What is Cardano (ADA)?
The Cardano project was created in 2015. The internal coin of the Cardano system is ADA that is among the top largest cryptocurrencies. This project is unique in its field due to its philosophical approach and peer-reviewed scientific research. The Cardano ecosystem is an effective technology platform for launching financial applications. The ADA coin is functioning in the Cardano Settlement Layer (CSL). CSL is the first layer in a distributed registry. In this layer transactions between crypto wallets are processed. The Cardano Computation Layer (CCL) has been created to support decentralized applications.
A two-tier structure simplifies network protocol updates. Cardano developers used the new Haskell programming language which was better protected. The modernized Proof-of-Stake Ouroboros, created by Professor Aggelos Keys, is used as a consensus algorithm on the Cardano Cryptocurrency Network (ADA). Cardano protocols are verified by scientists from various universities, including the University of Edinburgh and Tokyo Institute of Technology.
ADA is a new generation cryptocurrency, with the help of which it is possible to expand the scope of the application of digital coins and smart contracts in the global financial industry. The ADA coin runs on Blockchain 3.0. This name arose because the ADA blockchain has more advanced capabilities for using a decentralized platform, with higher scalability and security indicators than cryptocurrency Bitcoin (Blockchain 1.0) and Ethereum (Blockchain 2.0).
We would like to describe the most reliable and convenient Cardano wallets in this article. We hope that it will be useful for you and help you to choose the best wallet to store your ADA coins safely and securely.
A desktop wallet is a software that may be installed directly on a computer. With this type of wallet, you get complete control over your keys and funds.
- Daedalus Wallet
Daedalus is an open-source, multi-platform encryption wallet that was created for Cardano (ADA) and uses highly innovative technologies. Daedalus provides an opportunity for third-party developers to make innovative applications directly from the wallet. The program has all the necessary tools that allow users to create plugins without having the necessary technical skills. Developers have provided secure APIs for interacting with cryptocurrency backends.
The Daedalus Wallet is safe to use because it offers several reliable security features. This wallet is configured to receive keys in a deterministic way, therefore it has a high level of encryption. The Daedalus Wallet is a secure, multi-platform, hierarchical, and deterministic wallet that uses advanced cryptography technology to keep users’ funds safe and secure, protecting it from unauthorized access.
To get the Daedalus Wallet for Cardano just follow this link.
- Atomic Wallet
Atomic Wallet is supposed to be one of the most reliable and secure decentralized wallets. Currently, more than 300 coins and tokens are represented in this wallet, one of them is ADA. Atomic Wallet is available on Windows, macOS, Ubuntu, Debian and Fedora, iOS, Android. There are such features in this wallet as easy navigation and a user-friendly interface. In addition, the wallet offers local data storage, ongoing update support, and a 12-word passphrase. Unfortunately, the wallet does not provide the ability to use the multi-factor and two-factor authentication functions.
Nevertheless, Atomic Wallet is quite a convenient and popular wallet among ADA coin holders.
The official Atomic Wallet website is here.
Web wallets provide access to the blockchain using browsers. There is no need to install additional software on the computer.
- ADA Lite Wallet
ADA Lite Wallet is a good choice for daily use. The wallet has a user-friendly interface and increased security. Using the ADA Lite Wallet, people can make payments in ADA coins and manage seed phrases.
For the highest level of protection, a mnemonic phrase of a customer is only kept on his/her computer. However, hackers can gain access to the mnemonic phrase by hacking the computer, and steal the funds. To avoid scammers, we recommend protecting your device with the newest antivirus.
Link to ADA Lite Wallet is here and you are welcome to check it.
- Guarda Wallet
Guarda Wallet (which also has its desktop and mobile versions) is an anonymous online HD multi-wallet for cryptocurrencies. Cardano crypto is not the exception, so you can use this wallet to hold your ADA coins here. Data processing and generation of public keys occurs locally on the device and is not transmitted anywhere. Grinding is carried out with the help of Advanced Encryption Standard. Guarda does not collect or store information on its servers. To register, click “Create a new wallet”, create a complex password and enter it twice. Save the recovery file: these are private keys and addresses. At this point, you can get started.
