Wallet address setup
Page is a WORK IN Progress
"Wallets" are really interfaces that allow you to access the Cardano network / blockchain and interact with it. One of the most common uses is to setup a wallet address to store your Ada and non-fungible tokens (NFT's) and performing transactions such as sending or receiving Ada.
Each wallet does basically the same thing but some have some extra bells and whistles. The big difference usually is whether a wallet is a full node or a lite wallet. IOHK has a nice page comparing the most popular full node and lite wallet.
The following wallets are that is supported by Cardano.
Desktop Wallet
Daedalus is a full node wallet
Made by IOHK
Requires you to download the whole blockchain (6-10 GB)
Validates all blocks and transactions for fully trustless and autonomous operation
Does require more resources to run
Key features (taken from IOHK):
Easy installation with one-click setup of bundled Cardano node
Locally stored wallets and encrypted private keys, not shared with third-party servers
Trustless operation with locally running full Cardano node which independently validates full transaction history of the blockchain
Supports Cardano network by participating in Cardano protocol
Wallet backup and restoration using mnemonics phrases
Support for staking coming with Shelley release
Complete autonomy without reliance on third-party servers and services
Paper wallet generator for offline storage of funds
Lite Wallets
Lite wallets don't require you to download the blockchain or run a node to validate blocks
Usually they run through a browser extension that connects you to a third party that is running a node
Made by Emurgo
Key features (taken from IOHK):
Instant initial setup
Locally stored wallets and encrypted private keys, not shared with third-party servers
No blockchain synchronization needed for quick and easy operation
Wallet backup and restoration using mnemonics phrases
Low system resource consumption, minimal usage of storage space and bandwidth
Support for staking coming with Shelley release
Paper wallet generator for offline storage of funds
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