Daedalus Wallet Review

Daedalus Wallet Review

Robert McDougall 

January 2, 2023

Cryptocurrency

Countless projects are in the market and new ones are popping up every other day in the crypto or blockchain industry. However, not all of them are developed with the aim to help make the digital finance industry better. 

Fortunately, some crypto projects have proven to be revolutionary and are working tirelessly to improve the financial system and bring change to other sectors, too. Cardano, with its token ADA, is one of those projects. If you are among the millions of people who believe in ADA and are willing to invest in the project, you might want to access a secure, safe, and efficient wallet that would keep your tokens safe. For that, you can check out Daedalus Wallet.

What is Daedalus Wallet?

Daedalus is an open-source wallet that is specifically designed for storing and managing ADA tokens. The wallet was launched by IOHK, the team that also created Cardano. IOHK engineered the Cardano blockchain and maintains the system within the Cardano ecosystem. The Daedalus wallet can be considered an official wallet of ADA where you can keep your ADA tokens exclusively. Daedalus comes with some specific features and functions that allow ADA holders to manage their tokens efficiently. Unlimited accounting, free-hand customization, and maximum security are some of the features that attract most ADA holders and convince them to opt for Daedalus instead of other crypto wallets.

One thing to note about Daedalus is that the platform does not offer a web extension or browser-based services. You will have to download the Daedalus wallet into your computer in order to access your account and the funds in it. But don’t worry; Daedalus has wide support for operating systems running on modern computers, making it easy for users to download their wallet and install it easily.

About Daedalus Wallet

Daedalus wallet was launched in 2015 before the official release of ADA. The Daedalus team consists of hundreds of professionals spread all over the world. Daedalus wallet aims to provide a seamless experience to ADA holders. As of now, the Daedalus wallet is only available for PC users and has no official mobile applications or browser extensions. IOHK, the creator of the Daedalus wallet, is active on several social platforms, keeping in touch with the ADA users and helping them to bring what everyone wants.

Daedalus Wallet Pros & Cons

Pros
  • Maximum security and protection protocols
  • Have full control over your funds with an unlimited number of wallets
  • All primary OS and desktop platforms are supported
  • Easy personalization just as you want
  • Good support team
Cons
  • No mobile applications or extensions are supported
  • ADA-only wallet

Daedalus Wallet Features

In case you have decided to store your ADA tokens in the Daedalus wallet, check out what other features the wallet has to offer.

Specifically built for ADA

Unlike other crypto wallets that are designed to store hundreds of cryptocurrencies, the Daedalus wallet is built for storing ADA only. The wallet is designed to allow users to manage ADA tokens easily. You can perform all the activities with your Daedalus wallet, but those activities will be limited to ADA only. You can also manage, create multiple wallets, or organize your funds just as you want. In case you want to store other cryptocurrencies, you will have to go for another crypto wallet.

Unlimited accounting with HD wallet implementation

One of the best things about Daedalus wallet is that it does not restrict users from creating multiple wallets. You can manage any number of wallets, thanks to their hierarchical deterministic (HD) wallet implementation. You can also organize and manage your ADA tokens as you please. You can divide your funds into multiple wallets or store them in a single one in order to keep better track of your funds. With their ultimate backup and restoration features, you can always recover your funds without going through a troublesome procedure.

Easy installation on all major desktop platforms

Daedalus is not a hardware wallet or a web-based crypto wallet. It is a software-based wallet that requires users to download their particular application and install the software on their desktop computers. But their vast support of operating systems is exactly why Daedalus has made things very easy for all types of users.

Whether you are a Windows, Linux user, or macOS user, you can easily install their application by visiting their download page. The download page automatically redirects you to the latest version of the wallet so that you can get updated features and functions. Daedalus has also mentioned a few recommended specifications that your computer should have to run their wallet smoothly. Your PC should at least have a dual-core processor, 8GB RAM, and a few gigabytes of space available for hassle-free installation. In case you have a lower-end PC, you can still run Daedalus wallet, but it might freeze or hang occasionally.

5+ customizable themes are available

Daedalus does not only take care of your ADA tokens; they also take care of your personal preferences as well. The wallet offers users six different themes to choose from in order to change the entire outlook of the wallet and to make it feel just as you like. You can further tweak some options and layouts and create an interface that works out the best for you.

