The Cardano Foundation, based in Switzerland and established as a non-profit organization to advance the Cardano blockchain ecosystem, is set to launch a new Digital Identity Wallet. This innovative product is designed to align with the standards of the World Wide Web Consortium (W3C), an international organization setting standards for the World Wide Web, as per the announcement made on Monday.
The forthcoming wallet offers a range of advantages and is described as a tool that “manages self-sovereign identities across Cardano and other blockchain networks,” according to Cardano. Emphasizing security, privacy, and interoperability, the digital identity wallet aims to foster adoption and provide support for existing ecosystems.
The Identity Wallet is equipped to support multiple identity and credential standards, manage cryptocurrencies, and facilitate seamless interaction with Cardano’s Decentralized Applications (DApps).
Moreover, it boasts a user-friendly interface designed to attract and onboard new users to the platform while ensuring the secure management of their digital assets.
A key feature of the Identity Wallet is its strong commitment to interoperability across ecosystems, underlining the Cardano team’s focus on connecting diverse blockchain environments, as stated in a tweet. Additionally, the wallet supports the Key Event Receipt Infrastructure (KERI), a protocol designed for digital identities. KERI works to enhance the security and efficiency of identity management while streamlining the overall user experience.
The newly introduced Identity Wallet is currently accessible on both Android and iOS devices, according to the firm. This marks the second wallet launch by Cardano in the year, following the release of the Light Wallet Lace in July. The Lace wallet provides users with the capability to trade cryptocurrencies, view NFTs, stake crypto, and engage with decentralized applications (dApps).
Cardano has been steadily gaining influence in the decentralized finance (DeFi) sector, and its token, ADA, has exhibited strong market performance. Consequently, the platform has positioned itself as a prominent player in the broader blockchain ecosystem.
Despite the launch of the new Identity Wallet, there hasn’t been a significant impact on the ADA token price. As of the current press time, Cardano (ADA) is trading at $0.6144. It’s noteworthy that the network surpassed the Bitcoin blockchain in terms of total value locked (TVL) just last month.
