Daedalus Wallet
Daedalus Wallet is a multi-platform, open-source, hierarchical-deterministic wallet that lets you generate an endless number of keys from a single seed.
What Is Daedalus Wallet (Cardano)?
Daedalus wallet on
Cardano is a
full-node desktop wallet for storing
ADA. The wallet is free to use and open-source. It provides a full Cardano
node, meaning the entire Cardano blockchain history with all validated blocks and transactions is stored and included.
A key feature of the Daedalus Wallet on Cardano is its easy installation process, which allows users to set up a bundled Cardano node with one click. It also offers a locally stored wallet with encrypted
private keys that are not shared with third parties.
With Daedalus Wallet, users can trustlessly operate a full Cardano node and validate transactions on the Cardano blockchain. In doing so, they support the growth and security of the blockchain.
Moreover, Daedalus Wallet comes with a backup and restoration process using
mnemonic phrases. It also natively supports
staking and is completely autonomous from third-party servers and services. Finally, it includes a
paper wallet generator for the offline storage of funds.
How to Download Daedalus Wallet (Cardano)?
You can download Daedalus Wallet from the
official website. It runs on Windows, Mac and Linux. Since Daedalus is a software wallet, there is no mobile version. On the website, navigate to the “Download” section and choose the applicable
operating system. After downloading, select your preferred language and agree to the terms and conditions. The wallet will sync with the blockchain to create a local copy. Currently, Daedalus (and the blockchain) take up around 15GB of local storage. Finally, you create a new wallet by entering a wallet name and activating the wallet by copying the 24-word backup phrase. The backup phrase needs to be safely stored since losing access to the password and the backup phrase means losing access to all funds.
Features of Daedalus Wallet (Cardano)
Daedalus Wallet (Cardano) was launched in 2015 and has not experienced any hacks or security breaches. This makes it a highly secure option to store ADA in a
non-custodial, secure and anonymous way. Users enjoy complete anonymity as they do not need to perform
KYC identification.
Furthermore, Daedalus is a full node and open-source wallet. This means it downloads a full copy of the Cardano blockchain and participates in validating transactions, giving users the maximum possible level of security over their funds. Since the wallet is non-custodial, users have full ownership of their private keys and do not have to rely on intermediaries for ownership of their funds.
Furthermore, Daedalus Wallet enables users to manage any number of wallets to have even more control over their funds. It supports all major operating systems, such as Windows, macOS, and Linux and is built with web technologies on top of Electron, an open-source platform for writing cross-platform desktop applications.
Daedalus also delivers a newsfeed to its users directly through its software interface. Users can choose from two options: the news can be displayed in the newsfeed sidebar or important news can cover the entire screen. Thanks to interface themes, users can fully customize the appearance of their wallet with six themes to choose from.
Can I Buy ADA on Daedalus Wallet (Cardano)?
Users can fund Daedalus Wallet (Cardano) through
peer-to-peer options. However, it is not possible to deposit
fiat currency to buy ADA. Unlike
MetaMask, users can thus not buy cryptocurrency with their credit cards.
Pros and Cons of Daedalus Wallet (Cardano)
Daedalus Wallet has several advantages and disadvantages.
Pros of Daedalus Wallet
The high degree of security and the impeccable track record make Daedalus Wallet a very popular option for storing ADA. It is a fully non-custodial, decentralized, and full-node wallet that allows users to participate in securing the Cardano blockchain and storing their funds safely and securely.
Daedalus wallet allows users to stake ADA cryptocurrency and generate a return on their crypto. This essentially means that Daedalus Wallet owners can generate a passive income simply by
staking ADA on the wallet.
There are plenty of customization options with six different themes to be selected from. Users can thus freely choose the look and feel of their wallet.
Cons of Daedalus Wallet
The wallet is not available on mobile since it is a
software wallet. Therefore, users that want to access their ADA from a smartphone will have to choose a different option.
Daedalus is limited to ADA cryptocurrency. Therefore, users that want to store other cryptos will need to install other software or browser wallets.
Daedalus does not support funding the wallet through fiat currency. It is, therefore, not possible to fund the wallet with a credit card.