The daedalus wallet is the optimal wallet used to store Cardano, and this is our detailed review.
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 the leather folders you carry in your pocket, although the purpose remains the same.
Each cryptocurrency needs a wallet compatible with it. You cannot store any digital currency in any wallet. You also need to choose between software and hardware wallets. Software wallets are online applications, while hardware wallets are a separate device that can be connected to a computer via USB. One such wallet is the Daedalus wallet. In this review, we’ll explain how to use the Daedalus wallet, what it is and let you know if it’s the best wallet for Cardano.
What is Daedalus wallet?
The Daedalus wallet is made for Cardano, one of the most valuable digital currencies in the world. Cardano hasn’t been around for too long but it has already managed to be ranked among the top ten digital currencies in the world. Daedalus is the only wallet at the moment to support Cardano.
It was developed by the Cardano network to provide the highest levels of encryption to users – this is vital. We have all seen the first Transformers (where security was part of the plotline), 24, and Blackhat! Daedalus is a multi-platform web-based wallet, which means it can be accessed from any operating system and any browser.
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. Organizing and recovering funds are also easy. This convenience and ease of use makes Daedalus such a well known Cardano wallet.
On a basic level, Daedalus is just like any other cryptocurrency wallet. It lets you store data like private keys for easy access to funds any time. Since Daedalus is an online wallet, it is much easier to use compared to a hardware wallet. You can access the account from any platform and browser from anywhere in the world for instant access to funds.
Protection, convenience, and instant services are some of the features of Daedalus wallet. The Cardano Foundation is based in Switzerland and came into existence in 2015. Cardano has been trying to change the way digital currency is developed and used.
What coins does Daedalus support?
Daedalus is made by the Cardano Foundation for use with the Cardano ADA. It is the only coin it supports right now. Cardano and Daedalus go hand in hand because Cardano doesn’t have any other wallet and because Daedalus is made for Cardano as already stated.
Is Daedalus Wallet 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.
This makes Haskell different from other programming languages. Such a high level of fault tolerance is required because the protocols building Cardano (ADA) are meant to be distributed with a lot of cryptographic codes. Haskell isn’t used by too many cryptocurrency platforms because of its complexity. But Cardano has used it and made the platform highly secure.
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.
It is easy to contact customer support for any kind of help. Users can consult the online resources on the Daedalus and Cardano websites, or connect with the team on social media. There are varying degrees of trust when it comes to the legitimacy of Daedalus wallet. There are a number of people who claim that Cardano and Daedalus are scams. This can be because Daedalus is an online wallet, and several online wallets have turned out to be scams in the past.
How To Use Daedalus Wallet?
Since this is a web-based wallet, it is quite simple to use. You need to install the application your device to get started. Once installed, the application automatically opens on the Cardano ecosystem. You can then set up a wallet and start sending and receiving coins.
Step 1: Download and run the wallet installer
The wallet installer is available for both Windows and MacOS on daedaluswallet.io.
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Always make sure the website you are downloading from is secure, as denoted by the green padlock symbol in this address bar. Also, when downloading the installer, always use the official website.
Once downloaded, run the installer and install it on your computer.
Step 2: Create a new wallet
Once the application is installed, you will first see a synchronization window, followed by the main dashboard. You will see a “+” sign. Click on the sign and you will be guided to create a new wallet. You must create a secure username and strong password that will have to pass through a two-step verification process. You must never share this password with anyone or store it somewhere others have easy access.
Step 3: Create a recovery password
You must understand that having access to your password can allow just about anyone to take out money from your wallet. That’s why you must be very careful about how you store your password. It is best to memorize it and not write it down anywhere.
After you create a wallet, you will need to create a recovery phrase – don’t ask Napoleon Dynamite to do any of this for you! If you ever forget your password, the recovery phrase can be used to get access to your wallet. Remember never to share your recovery phrase with anyone.
Step 4: Start using the wallet
Once you have confirmed the recovery phrase, you will be brought to a window with the terms and conditions. Read through them once, then tick the boxes and click on the confirm button to create the wallet.
On the next window you will see the main page of the wallet you just created. You can create multiple wallets on Daedalus. You can add or view existing wallets by clicking the menu bar. Simply click on the “+” sign to add a new wallet.
How to transfer ADA to Daedalus
Just like creating a wallet on Daedalus, transferring funds to the wallet is also easy. Once your wallet is created, click on the receive button to get to know your wallet address. This address can be scanned if displayed as a QR code, or copied if displayed as a series of letters. This address is used to send or receive funds in the wallet.
For sending funds from the wallet to another wallet, click send, then copy and paste the receiver’s wallet address. Next, type in the amount, and click Next. On the next page, you need to confirm the transaction when you are shown the receiver’s wallet address, amount, fees, and the total amount. If everything is alright, click send.
For receiving ADA in your wallet, first, click Receive. The sender should have the wallet address for sending you the coins. If the sender is next to you, they can simply scan the QR code to send you the coins. Once you have sent and received coins ones, you can generate a new address, by clicking Generate New Address.
You can check your transactions by clicking on Transaction. You can also change the settings of your wallet and also delete the wallet if you want.
The transaction fees for using Daedalus wallet are different from other wallets. There is no fixed transaction fee. Instead, the rate is calculated using a certain formula. The calculation involves adding the special constant ADA figure of 0.155381 with a 0.000043946 ADA/byte and then multiplying by the size of the transaction in bytes. This adds up to 0.1641702 ADA which is the total transaction fee.
Some of the special features of the wallet are:
- Daedalus has encrypted special keys and strong passwords, making the security levels advanced and protecting users from security threats like malware and hacks.
- Users are also able to export a paper certificate for maximum security.
- The wallet is able to hold a directly built ADA redemption, plus it can also support both the encrypted and unencrypted redemption certificates.
- There is assurance monitoring in the wallet, regarding configurable transactions. This provides safety in case of irreversible transactions.
Daedalus wallet review
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 and the customer support is prompt and helpful. For tighter security, Daedalus is synchronized with Cardano’s blockchain.
If you have Cardano coins, then you must use the Daedalus wallet, because it’s an excellent desktop application. 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. You can easily backup and recover funds, with the highest level of security.
Many cryptocurrency wallets are complicated to use, but not Daedalus. Even if you are a beginner, you will face no difficulty using the wallet. With an attractive interface and ease of use, Daedalus makes sure clients are able to store their coins easily and securely. If you’re looking for the best wallet for Cardano, we don’t think you can go far wrong with the Daedalus Wallet.