Meet Lace 1.0, the new light wallet platform from Input Output Global (IOG), one of the creators of Cardano.
Lots to unpack here.
First, what’s a “light wallet platform”? Let’s break it down. A light wallet is a type of cryptocurrency wallet. Cryptocurrency wallets store your private and public keys, keeping your digital assets (your cryptocurrency tokens, such as Cardano’s ada cryptocurrency) safe and accessible. They also allow you to send and receive your digital assets.
Your private key is similar to a PIN in traditional banking – it is a unique password that gives you access to your assets. A private key, like a PIN, is only known to its owner, so it’s a great way to independently identify the owner of the assets. Your public key, on the other hand, is similar to an account number in traditional banking. It’s a unique identifier that you can share so other users can send you tokens.
There are a whole load of different types of cryptocurrency wallets out there, generally grouped into hot (online) and cold (offline) wallets. There are two types of hot wallets that we need to know about:
-
A full node wallet is the most secure way of accessing cryptocurrency using a hot wallet. It downloads a full copy of the blockchain and it is completely trustless. Trustless means you don’t have to trust another party to function properly. The wallet works on its own as it contains the full history of the blockchain. These types of wallets are heavy and often need to be run on high-performance computers. Daedalus is IOG’s full node wallet.
-
A light wallet allows users to store their public and private keys and transact cryptocurrency without downloading the full blockchain or running a node – so it’s much easier to use and faster to run.
We call Lace a light wallet platform because its goals go beyond what a regular light wallet does. Lace aims to bring together all the different features you need to interact with the Cardano blockchain and its cryptocurrency, ada, in one simple interface that anyone can use, whatever their experience.
Designed to make your journey into Web3 (the decentralized web) as easy and enjoyable as possible, Lace 1.0 lets you:
-
Check, send, and receive your Cardano digital assets
-
View, send, and receive your Cardano NFTs
-
Easily stake your ada – this is where you participate in validating the network by assigning your ada to different stake pools, from which you could receive rewards in return
-
Connect your wallet to a range of applications built on the Cardano network
Lace is what’s known as a non-custodial wallet, offering greater peace of mind than some alternatives. A non-custodial wallet means that you and only you are in control – you own your private keys and as a result, you’re in full control of your digital assets at all times. In contrast, Centralized Exchanges (CEXs) hold your account information, putting your private keys and digital assets in their control.
With Lace, your assets are also more secure. Lace uses a Cardano node, which has been designed and rigorously developed to provide security to users, and it’s been audited by a known cybersecurity auditor, FYEO – more on this in a bit. Lace also supports hardware wallets, which store your private keys in a hardware device, providing added security by isolating them from an easy-to-hack computer.
Lace has also been manually audited by an independent third party, FYEO. This means that the auditor, FYEO, which has no connection to Lace or IOG, has manually checked Lace’s code and reported back on their findings. The Lace team at IOG was then able to identify any bugs in the code and make sure Lace works the way it should before releasing it to the public.
Lace is also committed to making Web3 available and open to everyone, whatever their experience. So that means creating a platform that everyone can use. That’s why Lace features a bunch of educational resources, from frequently asked questions to a glossary, as well as video content and blog articles – so everyone can use and enjoy Lace, whether you’re a newbie or a seasoned pro.
Lace is built for the Cardano community, so anyone can get involved and help shape its future. You can help test new features, share ideas and suggestions, and even connect to like-minded people with shared interests – simply subscribe to our newsletter, join our Discord channel, and follow our updates on Twitter, and we’ll keep you posted on every opportunity to get involved.
Head to lace.io to add Lace 1.0 to your Chrome browser, and for more information about the launch, check out this .
