Hierarchical Deterministic (HD)
Web-Based Wallet
Future Support for Ethereum Classic and Bitcoin
No Support for Other Coins
Advanced Security
No Two-Factor Authentication (2FA)
Daedalus Wallet Review: Features and How-to-Use Guide
The Daedalus wallet is a product of the Cardano Foundation released back in September 2015. They have focused on presenting it as capable of safely storing your private keys. This web-based tool is hierarchical deterministic (HD), which increases its safety to a desired level for the user. Such multi-platform single-coin representative diminish your security worries. More details will be explained further in the article, plus easy to follow detailed installation guide.
01.Daedalus Features & Fees
Even complying with a single coin, Daedalus gained popularity thanks to its wide range of features offered to the user. This wallet is created to be easily managed, where every action is protected by high-tech safety characteristics. The Daedalus developers provide a product with fast and easily accessible funds recovery process.
Nevertheless, Cardano Foundation stands out with malware precautions like advanced passwords and encrypted special keys. To ease your minds, they offer a paper certificate export as well. For an extra guarantee, this wallet lets you hold an ADA recovery option, available for both the encrypted and unencrypted versions.
Pros & Cons
In this section, you will get familiar with the advantages and disadvantages of the Daedalus wallet. The purpose of the following table is to give you a different perspective of the tool. This short overview will help you conclude either using this web option or not. Here it is:
- Hierarchical Deterministic (HD) It provides a single Seed backup option controlled by you
- Encrypted Keys & PasswordThis feature keeps the wallet safe from malware security threats
- Full Node ClientFull node clients participate directly in the network. They don’t run on a mobile operating system. This one here runs the Cardano protocol
- No Mobile Version There is a planned release for Android and iOS
- No Two-Factor Authentication This security system is not built in
Operating System Compatibility
This web-based wallet is only available for Mac OS and Windows, where the required version must be 64bit. As far as Linux is involved, Daedalus is not compatible there. It doesn’t have the needed ETA for such release. Pretty much older computers cannot benefit from this safe and easy to use wallet.
What is more, once you decide on this tool, pick one of the suggested OSs, install the compatible application. It automatically opens on the Cardano ecosystem. This leaves you with one simple step – set up the wallet and start managing the crypto wealth coming your way. To do so, you’ll need a system with a Dual Core CPU, 4GB of RAM, 10GB of free space and one of the operating systems listed below.
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WindowsWindows
64bit version
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LinuxLinux
64bit version
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Mac OSmacOS
64bit version
Is Daedalus Safe?
Security
In this paragraph, I will introduce the precautions taken by the developers in order to create and present secure means of online actions. In addition to that, Daedalus relies on trust. Both statements are backed up by keys with special encryption and extra passwords. How does monitoring every step of the transactions sound? Yes, you can see the moment your actions become irreversible. The good news doesn’t stop here. For those of you who couldn’t get ADA, but got certificates instead, can be now redeemed. Old and new certificates are applicable, so take advantage of that option.
Key Encryption
A way of encrypting your keys in a way, difficult for malware to read and decode. This way your wallet and wealth are safe.
Hierarchical Deterministic (HD)
This implementation assists you with having control over organizing your funds. It also introduces an easy backup and recovery procedures, if needed.
Privacy and Anonymity
Daedalus wallet being a hot client emphasizes on that, by investing time and effort to keep well-performing HD feature up and running. With it, every action you take through the wallet will be seen by others like a lot of addresses are involved. The one you are using at that particular moment for a certain transaction stays anonymous for the harmful eyes of hackers. Basically, Daedalus uses a different address for each transaction and your identity stays in possession of your privacy.
Hierarchical Deterministic (HD)
Once added and used, the seed creates thousands of addresses at once. This is done hierarchically one after the other. With such privacy feature, if you make a lot of transactions, better use different public keys for that. Keeping this single master seed safe is all the backup you need.
Is Daedalus the Wallet For You?
Download HereTransaction Fees
Fees are needed, in order your sending procedure to be completed and written in the blockchain. Daedalus wallet stands out in this area as well. It doesn’t offer fixed transaction fees but uses a specific formula for rate calculations.
This wallet applies the following formula for establishing the minimal transaction fees: a + b x size (“a” and “b” are special constants).
Let me summarize all the above, so that it is understandable for everyone. Basically, each transaction costs “a” ADAs with additional cost of “b” ADAs per byte (here the amount of crypto you want to send defines the size of the “b”). In other words, if your transaction is 200 bytes, the fee you have to pay will be 0.155381 ADA + 0.000043946 ADA/byte × 200 byte = 0.1641702 ADA.
Conclusion
Daedalus is one solid web-based wallet. The interface is clear, and I personally have no struggles with managing my actions. Another advantage is the option to log in from every hot spot on the planet. That is more than convenient. Nevertheless, this wallet is considerably safe, thanks to the seed backup option and the extra password encryption.
Many users look at the Daedalus wallet as not so favorable option, due to the lack of mobile application and its single coin support. In addition to this, I can say that relying on the internet connection every time you want to use this client doesn’t fit every crypto manipulation. As an alternative, I can suggest the desktop multi-coin Exodus wallet. It has few additional security options and is Linux compatible.
02.Daedalus Wallet Guide: How to Setup and Use
This section is meant to guide you step by step through the installation and how to use Daedalus wallet. I have included key components’ location and functions, how to end up with the software in your possession and some specific details. In the following paragraphs, you will also see how to check on your addresses, send, receive, backup and restore. The last piece of data in this segment of the article is advising you on how to avoid possible issues and scams.
How to Install
You will have useful links and interface overview for better workflow approach. I have divided the information into steps and in different tables. This way you will have a clearer picture of what is happening and what follows. Let’s start with choosing the OS.
