is also protected by a password that is required each time you send funds out of the wallet.
Another unique feature of the wallet in terms of security is the encryption of private keys, so that the cryptographic messages belong only to the recipient, thus offering a higher degree of anonymity with the end-user base.
Daedalus is also a hierarchical-deterministic (HD) wallet, meaning it automatically generates a hierarchical structure of private/public addresses (or keys), which spares the user of having to generate them on their own.
HD Wallets derive all the addresses from a single master seed, and each time this seed has another counter value-added, it can be possible to automatically create an unlimited number of new addresses based on the new seed.
Daedalus wallet users can contact the IOHK team by submitting a request via email at https://iohk.zendesk.com/hc/en-us/requests/new.
There have been several complaints online, with users reporting they encountered issues when installing the Windows version. The team has acknowledged that there have been some issues with the Windows version, and expect to solve the issue with the Shelley release:
“Some users have experienced issues installing the Daedalus wallet. We started a project to rewrite the backend from scratch. That new wallet backend was first released in the 1.4 release, and it has been improved over time. We expect most remaining problems to be resolved as we roll out the Shelley release. Yoroi, a light wallet that runs in the browser, is an alternative option if you experience issues using Daedalus.”
Daedalus is an ADA-only wallet, which allows you to store, send, and receive Cardano without any issues. But if you are looking for more diversity and functions, there are several multi-currency wallets that also support ADA in addition to a number of other coins, as well as exchange and direct buy features.
Featured Image: Changelly
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