Cardano Wallet (ADA)
Cardano is an innovative platform that was created in order to introduce the cryptocurrency economy and the democratization of cash flows in emerging markets. Using this technology, it will be possible to work with decentralized applications based on smart contracts.
Cardano is a pioneer, or rather one of the first blocks, built in the Haskell programming language with a high level of protection.
This project is a decentralized platform that provides a secure and scalable general programmable price transfer.
The founder of the project is Charles Hoskinson, one of the first developers of the second Ethereum cryptocurrency capitalization. It was at Cardano that he tried to implement more innovative ideas and correct the mistakes of a past project.
Every day, the number of people wishing to try their hand at the cryptocurrency market is growing. Some want to get rich quick, while others are interested in diving into the world of innovation. They all have one thing in common – interest in promising cryptocurrencies. In this article, we will look at how to create a Cardano cryptocurrency wallet.
Cardano’s cryptocurrency is relatively new, so it is only gaining popularity among crypto enthusiasts. There are not many wallets that are designed specifically for Cardano, however there are many multicurrency crypto wallets that can be used.
How to install a Cardano wallet
To date, only one crypto wallet has been developed for Cardano, which is called Daedalus Wallet. This is a desktop, thick, official wallet that allows you to store and transfer ADA coins.
The wallet developers have ideas on creating a mobile version of Daedalus, but so far it can only be downloaded to computers using Windows and Mac OS operating systems. Soon, the addition of support for Bitcoin and Ethereum is also expected.
To install the Cardano wallet on your PC, you must follow these steps:
- First of all, you need to download the Cardano wallet – Daedalus. To do this, you need to go to the official website of the developer.
- Then you need to click the “Download” tab, where you can choose the version that will meet your operating system. Please note that there is support for 64-bit platforms, so you need a new computer.
- After downloading the installer, you must open the program. You will see a possible choice of installation path, however this parameter can be left unchanged. In our case, we need to select the default path and click “Install”.
- The program will be installed within one minute and at the end you will need to click ‘Close’. Now the installation will be completed.
- Then on your desktop, the Daedalus crypto wallet program will be displayed. After the first start, you will need to select the working language. At the moment, there is support for English and Japanese languages (however, developers claim that other languages will soon appear). After you need to click ‘Continue’ and go to the next page.
- The next step is to agree to the terms of the agreement in order to continue to use the program. When you agree, click Continue.
- In the next window, the program from Cardano developers will ask the new user to help diagnose problems. If you agree, click Continue and the company’s central server will receive a crash report. In case of failure, you can select the option ‘Do not send.’
- Then the program will synchronize with the servers (this is a fairly important process, so make sure that you have good access to the Internet). Depending on the speed of the Internet, synchronization will last. In our case, it took almost 3 hours.
- After that, the entire Cardano blockchain is synchronized (this process may take several hours). Upon completion, Daedalus will make a proposal to create a new wallet or restore the old one. In our case, we select ‘Create’ a new wallet.
- Then you need to specify the name of your wallet and create a password to enter. You also need to activate the switch next to ‘Activate to create a password.’ At the end, click ‘Create your own wallet.’
- The next step is to save the recovery phrase. To do this, tick the highlighted box and click Continue.
- Next, you will see the recovery phrase on the screen, which must be saved and not lost access to the storage location, because in case of problems with the wallet you will need it. It can be stored both on a computer and printed. And then you need to click ‘Yes, I agree with the above.’
- Then you must select the words of your own phrase to restore in the correct order to confirm it.
- Further, it is worth confirming that you realize that to work with the wallet, you must use only the device with which the application was installed. If you will be working with the wallet on another PC, then you must go through the process of renewing the wallet using the recovery phrase.
Now you can finish the installation and configuration of Daedalus by clicking on the “Confirm” button.
After the installation is complete, you will see a program with all the necessary functions. In it you can track the balance, transfers and the entire history of operations.
It is important to keep in mind the constant updating of the Daedalus program. At the moment, this must be done manually.
You also need to get the address of your own crypto wallet. To do this, go to the ‘Get’ section, which is located on the Daedalus main page. The address can be copied manually, and also scanned using a QR code from a smartphone.
If you need to receive a payment from other Cardano users or transfer coins from crypto exchanges, then you need to specify this address, since it is unique for each wallet.
In addition, a new ADA address can be generated using the ‘Generate New Address’ button, however, a password must first be entered.
How to recover a Cardano ADA wallet
One of the most reliable crypto-wallets is the hardware wallet Ledger Nano S. With it, you can store most existing cryptocurrencies, Cardano ADA is no exception. Let’s look at an example of how to restore a Cardano wallet.
The recovery process of Ledger Nano S is directly dependent on its installation. The first connection is very fast.
- First, you need to connect the device to a PC using a USB cable (it is included). You will immediately see a greeting. Then the phrase “Press both buttons to get started” will light up, here you need to follow this instruction to start working with the wallet.
Then Ledger Nano S will clarify whether you need to configure as a new user. By clicking the right button you confirm your consent.
- Secondly, you must create a password to enter, the combination can have from 4 to 8 digits. Be sure to try to come up with a complex combination, as this code will be the first step in protecting your device. In case of loss or theft, attackers should not recognize him. It is also necessary to remember that if you enter the password incorrectly three times, the system is programmed to automatically reset the device to factory settings.
The combination must be entered directly on the hardware wallet by pressing the right button (to increase the number) and the left button (to decrease the number), and to confirm the entry you need to hold down two buttons at once.
- The next step is to record the seed phrase. You will see it on the device screen. Then you need to hold down the two buttons again, after which the words that need to be written in the same order will be displayed. In case of loss or damage to the wallet, you will need a seed-phrase to restore access to it.
- Next, you need to pass a system check, for this you need to enter seed-words in a different order, depending on how the device requests. Again, if the offer is incorrect, you need to press one button, if everything is correct, two buttons are clamped at the same time.
- The last step is to download the Ledger Manager application. Ledger Manager is necessary to make full use of the wallet. This application is an extension for the Google Chrome web browser that allows you to immediately work with several crypto wallets.
Now consider the recovery procedure itself. We already wrote earlier about the seed-phrase, which in our case plays a very important role.
To recover a lost or stolen hardware crypto wallet, you need a new Ledger Nano S or any other hardware wallet, for example, Mycelium or Electrum. Both options include the use of seed phrases.
If you are using another hardware wallet, such as Electrum, you need to enter 24 words of recovery during the installation process.
If you purchase a new Ledger Nano S, you must hold down the left button during the first connection. Then you need to enter a password, which does not have to coincide with what was on the first hardware wallet. Now you can begin to regain access to the wallet.
- You need to select the desired number of words in the phrase (24 words).
- Then the secret words are entered. You need to use buttons for each letter. This process will take some time. The hardware wallet program is programmed in such a way that if you enter two or three letters, it will offer you a whole word.
Summing up, it can be noted that the Cardano cryptocurrency is a promising asset, but at the moment it is still gaining popularity. In this regard, there are not many cryptocurrency wallets that are suitable for storing and managing ADA transactions.
If you believe in this project, then you can use the Daedalus desktop wallet, which was developed directly for Cardano. The process of creating an account does not take much time, but you need to remember the security of your funds, so make sure that your secret phrases and passwords are known and available only to you.
In addition, it is recommended to use one of the most popular among crypto enthusiasts hardware wallet Ledger Nano S. The main advantage of the hardware wallet is a high level of protection. In the event of its loss or damage to this device, you can always restore access to your assets.