Lace: speed, simplicity, and seamless flow

Author:

Olga Hryniuk - Technical Writer

Summary:

IOG’s new light wallet – now in development – will help drive adoption by offering enhanced capability and ease of use to crypto users

Article:

Wallets allow crypto users to safely store and access their digital assets. They come in different forms, from desktop and mobile applications to hardware (USB-like) devices.

The Daedalus wallet is IOG’s full node implementation and it is a desktop application that fully synchronizes with the blockchain history. While full node wallets are a good option for more tech-savvy users, these wallets consume a significant amount of resources and take longer to sync because they hold a full copy of the blockchain. So a full-node wallet might not suit users requiring fast access to their assets. As Cardano reaches more mainstream audiences – and developing markets – an alternative is required.

To simplify the experience for wallet users, IOG is developing Lace ‒ a ‘one-stop-shop’ for all blockchain operations. This new platform will be feature-packed, yet lightweight, streamlining online finance. Acting as a portal to Web3.0, Lace will encompass elements of true decentralization. This means that users will be able to interact with other users and organizations in a peer-to-peer way, exchanging data and assets without relying on third parties.

About Lace

Broader mainstream adoption requires a greater user experience. That's why IOG gathered user feedback early in the development process, and built Lace following requirements for speed, simplicity, and seamless flows.

Designed to cater to a variety of users interested in leveraging Cardano’s infrastructure to optimize their wallet experience, Lace will allow everyone to become a part of the crypto space. The light wallet will provide unparalleled security and functionality. So, whether you’re a crypto-savvy user, an enthusiast, an ada holder, or a newbie, Lace 1.0 will provide a friendly and intuitive experience to:

• securely store your funds

• transact and make payments

• store and view your non-fungible tokens (NFTs)

• delegate stake

• interact with different DApps.

In future iterations, Lace plans to support identity and voting on Cardano – the key pillars to ensure secure personal data protection in a decentralized way.

Over time, Lace also intends to utilize different Cardano products combining a range of features into a cohesive user experience. This will include integration with Atala PRISM for identity and personal data management, along with Project Catalyst for easy registration and voting. Other future enhancements may also include integration with EVM sidechains (allowing Ethereum developers to easily harness the robust and verifiably secure infrastructure of Cardano) and Hydra – for scalable and cost-efficient transaction processing.

While initially the light wallet is built for the Cardano blockchain, the long-term goal is to make it blockchain-agnostic. Interoperability is key to ensuring widespread blockchain adoption, and therefore Lace plans to evolve to support many other blockchains along with a variety of cryptocurrencies.

Getting involved

We’re excited to announce that Lace will be launched soon in its closed beta version. As always, community engagement is key to assessing the wallet’s functionality.

Interested to find out more? Register your interest at www.lace.io and find out when Lace 1.0 becomes available.