Cardano-Based Wallet Lace Gets Significant Upgrades

Lace, a Cardano-based Web3 wallet has released some impressive upgrades to its platform. The new version which has been well received by users increases security and introduces multi-wallet as well as multi-account functionalities.

Introducing Lace v.1.9

The light wallet platform made this known via a post on X (formerly Twitter) earlier today, introducing the new Lace v.1.9. With the new update, users can safely store, transfer, and receive ADA and other Cardano native tokens through Lace, which serves as a gateway for interaction with the Cardano blockchain.

👛👛👛Why have one when you can have more? #LacePlatform 1.9 just went live with new multi-account and multi-wallet features.

Read more here: https://t.co/gM9OgdUBpa

— lace.io (@lace_io) April 3, 2024

The light wallet technology, designed to improve the user experience in the Web3 environment, has received an innovative boost with the most recent updates: first-phase multi-account and multi-wallet functionalities.

According to the information provided, Lace’s brand-new multi-account configuration allows users to create several addresses or accounts in a single wallet with just one recovery phrase. The goal is to enable effective asset management by allowing users to handle fewer seeds and to divide transactions, or stake delegations.

In addition, its new multiple-wallet feature enables users to combine both hot and cold wallets thereby increasing the security of their assets. Consequently, users can maintain multiple wallets with distinct keys and recovery phrases. Implementing these elements is a big step toward decreasing risk and improving investment and transaction organization.

Cardano network updates

The Cardano ecosystem has made several advances, among which include the recent Lace update. Cardano is moving steadily in the direction of fully functional P2P (peer-to-peer) nodes. The Chang update is slated for delivery in the upcoming summer and includes the much-awaited Ouroboros Genesis release. These advancements show the ecosystem’s dedication to security and innovation, giving users a more reliable and effective blockchain experience.

Web3 wallets are digital wallets that integrate smoothly with decentralized applications (dApps) employing blockchain technology. With Web3 wallets, users can maintain complete control over their funds, doing away with the necessity for financial institutions and banks as intermediaries.