Cardano’s Founder Wants to Create a Crypto “Wallet Standard Group” to Protect ADA Investors

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Numerous developers have widely accepted Cardano to build a helpful series of projects. Cardano has been rapidly accepted by various developers, who have taken advantage of the blockchain prowess to construct different solutions since the Alonzo Hard Fork launched last year, which brought smart contract functionality.

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

Cardians recently tweeted an infographic depicting the number of crypto wallets currently on the Cardano network on the popular microblogging platform Twitter.

According to Cardian’s infographic, there are currently 14 coin wallets on the Cardano network.

Read also: Cardano Creator: The Collapse of Terra (LUNA) Has Caused a Change in Cardano’s Vasil Upgrade

Wallets on the list include Yoroi, C-Wallet, AdaLite, Flint, Nami Wallet, and Daedalus, among others.

Cardano users can manage their ADA straight from their phone using the Yoroi wallet, eliminating the need for a PC. Yoroi’s engineers designed the wallet to be lightweight, allowing users to launch the app and send and receive ADA in minutes.

Similarly, C-Wallet is one of the Cardano blockchain wallets that allow Cardano users to store, send, and receive ADA tokens from their phones and PCs. C-Wallet offers non-custodial storage with FIAT on and off ramps.

Nami Wallet is a browser extension wallet that communicates with the Cardano blockchain. Nami is a non-custodial cryptocurrency storage service that may be used to store ADA and other cryptocurrencies. Apart from doing simple crypto transactions, Nami wallet users can undertake complicated operations such as multi-sig, minting, and token delegation.

Hoskinson is concerned about the safety of investors

While the achievement is admirable in that it demonstrates the widespread acceptance of blockchain technology, Charles Hoskinson, CEO of Input Output Global (IOG), the company in charge of Cardano network research and development, does not find it noteworthy.

Following the enormous increase in the number of cryptocurrency wallets, Hoskinson stressed the need for forming a “wallet standard committee” tasked with conducting background checks on crypto wallet developers on Cardano to keep users safe.

Hoskinson said:

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

Related article: Cardano Launches Ethereum Virtual Machine (EVM) Sidechain Alpha on Testnet

Why Hoskinson is Bothered

Hoskinson’s concern about the rapid expansion in the number of crypto wallet solutions on Cardano follows the industry’s increasing incidence of crypto theft.

Fraudulent actors are constantly looking for gaps that would allow them free access to investors’ digital money, which can be taken at any time.

Although Hoskinson’s tweet does not imply that wallet developers are deploying harmful crypto wallets on Cardano, he is just concerned about Cardano and other cryptocurrency investors’ safety.