Keep yourself updated with a news feed

To keep users updated with the crypto world and the Cardano blockchain, Daedalus wallet also provides a news feed that works more efficiently. For instance, news or updates that you might want to take a look at are shown on the right sidebar of the interface of Daedalus. You can simply click on any of the available articles and see what is actually happening. In case of an important announcement, update, or news that you must read, Daedalus shows that particular article right in the middle of the screen so that you can easily know what it is about.

Extensive guides, tutorials, and articles are available

If you are new to the crypto industry and just starting out with your investments, you might want to get hold of different things before you put your money into a particular asset. But if you have decided you are going to invest in ADA and keep your tokens in your Daedalus wallet, you will be provided all the help you will need. 

The articles and guides available on the Daedalus website allow users to start from scratch without even knowing a single concept. You can learn how to download, install, set up, and create wallets within the application. Daedalus also provides clear instructions regarding the features they offer so that you can easily use all of them.

Premium security features

Of course, the Daedalus wallet is not as secure as the usual hardware wallets, but it is still quite safe compared to other crypto wallets available on the internet. What’s unique about the Daedalus wallet is that it is a full-node wallet that downloads the whole Cardano blockchain into your computer when you install the application. This allows the Daedalus wallet to validate each transaction independently without the risk of fraudulent activity. All the data is stored in your computer without having to include hackable third-party servers in the process. 

As for the account protection measures, Daedalus generates seed codes that users must keep safe. In case you are creating a separate wallet, you will have to set up a password for each wallet you create in Daedalus.

Easily import and pair hardware wallets

You can easily import your wallets from previous Daedalus versions, in case you have any. Or you can also import wallets from the Daedalus state directory to get your funds back. Daedalus also gives you the option to pair hardware wallets such as Ledger and Trezor with ease. You just have to connect the hardware wallet to your computer and enter the pin to access all the assets available in that wallet.

Stake ADA and get voting rights

To create a prosperous ecosystem, Daedalus gives users a chance to stake their ADA in different staking pools and earn an interest rate on their assets. Staking also gives you the voting right that you can use to bring crucial changes to the ecosystem. The more you stake, the more voting rights you get.

Supported cryptocurrencies on Daedalus wallet

Daedalus is an ADA-only crypto wallet that only supports ADA tokens and nothing else. If you are looking for a crypto wallet that would easily store your whole crypto portfolio, Daedalus might not be the best choice. But if you are looking for a wallet that would keep your ADA safe and protected and also let you earn through it, then there is no better choice than the Daedalus wallet.

ADA — Native Cardano blockchain token

ADA is considered to be the third-generation cryptocurrency that apparently learned from the previous generations and tried to solve crucial problems. For example, Bitcoin is a first-generation digital asset that has some infrastructure and scaling problems. Basically, ADA is used as fuel for the parent blockchain Cardano to keep the platform up and running. Cardano aims to bring efficient solutions to different sectors of the world, such as credential verification, product counterfeiting, supply chain tracking, and more, all of which require ADA as fuel to run

Daedalus wallet Customer Support

Daedalus does not really have an excellent customer support team that would instantly answer your questions or get back to you within a few minutes. There is no live chat option, and you cannot contact them through a phone number. Your only option is to submit a ticket through their support page, explain your issue, and hope for a reply within a few hours. Make sure to select the right fields and put in the active email address so that you can promptly get a solution to your query. Otherwise, you can take a look at their help center where you will find articles and guides that might solve your issues.

Daedalus wallet Mobile Support

Daedalus is, unfortunately, a PC-only wallet without any type of mobile application or web-based operation. If you want to access your Daedalus wallet, you will have to install the Daedalus wallet on your computer and access it from there. Of course, this can be a hassle for users who prefer portability. The only thing you can do is to install the Daedalus wallet on your laptop, in case you want to travel and still have full-on control over your funds.

Daedalus wallet fees for users

A specific fee is charged on every single transaction that takes place on the Daedalus wallet. Whether you are withdrawing your ADA tokens to an external wallet, staking them, or un-staking them; you have to pay a variable transaction fee.

The transaction fee is determined by several factors that play an important role when a transaction takes place. To explain it simply, if the UTXO (security parameter) of your transaction is less than 1 ADA, you will be charged 1 ADA as a fee. But if the UTXO of your transaction is greater than 1 ADA, a fee of approximately 0.18 ADA will be charged. The UTXO is calculated based on the size of the transaction you are initiating. Also, keep in mind that these parameters are subject to change with time, and the fee might vary in the near future.

What do the reviews and ratings show?

