On September 25, Infinito Wallet has officially announced our support for ADA. We received plenty enquiries from users. Below are some frequently asked questions with the answers.
Q1. When do a transaction, are there any fee?
Yes, there is fee required by Cardano blockchain.
Q2. Why does it have fee for a transaction?
There are two main reasons why transaction fees are needed for Cardano SL:
1. People who run full Cardano SL nodes spend time, money and effort to run the protocol, for which they should be compensated and rewarded. In contrast to Bitcoin, where new currency is created with each mined block, in Cardano SL, transaction fees are the only source of income for participants in the protocol.
2. The second reason is the prevention of DDoS (Distributed Denial of Service) attacks. In a DDoS attack, an attacker tries to flood the network with dummy transactions, and if he has to pay a sufficiently high fee for each of those dummy transactions, this form of attack will become prohibitively expensive for him.
Q3. How to withdraw ADA from exchange to infinito Wallet.
If you are using big exchanges such as: bittrex, Poloniex, binance… You can easily input ADA address from Infinito Wallet to withdrawal address box of withdrawal screen of these exchanges.
Q4. How to enable ADA in Infinito Wallet?
To enable ADA coin in case you dont see it on Dashboard, please follow this guide
1. At Home page click on “+” icon
2. At Coin list, click on “+” at top right corner, next to “Enable Coins” header
3. Select Ada and click next
4. Enter password to authorize the enabling ada coin into current passphrase
The reason to provide password is that we need user to allow wallet to decrypt passphrase from local storage, and using that passphrase to generate private/public keys for ada. With so, user always only needs to manage 1 passphrase to manage all coins
Reference video: https://www.youtube.com/watch?v=jUYekFU8jsQ&feature=youtu.be
Q5. Are Daedalus and Infinito compatible? What’s the next plan?
Infinito Wallet is an HD wallet, so it would generate a 12-word passphrase like Daedalus. However, in terms of interoperability with Daedalus, we are using official source from Rust Cardano – scheme v2 (latest) while Daedalus is using scheme v1. Thus,:
– If Daedalus moves to scheme v2. Then two wallets would be totally compatible.
– If not, we can add support for scheme v1 as well for Daedalus users.
Q6. Does Infinito wallet support Ouroboros staking?
We are planning to support staking on Q4 2018
Q7: Is Infinito Wallet the official wallet of Cardano (ADA)?
Infinito Wallet is the 3rd-party product using official source from Rust Cardano – scheme v2 (latest). Our wallet is developed by Infinity Blockchain Labs Europe. Currently, Cardano platform only has 3 supported wallets that are:
- Daedalus for full node wallet on PC
- Infinito Wallet for mobile wallet on iOS and Android
- Yoroi for Chrome Extension
Being mentioned by Charles Hoskinson, the CEO of IOHK, on his Twitter, the launch of ADA on Infinito Wallet was based on Cardano’s projects – Prometheus and Icarus, officially developed by IOHK, to ensure maximum security and stability for Infinito Wallet.
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About Infinito Wallet
Positioning as a leading universal wallet for crypto users, Infinito Wallet serves as a gateway for users to maximize usage and potentials of their cryptocurrencies. Our DApp browser, App Square, provides access to the most innovative blockchain applications for daily user needs. By selectively expanding our partner network, Infinito Wallet aims to build an ecosystem of practical blockchain services including exchanges, ID/KYC solutions, and other blockchain-related business services. At the same time, we support communities of developers and businesses with Infinito Blockchain Platform, an open blockchain infrastructure of technologies and compliant-ready services, so that they can seamlessly build, launch, and operate innovative products and services efficiently.
Infinito Wallet’s core development team of blockchain R&D experts has intensive professional experience. Currently, our organization has more than 300 members including developers, designers, business, marketing, and customer service specialists. We are promoting research on infrastructure for cryptocurrencies and development utilizing blockchain.
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