Daedalus Wallet Review

[Nayana Patil]

Daedalus Features

The Daedalus wallet shows some of the characteristic features which can be listed as below:

• Easy installation with one-click setup of bundled Cardano node
• Locally stored wallets and encrypted private keys, not shared with third-party servers
• Trustless operation with locally running full Cardano node which independently validates full transaction history of the blockchain
• Supports Cardano network by participating in Cardano protocol
• Wallet backup and restoration using mnemonics phrases
• Support for staking coming with Shelley release
• Complete autonomy without reliance on third-party servers and services
• Paper wallet generator for offline storage of funds.

Daedalus Fees and Limits

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:

• a is a special constant, at the moment it is 0.155381 ADA;
• b is a special constant, at the moment it is 0.000043946 ADA/byte;
• size is the size of the transaction in bytes.

Daedalus Supported Currencies

Daedalus is made by the Cardano Foundation for use with the Cardano ADA. 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 one needs to consider to check if handling cryptocurrencies is legal in your country’s jurisdiction.

Is Daedalus 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.

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.

Source: Coinpedia