Input Output Global (IOG), the creator of Cardano, has launched Lace, a light crypto wallet. The developers have finally decided to release Lace 1.0 after months of testing and refining. This new platform came at a time when investors are realizing the benefits of keeping digital assets in self-custody wallets.
According to the developers, Lace wallet has one simple mission: to bring the world together on Web3. It is designed for everybody and to help all users a new world of digital experience. Let us check out this new crypto wallet.
What is Lace and what are its Benefits?
Lace is a light wallet built on the Cardano (ADA) blockchain. It is available as an extension from the Google Web Store. It works just like the more popular browser-based Metamask wallet. Being a light wallet saves resources since it does not require the user’s device to have a full copy of the blockchain like a full-node wallet.
The benefits of Lace 1.0 include:
- Send and receive ADA and tokens on the Cardano Network
- Users cans Stake their ADA tokens to earn rewards
- Users can connect to dApps
- The wallet also allows users to store, send, and receive their Non-Fungible Tokens (NFTs). It also has an NFT gallery where the collection can be viewed.
- Has the ability to connect to Ledger hardware wallet
- Lace 1.0 has an easy-to-view transaction history
- User-friendly interface
- Frequently used crypto addresses can be saved in an address for ease of transaction
- Users can bundle transactions to save on transaction fees. This new bundle feature allows a user to send different types of digital assets to multiple users in just one transaction. Aside from saving gas fees, this will also reduce network congestion on the Cardano chain.
Self-Custody Versus Custodial Wallets
“Not your keys, not your coins” is a popular adage often echoed within the crypto community. It simply means that if you don’t hold the “keys” to your wallet, then the assets stored are not yours. The keys refer to private keys associated with a specific crypto wallet. These keys are a long string of characters that gives access and control over a wallet. It is essentially a secure password that proves ownership.
The collapse of a big exchange like FTX has convinced a lot of crypto investors that holding big amounts of assets in a centralized platform is not a wise decision. The fear spiked up the demand for hardware wallets like Trezor.
While holding digital assets in self-custody wallets like Lace does is not foolproof, it does offer some benefits. Users are assured that their assets are safe in case their favorite exchange faces a liquidity crisis. It also protects funds in case a centralized exchange gets hacked. Users are also assured that they have full control over their assets.
Things are looking up for Cardano with the Launch of Lace
Cardano is a top layer 1 blockchain. Despite the bear market, it has retained its standing as one of the top 10 crypto projects. This is due to strong community support and the non-stop building of its developers. Aside from the launch of the Lace wallet, Cardano is also set to be a top Ethereum Virtual Machine chain soon. It will also be a top gaming chain due to an upgrade from Paimas.
A good crypto project will survive a bear market. Being good means building despite all the fear, uncertainty, and doubt. This is exactly what Input Output Global did. Instead of focusing on the negative, the team focused on bringing a product that the community can use and will love.
Source: Lace
Featured Image from Pixabay
