Cardano is a blockchain of third generation, as they dubbed it themselves, that aims to facilitate a wide set of features including smart contracts, decentralized applications, side chains, and multi-party computation.
The project was created by the blockchain development firm Input Output Hong Kong (IOHK) and is led by Charles Hoskinson who is a co-founder of BitShares and Ethereum. The team aims to address three main areas of existing blockchain technology. First, historically the most successful protocols have used a layered design (e.g., TCP/IP) and cryptocurrencies may benefit from the same principle of layering. Second, Cardano aims to accommodate future soft and hard forks, which is important for making future updates.
Cardano is currently in its “Bootstrap era.” This means that only predetermined users have control of the network right now. The platform will move to full public deployment when the network has stabilized, and a majority of the stake is in circulation.
How To Choose Best Wallet for Cardano?
Once you bought your first coins, you will want to move them off the exchange and to your own wallet, especially if you plan to hold them long-term.
So where do you keep your coins?
If that’s your answer, then you should know that you are putting the ownership of your coins under great risk!!
These services keep your coin private keys under their custody on your behalf, which is not a safe practice, because the only way to claim your coins is your coin private key.
So now the question is, where your coins should be kept?
Moreover, when selecting a reliable wallet one needs to look for the following things, irrespective of whether it is a hardware or a software wallet:
- Compatibility – The wallet should be compatible on different operating systems.
- Ease of use – Elegant user interface for quick and easy use.
- Developer community – Active development community for maintenance, ideas, support, and help.
- Backup and security features – Pin codes and seed backup keys.
- Control private keys – You need a wallet where you own and control your keys.
Types of Wallets
There are many different ways to use cryptocoins and so there are many different types of wallets:
- Desktop wallets – These wallets store the private key for your coins on your hard drive.
- Mobile wallets – These can store the private keys for your coins addresses, and enable you to pay for things directly with your phone.
- Web wallets – These wallets store your private keys online and they can only be accessed with a user-set password.
- Paper wallets – These are coinprivate keys printed from an offline computer.
- Hardware wallets – These are physical devices designed to hold private keys electronically and facilitate payments.
Now that you know what to look for in a cryptocurrency wallet, I will summarize the unique features of the top wallets that an experienced holder must know of.
Best Cardano (ADA) Wallets
Daedalus Wallet (Desktop)
This is an official wallet of Cardano blockchain. Daedalus do not hold your keys and you are in control of your money.
It is a full node desktop client where you are required to download the whole blockchain and wait for sometime for synchronization.
It comes in the form of three desktop apps for Windows, macOS, and Linux.
The development team behind the wallet also claims that future releases will allow third-party developers to develop their own applications for increased functionality, such as the ability to set up recurring payments or exchange one cryptocurrency for another.
However, this wallet does have a few downsides that are worth mentioning. For one thing, no apps for iOS and Android have been developed yet. You can check the Cardano roadmap for details of when this is likely to occur.
Yoroi Wallet (Web)
This is Official Cardano light browser-based wallet that is developed in collaboration by IOHK and Emurgo and it can be used on desktop as an extension to browsers Chrome, Chromium, or Yandex-Browser. It can also be used on Android devices as an extension to Yandex Mobile Browser.
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Private keys are encrypted and never shared with Yoroi servers or third party providers. In order to preserve your privacy, Yoroi wallet does not even implement analytics.
iOS and Android apps are expected to hit the market somewhere before the end of 2018. The team also plans to add support for more languages, support for other browsers, hardware wallet integration, and the possibility of exporting transactions to Excel.
Ada Lite Wallet (Web)
AdaLite is a lightweight web wallet for storing your ADA coins safely and securely. It is developed by Cardano community, Vaccumlabs developers.
To use AdaLite you don’t need an account nor download anything; you can directly access the wallet at AdaLite.io URL.
When you make a new wallet using AdaLite, you generate a 12-word mnemonic phrase which is like the key to your Cardano wallet. Losing this key means you will lose your all funds, so keep it very safely.
Having said that AdaLite is a self-hosted wallet and no one, even AdaLite doesn’t store your data or keeps any kind of back-up of your funds.
Lastly, AdaLite is compatible with Trezor Model T and Daedalus wallet, so you have this option to explore as well.
Note: AdaLite doesn’t support Cardano Staking.
Trezor Wallet (Hardware)
Trezor is the world’s first Bitcoin hardware wallet. Presented by SatoshiLabs, a Czech Republic-based company, Trezor has a reputation for providing top-notch security, protecting against both physical and virtual theft. Trezor is a small device with an OLED screen. It connects via a USB to your personal computer or phone.
This wallet is the perfect solution for storing a large amount of Bitcoins in order to keep them out of harms way, and its fundamental purpose is to store your private keys offline and sign transactions. What Trezor lacks in style, it more than makes up in the security department and it sets the gold standard for crypto security.
The initial setup of Trezor is a bit different from the Nano S. Here is a full guide and review of Trezor hardware wallet.
With Trezor, when you first connect it to your PC, it shows a nine digit pin code on its OLED screen, and you need to enter the same pin code by clicking on your corresponding PC screen. This code is generated randomly every time you connect Trezor, and makes sure that even if your PC is compromised with malware, your private keys will still be safe with Trezor.
You will be asked to write your 24-word recovery seed after entering the pin. Again, your recovery key is the only way to restore your Bitcoins, which means that you need to keep it.
It’s important to note that an additional passphrase can be added to the 24-word seed, which provides extra protection, because anyone who finds someone else’s 24-word seed is free to access the funds. If the optional passphrase is added, then an attacker wouldn’t be able to access funds without both the passphrase and the seed. The passphrase cannot be recovered if it is forgotten.
