Sirwin
Sirwin
Image provided by lace.io

What is Lace? Review of Upcoming Cardano wallet.


In order to safely store your ADA and possibly other Cardano Native Assets like SingularityNET(AGIX), Meld, World Mobile Token, Shen, Djed and many more, you want to use a good, safe wallet.

In todays article, I will show you what is and how does Lace work.

Depending on what you are going to do with your assets you can choose from Hardware Wallets or Light Wallets.

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Image provided by builtoncardano.com 

I wouldn't recommend using Daedalus Wallet if you are not in possession of powerful workstation, as it operates as a Full Node Wallet, it has it upsides such as possibility to create virtually unlimited amount of accounts, and the fact that it operates as a full nodes increases it safety and trustless operation.

 

The most popular wallets are:

Yoroi Wallet

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Which I personally use, designed and developed by Cardano related company, EMURGO. It has some flaws but it seems to be most safe wallet in the space right now.

 

Eternl Wallet

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Previously known as ccvault.io, developed and designed by Tastenkunst GmbH on behalf of Cardano Community. It is a very well made general purpose wallet, designed specifically for interaction with Dapps and it also works very well both on your mobile device and as a browser addon.

 

So what is this Lace wallet thing?

 

Lace Wallet

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First rumors about Lace come from early 2022. Designed and developed by company behind Cardano, IOG. Lace wallet purpose is simplicity of usage, interoperability with Dapps and ecosystem, and widespread adoption. Lace team describes their undertaking as Lightweight, fast, easy "one-stop-shop" for Cardano users. It is supposed to take care of NFT's, Dapps, Staking and transactions but also has future plans for voting such as Cardano Project Catalyst and integration of Atala Prism Digital Identity, Hydra speed solutions and potentially EVM(And many more) sidechains integration. 

 

So how is this powerhouse doing right now? 

 

As soon as I heard about Lace and it supposed capabilities I decided to do proper research, i.e. I enrolled into its Closed Beta tests. Recently Lace released the wallet to the public announcing the start of Open Beta tests.

Currently Lace operates on Preprod chain, which is a playground for testing capabilities and bug and error hunting for Cardano developers. 

You can install Lace browser addon from this link.

You can also head to Lace.io site and explore the wallet yourself.

Lace is announced to go live onto Mainnet this year, though the date is not yet set.

Here is a short video made by Lace.io, introducing you to their wallet.

 

How does it look from user perspective?

 

I have tested Lace wallet, I delegated my testADA to a testStakePool and also minted my testNFT. Everything seemed to work flawlessly, but also I'm not a very technical user and there are supposed capabilities that are outside of my reach of testing so you might be tempted to test out yourself.

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My test Cardano provided by official testCardano faucet which you can find here.

You can also utilize nature of EUTXO, and send multiple tokens, nfts and Ada to different addresses at once with a great ease.

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My test NFT.

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Transaction history page.

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And last but not least, the Staking tab.

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My thoughts

At its current state, Lace seems to be a well made, good looking light wallet. You can see many tutorials on how to use specific functions of Lace on almost anything you will need. It has all the necessary tools and info inside and also works very fast. If Lace were to be released today with all its current possibilities, it would easily score a 9/10 in my honest opinion. If lace delivers all the possibilities their team was talking about, I think Lace may really be a one-stop-shop in world of Cardano wallets. 

When lace gets released on the mainnet I will probably swap to it from my Yoroi wallet.

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None of information in this article should be considered a financial advice, it's my own analysis and facts I wanted to share with this wonderful community.

 

If you enjoyed my post and you want to support me you can do it here:

Reflinks for some passive income:

https://r.honeygain.me/ZACHW12AF3

https://p2pr.me/16518768406275a3e8c8002

 

Addresses:

0x4B5692110fF9Ba770b9EC5CEBA20849cF97496EA - Binance Smart Chain and Ethereum

addr1qxsktm5j0yusx00gg9735lrn7ada94n63dvy9g76nn5phms68c08evhlqngru7785nlh6qc20ll700v4pqtqktet3wkqwy07f5 - Cardano

TJevzMtsW7dwNM8amm9JE4fM4digjaegHy - Tron

1ApF4AYaQQthAQ4qMJftx3A3WaY4MfBVML - Bitcoin and Bitcoin Cash

 

Also check out my social media

https://twitter.com/CrSanity

https://www.instagram.com/crsanity/

 

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CrSanity
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I'm a crypto investor, enthusiast and a beginning writer for Publish0x.


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