Daedalus does not have hundreds of reviews on popular review sites like Trustpilot, but they do have reviews spread across different platforms that might be enough to evaluate their integrity. On most of the platforms, the reviews vary from 3.5 stars to 5 stars. On Trustpilot, Daedalus has an average rating of 3.4 stars with only three reviews. But on Revain, another review platform, there are 14 Daedalus reviews available with an average rating of 3.9 stars. Users mention slow syncing time of the Daedalus application, single-crypto support, and slow customer service, which might lead to some problems at the other end, as reasons for their dissatisfaction.

How does Daedalus wallet compare with the competition?

Daedalus has its own pros and cons that can be quite tricky to compare with the competition. Metamask or Coinbase wallet support a variety of cryptocurrencies whereas Daedalus is built only to store ADA tokens. But when it comes to security, no software-based or web-based crypto wallet comes close to Daedalus. This is because Daedalus is a full-node wallet and uses different precautionary measures to protect your funds.

In terms of ease, Daedalus is a little behind Trustwallet or Exodus, which can be installed within a minute as browser extensions. However, to use all Daedalus functions, you first have to wait for synchronization, which can take up to several hours. Another aspect where Daedalus wins is that it allows the users to connect hardware wallets easily, stake their assets, and get voting rights which even the most popular crypto wallets like Metamask do not offer.

How safe is Daedalus wallet?

Daedalus is unquestionably one of the safest cryptocurrency exchanges you can opt for to store your ADA tokens. It is a full-node wallet that downloads the entire copy of the Cardano blockchain to your computer when you install the Daedalus wallet. This allows the wallet to independently validate each and every transaction, eliminating the risk of fraud or any other kind of illegal activity. 

Daedalus also provides several types of security features like seed phrases and passwords to protect your multiple wallets created in Daedalus. Just make sure to follow all the guidelines, and you will be good to go.

What makes it unique?

What makes Daedalus unique from the rest of the crypto wallets is its dedicated support for a single cryptocurrency. Where other crypto wallets allow the users to store hundreds of crypto assets, Daedalus wallet only supports ADA and nothing else. Their unmatched security system makes them even more unique as there are not many full-node crypto wallets on the internet that you can opt for. 

Daedalus also gives users a free hand to customize the layout and add as many wallets as they want. You can also easily connect your hardware wallet with Daedalus, which not every crypto wallet allows.

Frequently Asked Questions

What cryptocurrencies does Daedalus wallet support?

Daedalus wallet only supports ADA. Users cannot deposit or send any other cryptocurrencies to their Daedalus wallet address.

Can you stake ADA on Daedalus wallet?

Yes, the Daedalus wallet allows ADA holders to stake their assets on the wallet by choosing a specific staking pool. You can check the potential returns of the available pool and go with the most suitable choice.

Is the Daedalus wallet available on mobile devices?

Daedalus wallet is not available for mobile users. Users have to install the Daedalus wallet application on their computers.

What operating systems does Daedalus wallet support?

Currently, the Daedalus wallet supports Windows, Linux, and macOS. You can easily install the Daedalus wallet in any of these operating systems.

Is it safe to keep ADA tokens in the Daedalus wallet?

It is entirely safe to store ADA tokens in the Daedalus wallet due to their robust security structure. Daedalus wallet also follows the full-node mechanism, validating each transaction to avoid any type of problem.

Is the Daedalus wallet beginner-friendly?

If you know how to install software on your computer, you will face no problems getting started with the Daedalus wallet. It is really simple to create wallets, stake, and vote on Daedalus wallet, thanks to their beginner-friendly interface.

Is Daedalus wallet free?

Daedalus wallet is absolutely free to use. The service does not charge users for installing the software or using any of its features.

Do you need a high-end computer to use the Daedalus wallet?

A mid-range computer is recommended to run the Daedalus wallet smoothly. This is because the syncing process of the wallet to the whole Cardano network takes a lot of time and requires computational power.

Conclusion

If you are heavily invested in ADA and looking for a dedicated crypto wallet, the Daedalus wallet is made for you. There is no need to trouble yourself with crypto wallets where you have to select countless networks, pre-made themes, and whatnot just to use them. You can simply download the Daedalus wallet on your PC, and you will be good to go. Its features like premium security, easy-to-understand interface, unlimited wallet creation, hardware wallet support, staking, and easy recovery will enhance your experience and let you hold onto your ADA tokens efficiently.

Just make sure that you have a good enough computer, download the wallet, and see how the Cardano ecosystem works. There have been rumors of Daedalus wallet supporting more crypto assets like BTC and ETH in the future, but let’s see if the officials make it happen.

Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us. 

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