Choose Operating System
- Use the official website of the wallet for download. After that run the installer file
- Locate the file in the download directory. It is named “daedalus-win64-1.0.3769.0-installer”
- Start the process by double-clicking on the file, then choose which directory to install it in and click the “install” button
- Download the package from the official website
- Locate the downloaded file and its directory. Run and copy/paste it to Applications
- Click on the copied file to start your Daedalus wallet.
- Download the package from the official website
- Locate the downloaded file and its directory.
- Either Double click on the icon or start the program through terminal
Interface Overview
Once started, Daedalus welcomes you with a simple and user-oriented interface. In the main menu page, there is the balance of your wallet with support resources on the top and clickable icons to the left. For the creation of an additional wallet use “Add Wallet” and follow the instructions. When using “Generate new address” there are no restrictions on how much. Daedalus can even display all of your wallets at once, from the “Summary” tab. This is possible for all transactions as well, under the “Transactions” tab. When receiving cryptocurrency, simply choose which of your addresses to be funded and paste it in the empty box. You can also choose normal or strict “Transaction assurance security level” from “Settings”.
Create an Address
You are not actually creating a new address. As mentioned earlier, Daedalus is an HD wallet, so it generates a new address every time you want to receive some coins. When you click the ‘Receive’ section, the software automatically generates an address from the seed. You can copy/paste it, send it via email or print a QR code to access it.
Send and Receive Assets
Let’s start with receiving. It is a good idea to know which of your addresses you want to fund and paste that one in the empty box in the “Receive” tab. The good news is that you can create numerous addresses after choosing “Generate new address” and entering your password. The instantly created one appears at the bottom of the list with already existing ones. How about sending some coins? Just click on “Send” and in the new menu window paste the receiver’s address in section “Receiver”. Then choose the “Amount” and click “Next”.
Hint: Always recheck the receiver address – if one of the characters is misspelt, your coins go nowhere. They are lost and can’t be retrieved.
Backup and Restore
Backup
Install and create wallet
From the main dashboard, you will see a “+” sign. Click it and create your very first Daedalus wallet. This will lead you to the “Create Wallet” window. Now is the time to name your wallet and protect it with a password.
Create and save your seed
Next in line is the “Recovery Phrase Creation”. It starts with a warning message and a reminder not to show anyone the recovery phrase. Simply tick the box and press “Continue”. Then the wallet reveals the recovery phrase. Note it down and input the words as required on the next page. You need to mark them and click on “Confirm”.
Restore
Install and restore wallet from seed
The successful installation and synchronization will enable the “Restore” option on your main Daedalus dashboard. Once you click on it and then the “Backup recovery phrase” you can name the wallet and type in the recovery phrase (the backed-up seed). For extra protection, enter a spending password, to keep the access to the wallet secure.
Restore by importing private keys or using wallet files after install
To execute this step select to restore using a Paper wallet certificate. Create one by the “Add Wallet” icon on the bottom left of the screen. Then click Restore tile/the Paper wallet certificate tab and add the password by selecting the correct words. This is happening in the recovery phrase field. Then enter wallet name, spending password and press “Restore”. Find the restored wallet from the list to the left of the Daedalus screen.
Specific Functions
Daedalus smoothens every action you take and boosts the security levels thanks to its several specific functionalities. The malware stands no chance against the spending passwords and encrypted private keys. The paper certificates are a perfect and safe transition to cold storage. How about the certainty you get by knowing when your transactions become irreversible? This is what the Daedalus wallet hides in its sleeve. The developers are aiming even higher by building new and useful features (e.g. ETC and BTC support, mobile version, staking, store for community-built apps and all coins’ support).
Possible Issues and How to Avoid Them
Let me emphasize on the known issues, so you won’t be unpleasantly surprised during the whole process. For example, the wallet blockchain synchronization sometimes takes up to 40 sec after you create and open Daedalus. Another known delay is when you successfully redeem ADA and the transaction appears in the list after a minute or two. The good thing is that the amount is added to the balance in a jiffy. Furthermore, the transaction timestamps have an offset of a minute or two.
03.FAQ
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What should I do if the synchronization stops for a long time or goes backward?
Daedalus is a full node client and it downloads the full blockchain in order to be synchronized. Sometimes this process is corrupted and causes delays and the wallet stops working accordingly. You can delete the downloaded portion of the blockchain and start the process again.
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Can I use non-Latin characters in the Daedalus wallet name?
Foreign letters are ok if not used with spaces. For Latin characters, you can use only a single space. Avoid spaces generated with Japanese, Chinese, Korean or other double-byte character sets. Special characters with accents like č and ä, Kanji, Hangul, Chinese Characters and Cyrillic are better not included in your Daedalus wallet name.
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What does ‘Cannot Connect to Network’ message mean?
This is a Windows users problem, connected to the Antivirus and Firewall software. They sometimes detect Daedalus as a malware and disable its connection to the Cardano network. There are alternative programs like Avast, which are free and do not cause wallet-network connection problems. Avoid disabling your antivirus protection.
04. About Daedalus
Daedalus wallet was created to serve the Cardano network. This wallet gained popularity fast in a very short time, thanks to the wide range of features it offers. This tool is easy to understand with constantly updated and adjusted characteristics. The team involved continue to provide the highest levels of encryption with easy and secure management. With Daedalus, your funds are organized and recovered in a simple way.
Daedalus on Social Media
Dealing with one of the most popular coins, Daedalus team is doing a great job keeping the social media occupied. The community is really active and the support is doing a great job. Every question is answered professionally and fast. All news and updates are released on the following social channels: