Combating Daedalus Fud - The Future

English General Discussions
1

I Thought I might chime in here to post some of my views on the Deadalus wallet.
Disclaimer - This is speculation of a future that I have picked up from comments here and there mostly in Charles’ AMA’s.

I have noticed a lot of new users finding the deadalus experience frustrating and they cannot understand why such a seemingly simple thing like a wallet is problematic in Cardano (especially when literally hundreds of other crap coins have functioning wallets). There are Light wallets available (Yoroi & Infinito) but I’m speaking about Daedalus for now.

While Deadalus has had a couple of problems basically relating to the individual idiosyncrasies of every possible user setup and situation, this is no reason to lose heart. There is a lot of as yet untapped functionality planned for daedalus.

Firstly, This project is VERY young IOHK didn’t do a great job on the original version, and have admitted this, they are very near releasing a new rewritten more efficient version that fixes a lot of the pain points. Please understand that Daedalus is a full node wallet (hence it needs to sync) this is to allow functionality that has never been seen in a wallet before.

I am “speculating” here but I believe. Daedalus is planning to be a one stop financial hub for Cardano. Think the app store for ADA. You will initially be able to seamlessly swap between Bitcoin, ETC and other coins WITHIN THE WALLET, done completely within the Cardano ecosystem (ie no exchanges)

But this is just the beginning. Stable coins, Lending (such as Nexo) ERC20 tokens like DAI will all be accessible. I expect ZenCash would be added early on. Also apps built by third party developers will live in the wallet too. (gaming, lending, charities, fund me etc)

I have heard both Charles and Andreas Antonopoulos speak about a wallet of blockchains where everything is tokenized, and you can pay at your local supermarket in the currency the shop desires and you pay with the currency you desire, whether that be dollars, airline miles or doge coin. (win win)

I foresee a day when coin holders FOMO when their coin/token is added to the Deadlaus ecosystem just like a coinbase listing because integration will add all that functionality to every coin that joins plus bring their own functionality to everyone else. I expect Daedalus will be the ecosystem that blockchains exist in. Like a giant Cardano snowball.

Its a clever principal because Cardano will essentially absorb these other projects.

While this is a long ways off, what I’m getting at here is that Daedalus has a much higher purpose and while it may be a little clunky now its current functionality is far below its intended final purpose.

Personal note - If stupid old me can imagine this scenario, you can bet that the smart people at IOHK have explored this in detail too.

16 Likes
2

I find the whole Cardano ecosystem a fascinating and well-thought-out idea that ties all the loose ends.

Cardano is a gigantic undertaking compared to the one-trick ponies that other cryptocurrencies are.

The vision for Daedalus is equally breathtaking and I completely agree with what you have outlined.

When implemented, Cardano will eclipse everything we know in crypto space today.

I am baffled by how ignorant and shortsighted an average investor is in this space.

I am equally thrilled to see the price of ADA hit these lows. As it stands ADA is severely undervalued.

The only way is up.

Disclaimer: opinions expressed in my posts are based on my observations. This is not financial advice. Please do your own research.

9 Likes
3

Love this I think we should expand the concept to include all sorts of common FUD we hear about Cardano.

4

Im interested in this as well. In the past Charles used to talk about how Daedalus is going to be the apple app store of crypto but I have not heard him refer to the app store functionality for a while. It seems as though Shelly and Goguen which were supposed to be released in 2018 were delayed an entire year in order to work on the Daedalus rewrite so I hope all the functionality, i.e. token exchange, app store, etc are still in the pipeline as this damn wallet seems to have cost the project and its early supporters ALOT. Can anyone in the community or from the official team confirm these features are still in the works and perhaps a possible ETA. Its hard to know actually what the team is working on and intending to deliver because Charles talks about ALOT of features and its not clear which are hypothetical and which are actually being developed. I think the app store of Daedalus is a HUGE deal as running apps on the wallet could potentially provide a new type of decentralised application architecture which to my knowledge is not available currently on to any platform currently (most if not all still require use of IPFS which last I checked is not super viable for real production).

5

I had a problem with Daedalus back in June with it not syncing, Followed the suggestions in the forum, have updated it twice now and haven’t had a single problem. It has worked flawlessly since the first issue. Cardano Rocks!

1 Like
6

I dont worry too much about the Shelley delay. Im hoping it is implemented within a bull market and speculate there may be some strategic component to the delay of features.

7

Eclipse everything we know today but others will also develop.Cardano will have competition for sure.

8

Daedalus made me an ADA addict.
Best wallet.
Cardano/IOHK/Charles/Daedalus/ADA/Team
is the future.

9

Competition is great but I have yet to see at least on paper what they plan to do that could give Cardano a run for its money.

Dfinity has an interesting solution, hashgraph is also promising but they lack the comprehensiveness of Cardano.