I’m using Exodus on Android and considering my first ADA purchase. I’ve read a few things about it which have made me uneasy. For example, on Reddit I’ve read about how Atomic only uses a 12 word seed phrase and this generates ADA keys which are not necessarily ok. Well, Exodus also uses 12 word seen phrases. It looks like I can pull up an addr1 or ae2 receive address. Does that mean I won’t have any problems?
Another question is about staking; I’ve never staked anything before and I intend to buy and hold so staking sounds ideal. But I’ve read that I can’t stake with Exodus. Perhaps I should use a separate wallet just for ADA. Which is the recommended one(s)? I use Android and Linux. Thanks in advance for any help.
Hi. I would personally use Yoroi. It’s an official wallet and it is easy to stake from. Best of luck.
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Hello @simon-d welcome aboard.
An important thing to keep in mind is both Atomic and Exodus does not allow the keys they generate to be restored in other wallets (such as Yoroi or Daedalus).
Funds from a Byron Icarus-style HD (Ae2) wallet can be recovered in a Shelley wallet (addr), but it would be advisable to work with a Shelley wallet. Shelley is the current era, Bryon is a legacy era.
Wise idea.
In Exodus it is possible to do staking BUT it is not recommended:
- Closed code (the seed is only in the user’s possession? Who knows).
- The seed of an exodus wallet is not compatible with other wallets (cannot be opened in Yoroi, Daedalus, etc.).
- It forces the user to delegate his ada to their stake pools (everstake 1, 2 …).
I would do so.
The official wallets are currently Daedalus and Yoroi, both of which support ada and native tokens.
Yoroi is a light wallet, which means it does not download the full copy of the blockchain. It connects to trusted servers which have the full copy of the blockchain. Daedalus is a full-node wallet which means that it downloads, stores and validates the full copy of the blockchain, so it can operate in a trustless manner, and it does not rely on centrally hosted servers.
Note: There is no mobile version of Daedalus. Please always download these wallets from their respective official websites.
The decision is more a matter of taste and resources. Daedalus does not have a mobile version and downloads a copy of the blockchain to the computer (many gigabytes) but does not rely on an intermediate server to communicate with the Cardano blockchain. Yoroi is the opposite, it is a light wallet (without copying the blockchain), it has a mobile version and although it depends on an intermediate server (official Cardano) to interact with the blockchain, it never transmits the user’s seed to any server.
You can trust both wallets, not only because they are official, but also because they are open source and anyone with knowledge can audit on GitHub how they work.
Hoping this will help,
Nápoles
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Hey Simon-d, you can visit CoinPedia where they have given many wallet review. I hope that will help in solving your problem regarding the wallet.
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Thanks, I went for Yoroi. Pretty painless. Now to investigate staking!
I notice when I transferred in (from Coinbase Pro) the transaction showed 2 destination addresses; only one was mine.The total was correct for my address though. I also notice that I can create multiple destination addresses and the one I used is showing as used in the app now. Does this mean I won’t be able to bookmark a single address in the Cardano explorer to see my total holding when I transfer more ADA in?