Input Output Hong Kong (IOHK), the parent company of the Cardano (ADA) blockchain protocol, has launched Lace wallet, its first light wallet platform. The first version of the new wallet dubbed Lace 1.0 went live on the mainnet to mark a whole new era of self-custody, backed by IOG itself.
Lace wallet as a product from IOG has been touted as one of the most impressive products rolled out by the tech start-up.
"As an IOG product, Lace has the same academic rigor and robust engineering at its core that the company is known for. And with community participation and beta testing baked into its development, the same values of open collaboration are as present within Lace as other IOG projects," the announcement reads.
The wallet's capabilities are innumerable, but among its core features is the ability to send and receive ADA and its associated native assets. The wallet can also aid the transactions of Cardano-based non-fungible tokens (NFTs), as well as aid in the staking of ADA as a digital DeFi product.
The capabilities of Lace wallet will be expanding, and while hardware wallets can be linked with it, IOG said the Web3.0 wallet will also be able to foster transaction bundling.
Cardano and its growing footprints
In the fight for more robust recognition as a highly functional Layer 1 proof-of-stake (PoS) protocol, Cardano is notably going all out to establish its footprint in nearly all aspects of its operations.
Besides the launch of the Lace 1.0 wallet on the mainnet, there are speculations that the protocol may get a whole new focus on Artificial Intelligence (AI) integration in today's growing clamor around ChatGPT. The protocol has been hitting new fundamental milestones over the past month as its recognition as a viable Ethereum killer is resounding in various quarters.