For some time, a wide-level adoption of Cardano by several developers is being witnessed for the development of many projects. Since the launch of “Alonzo Hard Fork” took place in the previous year and it provided smart contract contract operability, many developers cashed the benefit of blockchain prowess for the construction of various solutions.
Since 2021, the network has deployed many projects such as decentralized applications (dApps), crypto wallets, and non-fungible Tokens (NFTs) marketplaces, along with others. A new Twitter post by Cardians displays an infographic containing several crypto wallets that are at the moment existing on the network of Cardano. As per the infographic that Cardian shared, up to 14 crypto wallets are present on the respective network.
A few of the wallets in the list take into account Daedalus, Nami Wallet, Flint, AdaLite, C-Wallet, and Yoroi, among the rest of them. Cardano consumers, with Yoroi, can organize their ADA straight from the mobile devices thereof, without requiring any use of a computer. The Yoroi developers built the wallet with a lightweight, permitting the customers to be utilized the application along with conveniently receiving and sending ADA tokens just in minutes.
In the same vein, C-Wallet is categorized among the wallets constructed on the blockchain of Cardano permitting the Cardano customers to send, store, and obtain ADA tokens by using mobile devices and computers. A solution for non-custodial storage is provided by C-Wallet with FIAT off and on-ramps.
Another Cardano blockchain-based wallet is Nami Wallet which was developed in the form of a browser-based extension. This wallet also offers a solution for non-custodial storage to be utilized to store many crypto assets including ADA. In addition to utilizing the Nami wallet to carry out fundamental crypto activities, consumers are allowed to perform complex operations such as token delegation, minting, and multi-sig.
Hoskinson Is Apprehensive Regarding the Safety of Investors
While the move is remarkable to a considerable scale as it points toward the broad-level embrace of the Cardano blockchain, the Input-Output Global’s (IOG) CEO of the firm which is involved in organizing research as well as advancement for the network of Cardano (Input-Output Global) – Charles Hoskinson – this development is not extraordinary.
After the excellent growth in the figure of crypto wallets, Hoskinson mentioned the requirement to manufacture a “wallet standard group” with the responsibility of performing background checks over the developers of crypto wallets on the network, ensuring the safety of the consumers.
Causes behind Hoskinson’s Apprehensions
The apprehensions of Hoskinson regarding the sudden escalation in the figure of crypto-wallet solutions on the network are witnessed after the increase in the incidents of crypto theft across the industry. Malicious people always keep on pursuing ways to swindle the loopholes to have restriction-less access to the digital currencies of the investors to steal them at any time. Even though the Twitter post of Hoskinson does not signify that some manipulated crypto wallets can be deployed by the developers on Cardano, his apprehensions deal with the security of crypto investors in general and Cardano in particular.
