Daedalus Cardano Wallet Review

Anisa Batabyal
| 06 May, 2020 | 2 min

Cardano is a cryptocurrency project and a decentralized public blockchain. It is a smart contract platform that seeks to deliver a lot of advanced features than any protocol previously developed. The Daedalus is home to ADA, the cryptocurrency of the Cardano network. It is a highly engineered wallet used to store Cardano with advanced security features. 

People usually store money in a wallet. When it comes to digital money, there are wallets where you can store, but the looks are entirely different from the leather wallets, although the purpose remains the same. One such wallet is Daedalus wallet. Daedalus is currently the only wallet that supports ADA – the most advanced cryptocurrency in the world.

Some of the features of Daedalus are as follows:

  • It has strong security, which means there are passwords and private keys that offer protection against security threats such as malware.
  • Ada redemption is built directly into Daedalus and supports both encrypted and unencrypted certificates.
  • Gives maximum security option of placing your funds in the cold storage.
  • Transaction assurance level monitoring, allowing users to make sure once when the transaction becomes irreversible. Cardano hasn’t been around for too long, but it has already managed to reach the top ten ranks in its niche and give the competitors a good run for their money. Daedalus is a multi-platform web-based wallet that means it can be accessed from any browser and operating system.

Daedalus gained much popularity in a short span of time because of the wide range of features it offers to the users. The developers have made use of high-tech features to manage the wallet easily and to increase the wallet’s security. Recovering funds and organizing are also made much easier with these updates. It is this convenience and ease of use that makes Daedalus such a well-known Cardano wallet. Protection, instant services, and convenience are some of the key features as well as aspects of the wallet. The Cardano Foundation is based in Switzerland and has been in existence since the year 2015. Cardano is making tremendous efforts to cope with the way today’s digital currency is evolving, and they are succeeding as well.

Daedalus supports only Cardano coins because Cardano doesn’t have any other wallet supporting them and because Daedalus is made only for Cardano, as stated before.

Safety of Daedalus Wallet

Cardano is a very highly secure blockchain platform written in Haskell, a programming language that uses complex mathematical logic for coding. It also possesses a high fault tolerance degree. Such a tolerance level is required as the protocols building Cardano (ADA) are meant to be distributed with a lot of cryptographic codes.

Daedalus has an organized structure as well as formal verification codes. Cardano wallet technology is safer than most because of the highly innovative and aggressive peer- research done regularly by its developers. Users can contact customer support for any kind of help regarding the functionality of the wallet. They can also use the wide range of online resources available on Daedalus and Cardano websites or connect with their team on their social website or any of their existing social media platforms. Transaction fees for Daedalus differ from other wallets. There are no fixed transaction fees. The rate is instead calculated using a certain formula. The special constant ADA figure is added with a 0.000043946 ADA/byte and then multiplied by the size of the transaction in bytes. 

How to use Daedalus Wallet

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. 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. Remember not to share details of any of your accounts, even to your trusted ones.

Step 3: Create a recovery password. A recovery password is the best option to get access to your wallet even if you forget the password. 

Step 4: Start using the wallet. Once the recovery phase is don, you will be brought to a window with the terms and conditions. Read them carefully and press the confirm button to create the wallet.

Daedalus is an easy and simple cryptocurrency wallet and is also user friendly. The wallet claims low transaction fees, and it is free to download and use. Many cryptocurrency wallets are very complicated to use, but not Daedalus. It is easily applicable to both beginners and experienced. Daedalus makes sure that the clients are able to store their coins easily and securely.

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