Daedalus Technologies Inc. has unveiled a cryptocurrency wallet supporting various blockchains, including the new Sui and Aptos blockchains. The crypto wallet acts as a financial platform where users can buy, send, and exchange digital assets.
Daedalus Crypto Wallet Supports Several Blockchains
Since the advent of crypto wallets, one major problem for users is to find a crypto wallet that has all features packed into one. Another problem is that some crypto wallets are not compatible with other blockchains.
Hence, users have to use multiple crypto wallets. Meanwhile, Daedalus Technologies has released a wallet that would cause the user experience. According to Daedelus, its crypto wallet is compatible with various blockchains.
The firm has introduced a crypto wallet that supports new blockchains like Aptos and Sui. Additionally, it supports existing blockchains like Ethereum and Solana.
The application, which can now be downloaded from the App Store and Google Playstore, allows users to access the decentralized web and organize all of their assets and keys in one location.
Other features that are included in Daedelus Wallet are secure logic, the ability to access decentralized websites, a key vault, and a newly developed password-generating mechanism for smartphones,
Meanwhile, the Daedelus wallet is the first step the organization is taking toward redefining the future of cryptocurrency and onboarding the next one hundred million people onto web3.
According to the firm, the mobile application may function as both a wallet and a browser. Users can “purchase, send, and trade virtual assets,” as well as make payments to anybody anytime and log privately into platforms to trade assets.
Daedalus Targeting Gen Z Users
Furthermore, Daedalus is marketing the new product as a financial system for Generation Z. Generation Z is the world’s first generation born and raised with technology.
The platform hopes that through enhancing the user experience, a greater number of individuals would be encouraged to investigate the advantages of web3 and learn about the myriad benefits of decentralized banking.
Daedalus Wallet, launched in 2015, is backed by Input Output (IOHK), the acclaimed engineering research group behind the Cardano network. Daedalus has a track record of not experiencing any data breaches to occur.
Users may access their accounts using the passwords or private keys they established when setting up the wallet. If a user’s device is destroyed or lost, the wallet can be recovered by entering the 24-word recovery phrase that is created when the wallet is loaded and set up.
Additionally, Daedalus is a full-node wallet. This implies that Daedalus downloads a full version of Cardano’s network and validates all transactions in its history separately. This provides maximum security and entirely trustless operations without the use of centrally hosted third-party servers.
In 2022, there have been several cases where crypto users lost their wallet’s private key and were unable to recover it. Also, the number of attacks by hackers on DeFi platforms has skyrocketed through the roof.
Crypto investors have had their entire crypto holdings wiped out from their crypto wallets in mere seconds. Although some of these assets were recovered, there is still the need to ensure tight security on crypto wallets and platforms.