Cardano Founder Wants to Create A Crypto “Wallet Standard Group” to Protect ADA Investors 

Hoskinson wants to take preventive steps to keep ADA investors safe amid growing cases of crypto heists. 

In recent times, Cardano has been widely adopted by various developers to build useful series of projects. Since Alonzo Hard Fork launched last year that introduced smart contract functionality, Cardano has been widely adopted by various developers, who have taken advantage of the blockchain prowess to build numerous solutions.

Since last year, projects like decentralized applications (dApps), non-fungible tokens (NFTs), NFT marketplaces, and crypto wallets, among others, have been deployed on the network.

A recent tweet made by Cardians on the popular microblogging platform Twitter shows an infographic of the number of crypto wallets currently on the Cardano network.

According to the infographic shared by Cardian, there are currently 14 cryptocurrency wallets on the Cardano network.

14 Wallet Projects On #Cardano

Here is the list ↓@YoroiWallet @CWallet_fi @AdalyWallet @TyphonWallet @FlintWallet @GameChangerOk @eternlwallet @B58Wallet @GeroWallet @C64Wallet @AdaLiteWallet @NamiWallet @lace_io #CardanoADA #CNFT $ADA #ADA pic.twitter.com/RZBmsDSKcV

— Cardians (@Cardians_) June 13, 2022

Some of the wallets included in the list are Yoroi, C-Wallet, AdaLite, Flint, Nami Wallet, and Daedalus, among others.

With Yoroi wallet, Cardano users can manage their ADA directly from their phone, without the need to use a PC. The developers of Yoroi made the wallet to be lightweight, which allows users to launch the application, as well as send and receive ADA in a matter of minutes.

Similarly, C-Wallet is one of the wallets built on the Cardano blockchain allowing Cardano users to store, send, and receive ADA coins from their phones and PCs. C-Wallet provides a non-custodial storage solution with FIAT on and off ramps.

Nami Wallet was created as a browser-based extension wallet that interacts with the Cardano blockchain. Nami is a non-custodial crypto storage solution that can be used to store ADA and multiple cryptocurrency assets. Aside from using Nami wallet to perform basic crypto operations, users can also conduct complex activities like multi-sig, minting, and token delegation.

Hoskinson Concerned About Investors’ Safety

While the feat is commendable to a large extent as it portrays the massive adoption of the blockchain, Charles Hoskinson, the CEO of Input Output Global (IOG), the firm responsible for conducting research and development for the Cardano network, does not find the development impressive.

Following the massive increase in the number of cryptocurrency wallets, Hoskinson expressed the need to create a “wallet standard group” that would be tasked with conducting background checks of crypto wallet developers on Cardano to keep users safe.

Hoskinson said:

“Sounds like we need to form a wallet standards group. Who’s in?”

Sounds like we need to form a wallet standards group. Who’s in? https://t.co/meLb1JLQSG

— Charles Hoskinson (@IOHK_Charles) June 13, 2022

Reason for Hoskinson’s Concern

Hoskinson’s concern about the rapid increase in the number of crypto wallet solutions on Cardano comes following the rising cases of crypto theft in the industry.

Fraudulent actors are always on the lookout to exploit loopholes that will grant them unrestricted access to investors’ digital currencies, which can be stolen at any time.

Although Hoskinson’s tweet does not imply that wallet developers may be deploying malicious crypto wallets on Cardano, he is only concerned about the safety of Cardano and other cryptocurrency investors.

– Advertisement –