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Daedalus

Daedalus

Launched in the last half of 2015, Daedalus was released as a part of the Cardano Foundation, a company based out of Switzerland. It is an open-source platform for ADA, the cryptocurrency of the Cardano blockchain network. But how is a wallet that supports a single cryptocurrency so widely recognized?

Daedalus wallet has advanced security features for storing Cardano. All your actions are protected using high-tech features. The good news doesn’t stop here. With highly engineered encryption and passwords, it even keeps you anonymous from the eyes of hackers and malware. 

Connecting Your Daedalus Wallet To ZenLedger For Your Crypto Tax Forms

To import your Daedalus wallet transactions you must create a custom CSV. 

Read how to create a custom CSV.

How To Use A Daedalus Wallet?

  1. Install The Daedalus Wallet

The Daedalus wallet is available for the desktop with three operating systems— Windows, Mac, and Linux. You can download the version based on the OS of your choice. The process is more or less the same for all three.

  • Download the package from the official Daedalus website.
  • Locate the downloaded file on your device’s download directory.
  • Install the program on your computer.
  1. Create An Address

Since Daedalus is an HD wallet, you do not have to create a new address. Instead, the wallet will auto-generate a new address whenever you want to receive crypto. 

  1. Send And Receive Crypto

Sending and receiving ADA using the Daedalus wallet is pretty straightforward.

Sending ADA

  • First, select the wallet from which you want to send funds
  • On clicking ‘Send’ you’ll have to enter the address of the recipient
  • Enter the amount that you want to transfer
  • Click ‘Next’ and type in your sending password for confirmation
  • A green mark on the transaction record in the summary tab is an indication that the transaction is complete

Receiving ADA

You can receive crypto on a new address, as well as, create a new address. Create a new address by;

  • Clicking on the “Generate New Address” option
  • Next, enter your password and your new address will show in the list along with the existing addresses (marked in grey)
  • Click on ‘Receive’
  • Copy the address you want to receive the funds in and paste it into the clipboard
  • Share this address with the person who will send you crypto, or you can use it yourself to send money from one wallet to another

Is Daedalus Wallet Safe?

Now that we know how to set your wallet up and make transactions, you might still be wondering- Is Daedalus wallet safe to use?

The developers’ team at Daedalus Wallet ensures safe online transactions. In order to achieve this, their system is backed by private keys that are specially encrypted and password protected. The key-encryption makes it hard for malware to decode.

Daedalus focuses on privacy and anonymity by adding in the hierarchical deterministic (HD) feature. If you make lots of transactions, you must use different public keys for each. The address you’ll use for a particular transaction will let you stay anonymous and protect your privacy.

The Bottom Line: Why Choose Daedalus Wallet?

The Daedalus Wallet is unfavorable for many users as it lacks a mobile app and only supports a single coin. But due to the plethora of high-tech features available, it has gained popularity among the masses.

Let’s look at the key selling points of the Daedalus Wallet:

  • The hierarchical deterministic (HD) feature provides you with seed phrase backup
  • Keep hackers and malicious software at bay
  • Supports encrypted as well as unencrypted certificates
  • Low transaction fees
  • Can be accessed from any browser and Windows, Mac as well as Linux OS
  • Customer support