1. Cardano Wallets Billie Mathema 29‐03‐2024

Cardano Wallets

Software Wallets

Daedalus Wallet

Daedalus Wallet is a software wallet built specifically for the Cardano blockchain and is supported by Input/Output.

Pros

• Full node: Independently validates each transaction by downloading a full copy of the Cardano blockchain.
• Desktop Support: Available for Windows, Mac, and Linux.
• Mentioned on Cardano Website: Highlighted as the primary wallet on the official Cardano website.
• Open Source: All code is available for review and audit.
• Staking: Allows staking ADA and earning rewards directly on the wallet.

Cons

• Supports Only Cardano: Does not support other blockchains.
• Downsides of Full Node: Takes time to sync blockchain transactions and requires 10GB of space.
• No Mobile Support: Currently lacks a mobile application.

Installation Steps:

1. Visit the official Daedalus website: Daedalus Wallet.
2. Download the suitable wallet for your operating system.
3. Install the wallet following the provided instructions.

Eternl

Eternl is a software wallet designed specifically for the Cardano blockchain, available as a mobile app and browser extension.

Pros

• Desktop and Mobile Support: Available as a mobile app and browser extension.
• Fast: Praised for quick transaction synchronization.
• Staking and Decentralized Apps: Enables easy staking and connection to decentralized apps.

Cons

• Not Open Source: Lack of transparency due to closed-source nature.
• Complex Interface: Criticized for being complex for beginner investors.

Installation Steps:

1. Visit the official Eternl website: Eternl Wallet.
2. Download the suitable wallet for your browser or mobile device.
3. Follow the provided instructions to create and secure your wallet.

Yoroi

Yoroi is a popular software wallet for Cardano and Ergo, available as a browser extension and a mobile app.

Pros

• Browser Extension & Mobile: Easily accessible across different devices.
• Open Source: Code is fully open source.
• Privacy: Generates new external addresses for each transaction.
• Staking Pools: Allows the use of multiple staking pools to earn rewards.

Cons

• Buggy Interface: Some users have reported interface bugs.

Installation Steps:

1. Visit the official Yoroi website: Yoroi Wallet.
2. Install the Yoroi extension for your browser.
3. Launch the extension and follow the setup instructions to create and secure your wallet.

Nami

Nami is a browser-based wallet built specifically for Cardano, praised for its user-friendly interface.

Pros

• User-Friendly: Features a slick interface with quick sync times.
• Browser Extension: Available as a browser extension on Chrome, Brave browser, and Edge.
• Staking Pool Support: Enables earning staking rewards through staking pools.

Cons

• No Mobile App: Currently lacks a mobile application.

Installation Steps:

1. Visit the official Nami Wallet website: Nami Wallet.
2. Download the Nami Wallet extension for your web browser.
3. Follow the provided instructions to create and secure your wallet.

Exodus Wallet

Exodus Wallet is a popular wallet for beginner crypto investors, supporting various cryptocurrencies including Cardano.

Pros

• Cryptocurrency Support: Supports hundreds of cryptocurrencies.
• Customer Service: Offers responsive customer support.
• ADA Staking: Allows users to earn ADA staking rewards.

Cons

• Not Built for Cardano: May lack some functionalities compared to Cardano-native wallets.
• Closed Source: Code is not open source.

Installation Steps:

1. Visit the official Exodus website: Exodus Wallet.
2. Download the suitable wallet for your operating system.
3. Install the wallet following the provided instructions.

VESPR

VESPR is an open-source software wallet for Cardano, available on mobile and praised for its fast speeds.

Pros

• Mobile Friendly: Features a user-friendly and fast mobile app.
• Community-Driven: Community votes on features for developers to prioritize.
• Staking Support: Allows users to earn staking rewards.

Cons

• No Desktop Support: Currently lacks a desktop application.

Staking Steps:

1. Research reputable staking platforms for Vesper.
2. Choose a compatible wallet and set it up.
3. Deposit Vesper into the staking platform.
4. Initiate staking and earn rewards.

Atomic Wallet

Atomic Wallet is a non-custodial wallet supporting over 500 coins and tokens, including Cardano.

Pros

• Full Support for Cardano Transactions: Securely store, purchase, swap, and stake Cardano.
• Available on All Devices: Accessible on PC, Mac, Android, and iOS.
• Highly Secure: Emphasizes user control over private keys.

Cons

• No Browser Extension: Lacks a browser extension.

Installation Steps:

1. Visit the official Atomic Wallet website: Atomic Wallet.
2. Download the suitable wallet for your operating system.
3. Install the wallet following the provided instructions.

Hardware Wallets

Ledger Nano X

Ledger Nano X is a state-of-the-art hardware wallet supporting over 5,000 crypto assets, including Cardano.

Pros

• Supports Over 5000 Coins and Tokens
• NFT and DeFi Support
• Certified Secure Chip (CC EAL5+)
• Bluetooth Connection

Cons

• Entering PIN Takes Some Getting Used To

Setup Steps:

1. Unbox and inspect the device.
2. Connect to a computer and initialize the device.
3. Write down your recovery seed.
4. Install Ledger Live and add your Ledger Nano X.
5. Install apps for supported cryptocurrencies.
6. Receive and send crypto securely.

Trezor Model T

Trezor Model T is a flagship hardware wallet option for Cardano investors, featuring a 1.54-inch touchscreen LCD.

Pros

• 1.54-inch Touchscreen LCD
• NFT Storage
• MicroSD Card Support
• Password and Digital Identity Management

Cons

• One of the More Expensive Options

Setup Steps:

1. Unbox and inspect the device.
2. Connect to a computer and initialize the device.
3. Write down your recovery seed.
4. Install Trezor Suite and add your Trezor Model T.
5. Install apps for supported cryptocurrencies.
6. Receive and send crypto securely.

Ledger Nano S Plus

Ledger Nano S Plus is a budget-friendly hardware wallet option supporting over 5,000 coins and tokens.

Pros

• Supports Over 5000 Coins
• Affordable Alternative
• One of the Most Popular Hardware Wallets
• Certified Secure Chip (CC EAL5+)

Cons

• No Bluetooth Support
• No In-Built Battery

Setup Steps:

1. Unbox and inspect

the device. 2. Connect to a computer and initialize the device. 3. Write down your recovery seed. 4. Install Ledger Live and add your Ledger Nano S Plus. 5. Install apps for supported cryptocurrencies. 6. Receive and send crypto securely.

SecuX V20

SecuX V20 is a hardware wallet featuring a large touchscreen and support for over 1,000 cryptocurrencies.

Pros

• Large Touchscreen
• Supports Over 1000 Cryptocurrencies
• Security Certification
• Compact and Portable

Cons

• More Expensive Than Some Competitors

Setup Steps:

1. Unbox and inspect the device.
2. Connect to a computer and initialize the device.
3. Write down your recovery seed.
4. Install the SecuX app and add your SecuX V20.
5. Receive and send crypto securely.

These wallets offer a range of options for securely storing, managing, and transacting with your Cardano (ADA) cryptocurrency holdings, whether you prefer software wallets for their accessibility or hardware wallets for their enhanced security.