You can get more details about Guarda Wallet here.
A hardware wallet is a physical electronic device that uses random number generation to create public and private keys. These keys are stored on the device, that is, they do not get on the Internet and can’t be stolen in this way. Thus, a hardware wallet is one of the most reliable wallets.
- Trezor Wallet
At the moment, Trezor is considered to be one of the best wallets for Cardano crypto. The wallet has several levels of security, which protects customers’ funds from virtual theft. Trezor is the perfect solution for storing and managing large volumes of ADA cryptocurrency. Thanks to its user-friendly interface, Trezor is convenient for beginners and experts.
If one decides to keep ADA coins using Trezor wallet, there is the official website where it can be found.
- Ledger Nano S
Ledger Nano S is a high-end hardware wallet that supports more than 1000 different cryptocurrencies, including ADA crypto. Users can safely, securely store, buy and sell Cardano without worrying about hackers. Ledger Nano S has powerful security features for storing cryptocurrencies, and also supports instant payment.
A person can get crypto by connecting a USB wallet to a wallet on his/her computer and checking the transaction using the OLED screen. It is also very convenient to confirm the transaction by clicking two buttons on the device. The wallet includes two-factor authentication, PIN protection, an initial number of 24 words to create a private key. The device is working with most operating systems and has a Chrome extension that gives its owner quick access to account details, money transfers, and billing address generation.
More information about the Ledger Nano S wallet is given here.
Mobile wallets allow people to manage cryptocurrency in a very fast and simple way, because they just need to use their mobile phones to do it. In fact, a mobile crypto wallet is an application that commonly has a user-friendly interface.
- Infinito Wallet
Infinito Wallet is a universal cryptocurrency wallet that also serves to hold ADA crypto. The application was developed by Infinity Blockchain Labs, a leading research company that works in the field of blockchain, focusing on services, products, and collaborations that fully comply with all standards. Infinito Wallet offers the ability to use touch ID, which allows you to log into the application quickly, easily, and safely. To simplify transactions, the wallet also supports contact management and storage of frequently used addresses. It is even possible to add messages to transactions to facilitate record keeping. Also for keeping records, the wallet gives users the ability to export the entire transaction history to a .csv file, and then send it to themself.
The official website of the Infinito crypto wallet can be found here.
- Yoroi wallet
Yoroi is a lightweight, simple and easy-to-use wallet for Cardano. Yoroi is an Emurgo product developed by IOHK. Thanks to this, the wallet has the best security solutions, including a comprehensive security audit.
The wallet has a quality, thoroughly tested code. Private keys are encrypted and stored securely. It also seems great that people who use it, do not need to download the blockchain when opening a wallet, so they can send and receive crypto, and make transactions immediately. Yoroi was created for maximum ease of use of Cardano coin holders.
More information about Yoroi Wallet is here.
How to keep your Cardano wallet safe?
- Divide and protect your assets. Use cold wallets to store big volumes of ADA. For small amounts and daily needs, it is ok to use hot wallets. This will allow you to keep your funds safely and reduce the risks of losing a large amount of cryptocurrency.
- Use strong passwords. We do not recommend using simple passwords or passwords that you use for other resources. Nowadays it is even possible to apply the special Password Manager which helps create a strong password. Never give your recovery phrase or private key to anyone. Always keep your recovery phrase offline. It’s best to always use one recovery phrase for one wallet.
- Use a safe Wi-Fi connection. Never use your wallet with a public network. Even when you’re at a presumably safe place, make sure your Wi-Fi access point uses strong encryption like WPA-2 protocol.
- Be aware of phishing sites. People should always be careful about using the original website when going to exchanges or online wallets. Many fake websites simulate exchanges or wallets for the sole purpose of stealing login data. Use secure sites with a valid HTTPS certificate.
- Two-factor Authentication. Always use 2FA if it’s possible. This is one of the safest ways to keep your Cardano wallet safe
- Enable Passcode or Touch/Face ID. This is an additional way to protect your crypto funds if you use a mobile wallet.
We wish you to find the most convenient and reliable wallet for your crypto, and you are always welcome to visit SimpleSwap to get some ADA crypto!