Cardano is a project which began in 2015 as an effort to change the way cryptocurrencies were developed. The overall focus beyond a particular set of innovations is to provide a more balanced and sustainable ecosystem that better accounts for the needs of its users as well as other systems seeking integration. Till May 29th, Daedalus software wallet was the only wallet where you could send, receive and store ADA. It is a secure, multi-platform, hierarchical deterministic wallet, built by the Cardano Enterprise. Following the test net launch of KEVM and Cardano 1.2 release, the Cardano team announced the launch of paper wallets.
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A developer, Vantuz, explains that-
“The main difference from having it stored in Daedalus is that the paper-wallets are “cold” which means the secret keys are not stored on a computer. The paper wallet is a bit more official and secure. When you “keep your ADA in Daedalus” (meaning – you have your wallet restored and available in Daedalus), then your secret keys to this wallet are stored on the computer. If you have a spending password – then your keys are encrypted, but still stored on the computer. The safer those passwords are – the harder it will be for hackers to get access to actual keys.”
A Cardano paper wallet can be generated in the following manner-
1.Launch Daedalus and click on ‘create a paper wallet certificate.’
2. A dialogue box will open. Then click on ‘Save PDF for printing’.
3. After the PDF has been saved, another dialogue box opens which asks the user to verify the printed certificate.
4.A twenty-seven-word recovery phrase is added to the wallet inclusive of automatic printing on the certificate for the first eighteen words and the remaining nine words hand-written by the users. View the checklist, tick all of them and click ’continue.’
5.A screen appears which says ’Complete your certificate.’ Click continue.
6. After this, set the password recovery phrase. After the password has been set, tick the checklist and select continue.
7. After this, a screen appears which says ‘Paper Wallet Certificate.’ Click on finish to generate your paper wallet.
The printed wallet looks like this-
The paper wallet feature improves security as the printed certificate cannot be cached by the printer or compromised in some other way. Paper wallets can be restored and brought back online with Daedalus. Daedalus now has a new support page in ‘Settings.’
This page includes links for accessing the FAQ with solutions to known issues, access to a form for sending support requests and a link for downloading logs. Clicking the ‘bug’ icon in the sidebar no longer opens the form for submitting support requests, instead, takes the user to this page instead. For Cardano 1.2.0, a new and improved version of the wallet API is available for cryptocurrency exchanges and other parties.
With such enhanced features, Cardano is continuously trying to make the processes simpler and more efficient for its users.