- Cardano is still surviving despite the harsh bear market.
- The network plans to experiment with a new cardano wallet to test its security.
- Charles Hoskinson, the co-founder, says he will run a sum of $1,000,000 to support the experiment.
Charles Hoskinson, a co-founder of Cardano (ADA), says he’s willing to wager on a future security feature for the brand-new Lace wallet.
The lightweight multi-chain crypto wallet Lace, created by Cardano creator Input Output Hong Kong (IOHK), promises to link everything in Web2 and Web3 to a single interface.
Hoskinson describes the recent hack on the password management company LastPass as “amazing” in a new YouTube video.
An unauthorized person acquired access to a third-party cloud storage provider that LastPass employs to hold archived backups of its production data. The business said in an update last week.
According to Karim Toubba, CEO of LastPass, the hacker acquired “basic customer account information and related metadata including company names, end-user names, billing addresses, email addresses, telephone numbers, and the IP addresses from which customers were accessing the LastPass service.”
Hoskinson describes it as a “screw-up” on the part of LastPass and believes what transpired is “very filthy.”
According to Cardano’s co-creator, it is unfortunate that the encryption tool Pretty Good Privacy (PGP) isn’t a standard.
According to Hoskinson,
“When… Lace wallet starts supporting PGP encryption of paper wallets. I’m going to take some ADA – probably a million dollars worth of it – put it into a paper wallet encrypted with PGP, and publicly post it on my Twitter so you guys can try to break it. I’m very confident in those standards. Master passwords, even if they’re quite long, it’s just a dead standard, and it shouldn’t be done anymore.”
Charles Hoskinson addressed a list of potential use cases for NFTs as the industry grows in a new Twitter space he hosted.
“NFTs are useful for anything you have a collection of or are connected to something beyond a standardization. So, for example, a deed of land. Mineral rights. Water rights. Any notion of property rights.
Looking Into Cardano Wallets
Daedalus
The official Cardano full-node wallet, Daedalus Wallet, is a desktop GUI (Graphical User Interface) program (Linux, macOS, Windows). Users can interact with the Cardano blockchain using a good UI (User Interface), buttons, and layout.
A full-node wallet means that before users can send transactions and interact with the wallet, it must first sync and download the blockchain.
It is primarily being developed as open-source by InputOutputGlobal, one of the three businesses responsible for the Cardano protocol.
Yoroi
The official Cardano light wallet is called Yoroi, and it is accessible as a browser extension and a mobile application.
Users will not be required to download the complete blockchain with a light wallet. Yoroi, for example, has a backend server that downloads the blockchain data on the user’s behalf without the user disclosing important information (Private Keys) to the server, hence keeping security. Because the user won’t have to wait for hours before using the wallet, this results in a quicker experience.
Emurgo, a Japanese firm focusing on business and enterprise adoption of the Cardano blockchain, is primarily developing it as open-source software. It is one of the three primary organizations that make up the Cardano project.
Closing Thoughts
Cardano is making positive moves. It’s been a tough year for the cryptocurrency community. Most companies have gone bankrupt, and other companies have laid off staff. Launching a new wallet is quite inspiring.
