The wallet will also let users keep their Non-Fungible Tokens (NFTs) in the same place, which will help users manage all their digital assets in one wallet without relying on third-party solutions. The new wallet, Lace, was constructed with the help of a side chain solution from Cardano’s development team.
The primary focus for these developers was to channel their efforts to introduce interoperability between the Cardano and Ethereum networks. Currently, this innovation is still in its test phase and soon it shall move over to its implementing phase.
The wallet’s features and characteristics include interoperability and the ability to use various blockchain systems, not only Cardano.
As mentioned above interoperability has been the chief focus of the developers. The builders will soon start implementing other side chains along with connecting with all other blockchains. The main goal is to make Lace turn into “one-stop-shop” wallet.
This light wallet shall be able to replace all other solutions and bring together all of Web3 in one particular place. The target with Lace is to ensure that the Web3 space can be opened up to everyone easily.
In other features, the landing page of Lace 1.0 mentioned that safety is one of their main priorities. They plan to achieve it with the help of an added security hardware wallet integration. Lace will also let users stake their ADA along with which they will be able to start receiving their rewards.
Overall, it is a platform that combines digital assets with an NFT gallery and a DApp connector that includes easy staking to make entry into the Web3 seamless as well as enjoyable.
The Input Output team has especially paid attention to designing the wallet. According to sources, Lace has been designed in a way that makes it easier for both a newcomer and for an experienced user to understand the functionalities of the wallet.
This wallet is easy to use as it does not contain all the jargon from the crypto world which is usually filled with tons of tutorials. This wallet will be facilitated by a free decentralized app store which will contain facilities for both developers and usual users.
These users will also be able to have an access to many such DApps built on Cardano, rather than having to depend on iOS or Android apps which fall under corporate centralization.
