Daedalus Wallet
In short: Daedalus Wallet is a multi-platform, open-source, hierarchical deterministic (HD) wallet that can generate a practically unlimited number of keys from a…
Daedalus Wallet is a multi-platform, open-source, hierarchical deterministic (HD) wallet that can generate a practically unlimited number of keys from a single seed phrase. It is best known as the full-node wallet for the Cardano (ADA) blockchain and runs on Windows, macOS, and Linux.
Why it matters
Because the wallet is hierarchical and deterministic, every address it creates is derived from the same recovery phrase, so one backup is enough to restore all of them. As a full-node wallet, Daedalus keeps its own copy of the Cardano blockchain and checks it locally instead of trusting a remote server, at the cost of a longer first sync and more disk space. Its open-source code can be reviewed by anyone. Users can also delegate ADA to a stake pool from inside the wallet to take part in staking.
Example
A user creates a new wallet in Daedalus, writes the recovery phrase on paper, and receives ADA on several different addresses. Later the computer fails. After installing Daedalus on a new machine and entering the same phrase, the wallet synchronizes with the network and restores every address and the full balance.