Daedalus Wallet for Cardano (ADA): Step-by-Step Setup

Official website: daedaluswallet.io

Daedalus Wallet is the official open source desktop wallet for sending, receiving and storing Cardano (ADA) cryptocurrency. Available for Windows, Mac and Linux versions with full blockchain download (thick). In the near future it is planned to add support for Bitcoin and Ethereum cryptocurrencies. It features a simple interface and ease of use.

How to install

Before you start working with Daedalus, you need to do the following.

1. On the official website daedaluswallet.io, select the “DOWNOLOAD” section and download the version for the operating system from the menu provided.

   
   If the file downloading process is interrupted (this often happens), click “Resume”.

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2. 
   After the process is completed, open the program and click “Install”.

3. Open the program.

   
   Next, we fulfill the standard requirements for choosing a language and confirming the user agreement.

4. A window appears from the developers offering permission to send reports for analytics. If you don't want to, click "Don't send".
5. Next, synchronization begins and a copy of the blockchain registry is downloaded. This takes several hours with a stable Internet connection (typical of all thick wallets).
6. After a successful download, the user is prompted to create a new wallet or restore the old one.

   
   For a new one, click “Create”.

7. The “Create Wallet” table appears, where you need to enter a name and come up with a strong password.

   
   After entering the data, click “Create personal wallet”.

8. Important point! A password (12-word phrase) will be generated to restore data in case of any problems with the wallet. It should be written down on paper and kept in a safe place.

   
   Next, click “Yes, I have written it down.”

9. A check table appears where you need to place the password words in the correct order.
10. After confirmation, the wallet is ready for use.

For correct operation and security, you should regularly update the software manually.

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According to the official statement, the Alonzo update, which is due in 2 days, is extremely important for Cardano (ADA). This upgrade, which will make the network compatible with smart contracts, is a big deal and demand is expected to increase by September 12th. Today, Input Output Global announced an updated version of Daedalus, the core Cardano (ADA) wallet software. Publishing a new version with support from Alonzo, Daedalus today announced version v4.3.1. Two days later, ADA is now opening its doors to smart contracts, and the updated version that came out today was released with Alonzo. The IOG team said in a statement that this wallet will also be supported after the hard fork.

Additionally, a new version of Daedalus is available on the upcoming Trezor hardware wallet. The updated version brings some improvements in the areas of UX/UI and performance. Cardano, the largest PoS network in terms of market value, will now be the largest network using this algorithm, along with Alonzo. With an average daily transaction volume of 82,000, Cardano is expected to double this figure by being flooded with decentralized applications. Of course, the increase in activity on the ADA network is positive for the price.

Cardano representatives urged all Daedalus users to update to avoid problems with the upcoming Alonzo update. Most exchanges worldwide will support the next update, but those using the Daedalus wallet should update to v4.3.1 to avoid any outages or other issues.

The Alonzo update will be released on September 13th. According to a statement from Cardano officials, the hard fork will begin on September 12 at 21:44 UTC. Yesterday, Binance announced that the upcoming update will be supported. So Binance users don't need to do anything extra.

Before the update, many blockchain experts took aim at Cardano. Experts who argue that the system will be insufficient despite future updates do not consider the processing power per block sufficient. Hoskinson

states that this can be solved using utility applications. Cardano (ADA) to support smart contracts), which will ask developers to develop contracts in Haskell. However, according to many analysts, this situation is risky, the language is not used very actively, and it is argued that it will be difficult to move from strong networks such as Ethereum due to all these complex reasons.

Additional functions

When you enter the main menu “Summary”, previously created wallets and their balance are displayed. To view the history of all transactions, you need to click “Transactions”. In the “Settings” menu you can change:

• wallet name;
• transaction type (“Normal” and “Strict”);
• change password;
• delete one or more wallets.

In the upper left corner in the second position there is “ADA REDEMPTION”, where you can exchange certificates for coins. Certificates were issued to pre-sale participants. Currently not issued. The last third icon in the upper left corner is responsible for settings. It includes:

1. “General” – select the language.
2. “Themes” – theme (light or dark).
3. “Terms of use” – rules of use.
4. “Support” – sending information about bugs and errors.

Depending on the version, the interface may change slightly in appearance and some features after the update.

How to stake Cardano

To start staking ADA in Daedalus Wallet, you need to go to the “Delegate” section in the main menu.

Next, choose a reliable validator to whom the coins are given. Then you need to enter the password and click the “Confirm” button.

If the transaction is successfully confirmed, a congratulations window appears.

If the connection fails, the amount of reward may decrease, so this is worth paying attention to. Interest is calculated according to a cycle every 5 days.

Who created Cardano

The platform was launched in 2015 by a group of entrepreneurs and investors led by one of the first Ethereum developers, Charles Hoskinson. He worked on Ethereum with Vitalik Buterin, but left the project before its official launch. Together with Jeremy Wood, another Ethereum colleague, he founded the company IOHK. They planned to launch a decentralized network with smart contracts, sidechain, dApps and their own utility token.

The project was named Cardano in honor of the outstanding mathematician and engineer Gerolamo Cardano. The network token was named ADA in honor of the daughter of the poet George Byron, Ada Lovelace. Ada is considered the first programmer in history, as she created a description of the first computer and programs for it.

What to do if the wallet does not start

One of the main problems that users face is the screen freezing during the loading process. If Daedalus Wallet does not start, then two ways to solve the problem can help.

• Method No. 1. In Windows settings, go to “Change date and time settings” - then to the “Internet time” tab - “Change settings” - check the box next to “Synchronize with an Internet time server”.

