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Cardano, ADA and the best wallet to use

By Shiftrox | Neutral Field | 17 May 2021


What is Cardano?

Cardano is a decentralized and open source blockchain project that aims to facilitate point-to-point (P2P) transactions. It has a layered architecture that supports smart contracts, facilitating the creation of a platform that is adaptable and scalable but at the same time without compromising security.

Cardano's roadmap started in 2015, led by Charles Hoskinson, a co-founder of Ethereum and BitShares who had left Ethereum after disagreements over the maintenance of the project.


What is ADA?

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The official launch of the ADA was in 2017, the native cryptocurrency of the Cardano blockchain. Cardano's native asset was named after 19th-century mathematics Ada Lovelace, known as one of the world's first programmers, being the first person to publish an algorithm to be processed by an "analytical engine" device.


What is a cryptocurrency wallet?

There are several types of wallets that you can use to store your cryptocurrencies and this includes both online and offline options.

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Some examples are:

  • Full Node: Wallet where you control your private keys and host a full copy of the blockchain;

  • Desktop: Usually a desktop application that connects the user directly to their currencies and offers full control over their keys and funds;

  • Mobile: Usually an application that runs on a smartphone. Work in the same way as desktop applications only in a mobile version;

  • Software: Any software-based portfolio;

  • Custody: In this type of wallet, control of your private keys is not allowed. An example are the types of wallets provided by cryptocurrency exchanges;

  • Paper: Wallet that allows you to print a QR code for public and private keys. With that you make transactions with digital currencies. A differential of this model is that you can completely avoid storing digital data about your currency;

  • Hardware: Hardware specifically developed to store the cryptocurrency and keep it safe. In most cases, they are USB devices that can connect to the Internet to make transactions and obtain data before being taken offline for transport and security.

What is the best Cardano wallet?

The Daedalus wallet is considered Cardano's "official" and best-known wallet. If you go to the Cardano website this is the wallet that will be listed for use.

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Some of the features of Daedalus are:

  • It is a full node wallet, as it downloads the entire Cardano blockchain and validates each transaction in the blockchain's history;

  • It has an integrated hierarchical portfolio technology, that is, it allows you to manage an unlimited number of external portfolios for day trading, holding, among others;

  • It is available on Windows, MacOS and Linux operating systems;

  • It has a news feed to keep you informed about all Cardano updates, as well as changes to the portfolio itself.

Thanks for reading, see you next time!


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Shiftrox
Shiftrox

Games lover and getting to know the blockchain world more and more. Games and Fun!


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