Cardano is one of the most popular cryptocurrencies in the world. But how to choose a suitable wallet to hold? Maybe our little analysis of the TOP 5 wallets for Cardano (ADA) will help.
Cardano (ADA) and brief info
Cardano was founded in 2015. Cardano is called Input-Output Hong Kong (IOHK), managed by Charles Hoskinson, co-founder of BitShares and Ethereum.
Cardano’s concept is to create a blockchain that works much better than the 1st and 2nd generation blockchain (Bitcoin and Ethereum). Charles Hoskinson believes Cardano is a third generation blockchain. Instead of copying other blockchain code, IOHK has created its new blockchain. Cardano can process many more transactions and make them cheaper and faster.
Cardano’s Blockchain allows users to create Smart Contracts – agreement without the need for a third party.
Like most blockchains, Cardano is decentralized. Instead, the community validates transactions and intelligent contracts that do this through their computing power.
The advantages of the Cardano cryptocurrency (ADA) are:
Ouroboros Security System ensures mathematical accuracy in the operation of Cardan. With this algorithm, you can significantly reduce energy costs when checking blocks. This means that work is done very quickly and quality is not affected.
Haskell, a special programming language, provides better protection for users’ assets and sensitive data.
Wide range of opportunities. In Cardano, you can not only make quick transactions and work with digital assets. Every user can create and execute smart contracts to protect their money transfers and other financial operations.
Excellent transaction speed. Cardano does not charge large commissions, even when making immediate transactions.
Full anonymity of users.
Top 5 Cardano Wallets (ADA)
This is one of the few Cardano (ADA) wallets to safely store this crypto: it boasts all the essential security features and is backed by a team of developers. This open source software is available for Windows and MacOS. Daedalus is also a hierarchical deterministic wallet (HD) that allows you to manage any number of addresses and distribute your funds according to your wishes.
The installation process is fairly simple and can easily send and receive ADAs as well as view transaction history. With Daedalus, you retain control of your keys, which are protected by the latest cryptography technologies.
However, there are several drawbacks that are worth mentioning.
Wallet is currently unavailable for Linux and no release date is expected yet.
IOS and Android apps not yet available.
2. Ledger Nano S
Ledger Nano S is the undisputed leader among all hardware wallets that are considered the safest on the cryptocurrency market.
Like other wallets, Ledger Nano S allows you to manage seed phrases, set a PIN code and possibly a password. In addition, you can easily store more than 700 cryptocurrencies and tokens, including the Cardano cryptocurrency.
NOTE: ORDER THE LEDGER WALLET ONLY ON OFFICIAL WEBSITE! THIRD PARTY WEBSITES MAY DISTRIBUTE HACKED MODELS.
AdaLite (formerly known as CardanoLite) is a Cardano wallet developed by Vaccumlabs. If you want to use AdaLite, you do not need to register or go through KYC. When you create an ADA wallet, you only get a 12-word mnemonic to start managing assets. AdaLite is also compatible with Trezor Model T and Daedalus. AdaLite is also compatible with iOS and Android, so this Cardano wallet can be used on the go.
Yoroi is one of Cardano’s official purses (ADA): it was developed by Input Block Hong Kong (IOHK). Unlike the Daedalus Wallet, Yoroi does not require the withdrawal of the entire blockchain and allows you to execute ADA transactions immediately. Chrome extension is also available.
Yoroi is currently available for Android and iOS devices.
Infinito is a growing wallet for storing large numbers of cryptocurrencies. Benefits of Infinito include:
- Easy to use and sleek, user-friendly design
- Large list of supported coins
- High transaction speed
- Multilingual interface
The project developers tried to make the product comfortable and functional. The disadvantages of Infinito include the lack of two-factor authentication. However, this feature is likely to be available soon. Despite the lack of authentication (2FA), there are no hacking and fund theft events in this wallet.
Since Cardano is one of the TOP 10 crypto assets, adding this cryptocurrency to your crypto portfolio makes sense. Now you know where to save this digital currency. All of the above purses are highly reliable and functional. To make the right choice, remember what kind of storage is best for you. If you need to store ADA in the long term, the safest alternative would be hardware and paper wallets. On the other hand, Cardano desktop, online and mobile wallets (ADA) are more suitable for active trading and daily ADA exchanges.