  
  Next, click “Ok” and launch the wallet again.

• Method number 2. If you use the Cyrillic alphabet in your account, the program may lead to bugs. To do this, you need to create a new wallet, but use the Latin alphabet.

Alternative wallets

Among the Daedalus wallet alternatives, there are several types of wallets.

1. Infinito Wallet is a multi-currency mobile wallet that works with Cardano (ADA). It also supports another 2,000 cryptocurrencies and tokens. There is an opportunity to earn money on a deposit. Several ways to replenish your account: bank card, transfer and electronic wallets. Instant exchange of coins within the application.
2. Atomic Wallet is a popular mobile wallet that allows you to stake Cardano (ADA) and other cryptocurrencies. Support for over 300 coins included. Private keys are stored on the device and are not sent to the company’s servers. When you top up with a bank card, cashback is awarded.
3. Yoroi web wallet is a simple and convenient electronic wallet with a clear interface. Support for Cardano (ADA) and ERGO cryptocurrencies. High level of security: keys are not transferred to the company and the service does not collect user analytics. It is lightweight and does not require a full download of a copy of the blockchain.
4. AdaLite (formerly known as CardanoLite) is an online wallet with staking capabilities. You can select the number of mnemonic phrases (12, 15, 24 and 27).
5. Exodus is a multi-currency wallet that supports over 100 coins. The application can be downloaded for Windows, MacOS and Linux. Does not require a full blockchain download. It features a simple interface and the possibility of internal cryptocurrency exchange.
6. Hardware Ledger Nano S – for secure cold storage of ADA and other cryptocurrencies. Supports more than 1500 coins.
7. A paper wallet is a simple and convenient way to store your keys on paper. To create, you need to make a printout using the Daedalus program. A PDF of the keys is generated, showing 18 of the 27 words generated. The remaining 9 must be recorded separately for security purposes.
8. Account on a cryptocurrency exchange. Available on all platforms where the coin is traded. The simplest option, but not the safest. The keys are stored on the exchange itself, and if the account is blocked, the user loses access.

Features of Daedalus

Work on the Cardano platform does not stop. In 2022, it will be a completely autonomous and stable system, operating without any external interference.

ADA tokens are the monetary unit of Cardano, a promising currency that has every chance of becoming the most advanced cryptocurrency in the world. Just three months after its launch, ADA has become very popular in Asian countries, especially Japan.

Security and confidentiality in some cases are superior to those of other cryptocurrencies.

Already at the beginning of 2022, a beta version of the system for trading tokens was developed. This will also strengthen the position of the currency in the market.

The contracts were signed until 2022, which is also a guarantee for investors.

According to all forecasts, the Cardano cryptocurrency will come close to the market leaders in its ratings.

In the future, it is planned to issue a debit card for ADA token holders, which can be used for payments worldwide. Conversion will be made at the current exchange rate.

Recommendations for choosing a wallet for Cardano (ADA)

What to pay attention to when choosing a wallet for Cardano.

1. Key storage security. They should be stored only on the device, and not on company servers or cloud storage.
2. Interface and ease of use.
3. Number of supported currencies. The presence of a large number of coins allows you to quickly and profitably exchange within your wallet while spending a minimum commission.
4. Project team.
5. Technical support. Types of communication and how quickly emerging issues and problems are resolved.

Regardless of the choice of wallet, you should adhere to security rules: store most of your funds in cold wallets, enable two-factor identification (2FA), create a backup copy of your wallet, and store the seed phrase in a safe place.

Reviews and discussions

Staking ADA Cardano

Some networks strictly require assets to be locked for a fixed period of time when staking. Cardano allows you to deposit and withdraw assets at any time.

You can drain Cardano using the official Daedalus wallet or third-party wallets Atomic, Exodus, etc.

ADA Cardano Staking: Features

• The minimum bet amount is from 5 to 10 ADA (depending on the wallet).
• The wallet charges an additional amount (for example, Exodus 2 ADA) for registering an address. If you stop staking Cardano, this amount is returned.
• You cannot deposit part of the funds from the address, because... The address is given in full. It is necessary to transfer the required number of coins to the new address in advance.

ADS staking: how rewards are paid

In Cardano ADA staking, staking profits are distributed automatically at the protocol level.

Rewards are distributed every 5 days (“epoch”). But beyond this, the wallet may require a waiting time of up to 20 days for approval. Address where you can view cycles of all eras: cardanoscan.io/epochs

Daedalus wallet staking Cardano: instructions

1. Download Daedalus Mainnet for staking from the official website.

2. Select the desired number and date format, wait for the node to synchronize (this may take up to two hours).

3. If you have not created a wallet before, select “Create” from the “Add wallet” section. Write it down and then enter the generated recovery phrase.

4. Create a name and password for your wallet.

5. Top up your account with at least 10 ADA.

6. Select Delegation Center on the left side of the screen.

7. Select the desired wallet and click the Delegate button.

8. Select a suitable staking pool.

9. Confirm the delegation and enter the password.

Done - you have staked your ADA tokens and will receive passive income from them. Ada Staking has launched. Profits will start flowing after five days, and after every five-day epoch thereafter. The remaining time of the current era can always be viewed in the Delegation Center.

Tip for Daedalus staking :

If you created a wallet before July 29, 2022, then it belongs to the Byron era of the Cardano blockchain, when ADA staking was not supported. For Cardano staking to become possible, funds will need to be transferred to a wallet created back in the Shelley era. You can find out what kind of wallet you have by the length of the recovery phrase. 12 words – Byron. 15 or 24 words – Shelley. 27 words – Byron paper.