More and more people are asking what is the best wallet for Cardano. There are several options with Daedalus and Yoroi being two of the top options.
This article will review several options in regards to wallets for Cardano and the pros and cons in using them.
Ideal Cardano Wallet Setup
The best and most secure option is to use a Ledger Nano or a Trezor to store your ADA. This gives you a physical hardware device that controls your keys to your wallet. This can then be used with a wallet application such as Daedalus or Yoroi to be able to view the balance of your wallet and interact with the blockchain.
Daedalus Cardano Wallet
The Daedalus wallet application allows you to create a new Cardano wallet, import an existing one or connect your Ledger hardware wallet.
The main difference with the Daedalus wallet is that it synchronises the entire blockchain to your local computer. This takes up disk space and requires syncing before it can interact with the blockchain and process your transactions. On the other hand, because the wallet has a copy of the blockchain stored locally, it doesn't depend on a third-party server to interact with the blockchain and process transactions.
With other wallets that require servers to interact with the blockchain, this becomes a bottleneck at times of peak usage.
Fast to interact with the blockchain
Allows for delegation of stake
No mobile app
Takes a while to sync with the blockchain if you don't use it often
Yoroi Cardano Wallet
The Yoroi wallet is a lightweight wallet that works as a browser extension. This means that it doesn't take much disk space and is cross-platform compatible.
Yoroi connects to a server in order to interact with the blockchain. This allows for a lightweight solution that can work anywhere on the go. This is why Yoroi has a mobile application that allows users to check their balances and interact with the blockchain.
The downside of connecting to a server is the impact of high traffic and usage to the blockchain servers of the Yoroi wallet. There have been previous NFT sale events where there were peak and high usages of Yoroi resulting in long response times for usage of the Yoroi wallet extension. This was due to too many users connecting with the servers at the same time.
Good user interface
Can hit server bottlenecks from time to time
ADALite Cardano Wallet
ADALite wallet, created by VacuumLabs, the team that wrote the majority of the code to connect Ledger Nanos to various Cardano wallets, is a great browser-based wallet.
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