Daedalus Wallet Review | Features, Security, Pros and Cons
If you are looking for a wallet to store your Cardano, then you should look into our Daedalus Wallet review to see if it’s the right ADA wallet for you.
Daedalus Wallet Overview
The Daedalus wallet is the official wallet launched by IOHK, the team that created the Cardano cryptocurrency. The wallet was built to be used across several platforms. It enables the safe storage and transfer of ADA coins to and from other addresses.
Daedalus is a hierarchical-deterministic wallet that supports the creation of a number of accounts in a single wallet.
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.
Supported Currencies and Available Countries
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.
Daedalus Wallet Compatibilities
The wallet was designed to be used on the following desktop operating systems: Windows 64 bit, Linux 64 bit, macOS 64 bit.
User Interface and Experience
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.
How to Get Daedalus Wallet
- Go to the official website of Daedalus.
- Scroll down and download the version suitable for your operating system.
- After finishing the download, double-click the installer package.
- Launch wallet using the desktop icon.
- Select your language.
- Click “Continue.”
- Wait for the wallet to boot.
- Wait for the Cardano blockchain to be synchronized. This may take a while, but on average, you will have to wait around 30 minutes.
- Click on “Create” to create a personal wallet.
- Give the wallet a name.
- Type in a password. The secure password is required to have at least 7 characters, and you must have at least one uppercase letter, one lowercase, and one number.
- Then, the seed phrase will be displayed. This sequence of 12 words has to be written down on a sheet of paper.
- Click on the seed phrase in order to confirm that the recovery seed has written down accordingly.
- You will be redirected to the Daedalus homepage.
How to Use Daedalus Wallet
- Click on the “Send” tab.
- Copy and Paste the Receiver’s Wallet Address.
- Specify the amount you want to transfer.
- After you have checked all the details, click “Next.”
- Confirm the transaction.
- The Receiver’s Wallet Address, Amount, Fees, and your Total will be displayed.
- Enter the password of your wallet.
- Click “Send.”
Receiving Cardano Coin
- Click on the “Receive” tab.
- Copy the address featured above “Your Wallet Addres.”
- Paste the address to the sender.
- Wait for funds to be credited to your wallet.
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.
Daedalus Wallet Fees
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:
ais a special constant, at the moment it is 0.155381 ADA;
bis a special constant, at the moment it is 0.000043946 ADA/byte;
sizeis the size of the transaction in bytes.
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.
Daedalus Wallet Reputation
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 Wallet Review: Verdict
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.
Daedalus Wallet Review: Pros and Cons
- Compatible with Mac, Windows, and Linux;
- It is free;
- Hierarchical deterministic wallet.
- Only supports ADA coins;
- No exchange, direct purchase functions;
- Requires time for blockchain synchronization;
- User complaints regarding functionality.
Featured Image: Changelly