Close Menu
    Friday, June 6
    Price Index Newsletter

    Daedalus Wallet

    News RoomBy No Comments2 Mins Read

    Daedalus Wallet is a multi-platform, open-source, hierarchical-deterministic wallet that lets you generate an endless number of keys from a single seed.

    What Is Daedalus Wallet?

    Daedalus Wallet is a multi-platform, open-source, hierarchical-deterministic wallet that lets you generate an endless number of keys from a single seed.

    It protects against security risks such as malware by using encrypted private keys and passwords.

    Input-Output Hong Kong has officially released the Daedalus wallet, which can be used across several platforms. It allows for the secure storing and transfer of ADA coins across addresses. There are no restrictions on the user’s geographical location, however, you should check to see whether dealing with cryptocurrencies is allowed in your country’s legislation first.

    Security

    When you create a Daedalus wallet, it produces a 12-word seed phrase to guarantee that the wallet money can be retrieved by the rightful owner. It is additionally secured with a password, which must be entered each time money is sent out of the wallet.
    Another security aspect of the wallet is the encryption of private keys, which ensures that cryptographic communications belong solely to the intended receiver, providing a better level of anonymity to the wallet’s user base.

    Daedalus is also a hierarchical-deterministic (HD) wallet, which means it produces a hierarchical structure of private/public addresses (or keys) for the user instead of requiring them to be generated manually.

    HD Wallets generate all addresses from a single master seed, and each time this seed has a new counter value added, an endless number of new addresses may be created automatically based on the new seed.

    Back to Glossary Index Page

    Share.
    Add A Comment
    Leave A Reply