I recently added an Ada account with my Nano X in ledger live, and also in the Daedalus wallet. I was under the impression that the ledger hardware device would generate a new Ada key for each, but now can’t help but think that I possibly have 2 separate wallet accounts using the same Ada private key.
would I be correct in assuming this, and what are the implications that could arise from this setup?
I’m looking to move all the Ada that I currently hold/stake in my original Daedalus wallet acc, over to the new one secured by my Ledger Device also in Daedalus, but am hesitating till I know more about the implications of possibly having 2 wallet accounts with the same key(as per previous question).
Also, If I’m holding all my Ada In the Daedalus wallet secured by the nano X, and feel that my seed/recovery phrase for the original Daedalus wallet account had become comprised, the assets in the Nano X account can’t be accessed without my Nano X recovery phrase right?
Reason I ask Is there was no recovery phrase generated when setting up the Nano X account in Daedalus itself like previous accounts.
Sorry for how confusing this post comes across, it was a bit of a head f**k to try and explain, but I did my best to try and keep it simple as possible.
You dont have to be sorry its always better to ask if you dont understand how it may work.
I really recommand to you that to spend a few hours to read and maybe watch a few Youtube videos about how a hardware wallet works in general. Because it looks like you are missing a few key points here.
Lets start with some very basics. It doesnt matter if you use Ledger Live, Daedalus or any other software wallet which supports your Ledger, you will always see the same data. Thats because you are always using the same key pairs, the ones on your Ledger. There arent any coins stored on your Ledger device, its the keys which are stored on it and the private key (which is the important one) never leaves this device. Thats also why you didnt get a seedphrase when you connected your Ledger with Daedalus. In case your computer would crash and you would have to set up a new one, you could simply install Daedalus (or any other software wallet which supports Cardano and your Ledger device) and connect the Ledger with it and you would have access to your coins.
Then you can withdraw them both and double your money! No wallets are just interfaces to the blockchain. All you have in your wallet are records of your UTXO’s so it doesn’t matter which wallet you use, they will show the same record of all the UTXO’s you own.
As from previous answer, the UTXO’s remain in the blockchain and will be reported the same by any wallet. As long as you haven’t used your private, signing key to release any UTXO, the UTXO’s stay where they are.
Of course not. Again the answer is the same. Your wallet is just an interface to the blockchain and as long as you haven’t used your spending key (Daedalus is good in asking it when you spend) then your UTXO’s stay where they are. If you feel the seed or recovery phrase is compromised in Daedalus then create a new wallet and send the funds there but then you have to point Nano to the new address to reflect that and admittedly I don’t know how to do that. It’s either you delete the old Nano data or overwrite the old I wouldn’t know but obviously if you move the funds to another wallet you will see that transaction in Nano.
Everything from my original Daedalus Shelley wallet has been moved to the new Nano X secured account In Daedalus also.
I’ve just now noticed my transactions / balances made in the Daedalus wallet are also showing up in my Ledger Live Account.
Would I be correct in assuming that this is just a visual front for what I’m doing with my Daedalus wallet as both accounts were set up with the same nano keys.
Would it be best for me to delete the account in Ledger Live to avoid confusion, and possible bigger issues down the track?
That’s good. That means both Ledger Live and Daedalus are seeing the same thing. My understanding is Ledger Live is the interface to do transactions in your hardware wallet. In other words it’s another interface to briefly make your cold wallet hot. I can’t really advice you to delete the account or not as I have no experience of it. Perhaps others in the forum can advice you accordingly.
At first I thought yeah great will be easier to keep tabs on things through the Live app, but it has altered the overall value of my Ledger Live accounts combined, and when used in conjunction with my tax tracking software has the ability to generate double the transactions & values if I sync that particular account causing all kinds of caos.
Its probably best to just remove that visual Ledger Live Ada account, but yeah like you said Its good to see that Daedalus and ledger Live are on the same page with things.
I’m open for more people to jump in with their thoughts on this, If not so be it. Thanks again for your input mate, I appreciate it
Ledger Live is still a little behind and cannot manage delegation/staking, as far as I know. That might lead to confusion. (And it had given one of my worthless native tokens a ridiculously high value last time I checked.)
So, I would maybe not keep the wallet in Ledger Live.
But I’d try a few of the other light wallet apps – Eternl, Typhon, Nufi, … Having the wallet imported in several at the same time gives peace of mind, makes it easy to (temporarily) switch if one has problems with its backend, educates in the concept that wallet apps are just an interface to the blockchain and funds are not inside one specific wallet app, …
And: At some point you may want to consider abandoning Daedalus. Its resource hunger will only ever grow ('cause it has to store the whole blockchain). And end users do not have that much benefit from it.
I was looking for an alternative wallet, and got excited when Ledger introduced Ada to their line up of assets with Live interface capabilities.
But as you mentioned, there’s no provision for staking in Live yet, hence I’m holding out till that is available.
Don’t know. All I’ve seen looks like just another light wallet app. There already are excellent ones out there with far better user interfaces than Daedalus has. IOG would have to improve on their UIs tremendously to compete with Eternl and Typhon.
Yes but I have the feeling Lace is being developed with Mithril in mind, probably one of the reasons Charles is pushing SPO’s to test it and if Lace does use Mithril, it will be a totally different league all together.
EDIT: I don’t like Eternl. It’s too cluttered for me.
So I have one more question In regards to the new Daedalus wallet account that I currently have, with the ledger nano X being paired to it.
If the inevitable were to happen with say a desktop pc or laptop its being held on, or my nano got damaged, what is the process of restoring the account? I know the nano itself it was damaged can be restored with another nano and seed phrases.
But for the interface /software account, Is it just a matter of downloading the Daedalus software again and re pairing my nano X to it with the original private key used in conjunction with the account, or another process all together being involved.?
There was no actual passphrases involved with opening the account with the ledger nano on Daedalus, just the seed phrases themselves for the said Nano X being used.
I just want to be prepared, because the original Daedalus wallet account I opened just had a seed phrase attached, and could be easily restored by them, I’m just not sure or the process of restoring of the account attached to my ledger.
Yes this is pretty much it. Your seed phrase is the key to your bank so you should have a copy of it safely. They even recommend a hand written paper copy and to avoid printing it as printers do have printing history for others to see.
The best thing about Daedalus is it’s a full node wallet and it simply uses the cardano-wallet API without any other 3rd party additives so there’s nothing between it and the blockchain. Well it does use Electron but that simply paints you the different icons, numbers and UI interfaces you see on screen but nothing more.
Others might have more thoughts on hardware wallets.