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- As it is a full-node wallet, one can download a full copy of the blockchain for each transaction.
- There are no fees for downloading the software, the software is completely free. Also, there are no fees charged for receiving assets.
Daedalus is a desktop-based wallet supported by Input Output. Daedalus was founded in 2015 by the creator of the Cardano blockchain, Charles Hoskinson, who is also the founder of Input Output.
It serves as an open-source full-node wallet for Cardano. A full node wallet means the user can download a full copy of each transaction.
Pros
- Users can earn ADA by staking.
- They can run this software on multiple desktop platforms.
- It is safe and secure.
Cons
- It supports only Cardano.
- The wallet is operable on desktop only, one cannot operate it on mobile.
Daedalus Wallet Features
It is an open-source wallet that is designed for Cardano holders. As it is a full-node wallet, one can download a full copy of the blockchain for each transaction. Users can use wallets to stake their digital assets to generate additional income.
Daedalus software also contains a column of newsfeeds that keeps users updated on current scenarios. It allows users to customize wallets according to their comfort and also provides six different custom themes.
Daedalus Wallet Security
It adds one more step to security as it is a full node wallet that downloads a full copy of the blockchain for each transaction. In the past, Daedalus wallet has had no record of security breaches and as it is a non-custodial wallet, users have full control over their funds and associated private key.
The private keys are not held with a third party, which is done in the case of a custodial wallet.
Daedalus maintains complete anonymity within the transaction. Customers using wallets don’t require KYC (Know Your Customer), so user information is not shared with any third party.
As a non-custodial wallet, users have full control over their assets at all times. This feature of Daedalus makes it stand apart from other wallets like Celsuis, BlockFi, and FTX, which take custody and subsequently lose customers’ funds.
An individual can become a user of the Daedalus wallet by downloading it from their official website, Daedalus.io. Once an individual launches software, after downloading it, the software generates a random 24-word seed phrase. Users have to keep this safe as it is a backup for their wallet.
In the next step, the user has to create a password to keep the funds secure, which is accessible only to the owner.
Daedalus Wallet Costs and Fees
There are no fees for downloading the software, the software is completely free. Also, there are no fees charged for receiving assets or for funding wallets. There are, however, fees charged for sending assets. It is because individual transactions by default generate transaction fees. The fees charged are 0.18 ADA for all transactions, for a Daedalus user.
Conclusion
The Daedalus Wallet is a secure and user-friendly desktop-based wallet designed for holding Cardano (ADA). As a full-node wallet, it allows users to download the entire blockchain for each transaction. With its non-custodial nature, users have full control over their funds and private keys, enhancing security and privacy. The wallet is free to download and use, making it an attractive choice for Cardano holders.
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