Daedalus Crypto Wallet Review: Is It a Safe Option?

Daedalus is a full-node wallet built by the IOHK team. It allows you to store ADA tokens, which is the native token of the Cardano blockchain. This is a hierarchical deterministic wallet that lets you build an infinite set of keys using a single seed.

What is Daedalus?

Now, let’s start with our Daedalus wallet review and check what this system offers. At this moment, it only supports the ADA coin and you cannot convert the coin into other currencies through this system. Since the wallet validates each and every order on its own, you get the maximum level of safety.

How does Daedalus work?

This wallet is compatible with multiple operating systems, namely macOS 64 bit, Linux 64 bit, and Windows 8.1 and 10, 64 bit. To successfully run this program, you need 64-bit dual-core processors, 16 GB of Ram, 25 GB free space in your hard drive, and a stable internet connection. 

After you have installed the wallet, you need to select the language and the formats for number, date, and time. Once you’ve agreed to the terms and conditions, the wallet will sync with the blockchain. From the dashboard, you can build a new wallet, pair a hardware wallet device, restore a wallet or paper wallet, and import a wallet from an earlier software version or the Daedalus state directory.

Features of Daedalus

Here are the main features of the platform:

• 100% trustless operation: Since the entire blockchain is downloaded by the wallet, there are no third-party servers involved in the validation process. 
• Unlimited accounting: This system gives you more control in regards to organizing your funds. You can easily recover your funds using the restore and backup functionalities.
• Newsfeed: Through the wallet’s UI, you can directly access crypto-related news updates. While some of the updates appear on the sidebar, the more important ones occupy the entire screen.
• Multiple themes: Users can personalize the appearance of the UI by switching between multiple themes.

What kind of wallet is Daedalus?

Daedalus is a software wallet where the private key is created and encrypted using a password. The wallet can access your private key only when you enter the password. You can use the seed words to recover the wallet, if you forget the passkey. It is possible to create paper wallets via Daedalus. These are not connected to the internet and provide an added layer of security.

How to send cryptocurrencies using Daedalus?

Follow these steps to transfer crypto coins using this wallet:

1. Select the wallet to send funds from
2. Navigate to the send tab
3. Enter the receiving address and amount
4. Type the password and confirm

Supported coins

Currently, this system only supports ADA coins.

Is Daedalus wallet safe?

The absence of third-party servers makes Daedalus safer compared to others. As long as you don’t lose the password and the wallet seed, you shouldn’t face any security issues.

Does Daedalus wallet charge fees?

You need to pay a transaction fee while transferring coins from Byron to Shelley wallets. While registering a stake address, you need to pay a refundable deposit of 2 ADA. The fees also depend on the minimum size of UTXO, which is currently 1 ADA. However, it is subject to change based on the market value of ADA.

Customer support & reviews

There are only two reviews for this wallet on Trustpilot, which indicates a lack of reputation. If you need support, you can consult the documents available on the IOHK website.

Daedalus pricing

There is no one-time fee to be paid for using this wallet.

Daedalus vs competitors

Compared to other systems, Daedalus provides a higher level of security and gives you more control over your assets. However, it only supports one crypto asset and does not presently have a mobile version.