After that, using Trezor is pretty similar to the Ledger.
Trezor currently supports many cryptocurrencies, including:
- BTC – Bitcoin
- ETH – Ethereum
- ETC – Ethereum Classic
- DASH – Dash
- ZEC – Zcash
- DOGE – Dogecoin
- LTC – Litecoin
- NMC – Namecoin
Trezor is currently available for OS X (version 10.8 and higher), Windows (version 7 and higher), and Linux. It can also be used with Android devices.
It can be used with apps such as Multibit HD, Mycelium, and TREZOR Wallet.
It costs $99 and is available in 3 colors – black, white, and gray.
Pros: Supports additional wallets and altcoins, easy to use and intuitive interface, extremely secure wallet.
Cons: Expensive relative to its competitor.
Ledger Nano S (Hardware Wallet)
Ledger Nano S is a hardware wallet from a French start-up that is designed for users who want increased security.
It’s like a USB drive that connects to any USB port and acts as another source of protection. Nano S only starts up when plugged into a computer (or mobile device) because it doesn’t have a battery.
This wallet doesn’t come with an anti-tampering sticker. The reason for that is because its cryptographic procedure checks for integrity of the instrument when powered on.
The Ledger also comes with two side buttons for confirming transactions and an OLED screen. The Nano S comes at a very competitive price and is one of the cheapest multi-currency hardware wallet. Read our full Ledger Nano S review here.
When you configure your Ledger as a new device, you have to set up your pin code to secure your wallet. After that, note down your 24-word recovery phrase and store it in a safe place. You can use this recovery phrase anytime to restore your Bitcoins.
With this wallet, you need not worry about the safety of your coins because your private keys are stored offline. You can use the Nano S on any computer, or Android phones with GreenBits or Mycelium.
The current list of Ledger supported cryptocurrencies:
- BTC – Bitcoin
- ETH – Ethereum (Wonder what is the best wallet for ethereum? Click here to find out.)
- ETC –Ethereum Classic
- STRAT – Stratis
- DASH– Dash (Read here more about best DASH wallets.)
- ZEC – Zcash (Z-addresses not supported)
- DOGE – Dogecoin
- LTC – Litecoin (Other top LTC wallets are mentioned in this article.)
- XRP – Ripple (other good Ripple wallets)
- XMR – Monero (best Monero wallets)
- almost all other relevant coins in the market.
Note: It’s highly recommended that you always use a hardware wallet when you have a lot of Bitcoins or altcoins.
Pros: Great support, very secure, beginner friendly, competitive price.
Cons: More security = less usability (this is a problem with all cold wallets).
Atomic Wallet (Mobile and Desktop)
Atomic Wallet works as a decentralized wallet platform for custody-free, immutable, cross-chain, and transparent cryptocurrency trading. The trading takes place on the wallet’s decentralized atomic swap exchange. This exchange lets users operate without the need to register and perform annoying and privacy intruding KYC/AML verifications. It also offers its users the ability to trade their tokens in a more classical manner via integrated ShapeShift/Changelly plug-ins.
Atomic can store over 300 cryptocurrencies (including Zcash) and is currently available for Windows, macOS, Ubuntu, Debian and Fedora operating systems. Android and iOS versions were also launched recently. The project has some serious names like Konstantin Gladych (co-founder and CEO of Changelly.com) and Charlie Shrem (founding member of the Bitcoin Foundation) behind it. Some of the wallets features include:
- Intuitive and user-friendly interface
- Impressive cryptocurrency support
- Lets you buy crypto with a credit card
- Atomic swaps and ShapeShift/Changelly trading available
- Custody free with local data storage
- 12 word backup phrase that can be exported
- Flexible Market order margin and fast rate update
- Trading history blockchain storage
- Constant development support
The wallet also has some drawbacks. Besides not supporting shielded addresses for Zcash, it has some general flaws like not being open source and not having multisig/2FA features.
Guarda Wallet (Web)
Guarda is a cryptocurrency wallet currently available for Android (an iOS version is coming soon). You can use the app to store your blockchain-based digital assets. Among other currencies, Guarda Web Wallet supports Bitcoin, Bitcoin Gold, Ethereum (+ERC20 tokens), Ethereum Classic, Zcash and more crypto are going to be added in the future.
With Guarda, you remain in control of your keys at all times, and your funds cannot be used by anyone else. Like other mobile wallets, the keys to your funds are secured and encrypted on your own device. You use a PIN to access the Guarda app.
Guarda also has a built-in exchange service, so you can trade coins from within the wallet.
Another noteworthy advantage of Guarda is the fact that the company behind the wallet has partnered with Changelly to provide instant and very accessible crypto exchange services.
Infinito Wallet (Mobile)
Infinito Wallet is a multi-cryptocurrency wallet that supports storing of BTC, ETH, BCH, LTC, DASH, and other popular cryptocurrencies, plus all thereum’s ERC20 tokens and NEO’s NEP5 tokens. The team also adds new tokens all the time.
Infinito Wallet is also fully mobile, with apps for iOS and Android. The platform operates in 12 languages, with more on the way. Security features like touch ID claim a new standard for mobile wallets. We could go on (and we will), but suffice to say, Infinito Wallet is a cut above the rest and earns our enthusiastic recommendation.
Their combination of password, passphrase, and even touch ID makes this as secure a mobile wallet and if you do enough to protect access to your phone itself, there’s little chance that anyone else would be able to use your Infinito Wallet. Your user information and coin data (public and private keys) are not held in centralized servers.
Infinito supports more than 1000 coins, to see the full list click here.
There are couple of them that are considered good: Yoroi, Infinito and Atomic Wallet.
Best ADA wallets for iOS are Atomic Wallet and Infinito.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com