In this article, we will learn about what is NAMI wallet is and Why NAMI wallet transaction failed. Nami Wallet is a browser-based wallet extension to interact with the Cardano blockchain. It’s an open-source project built by Berry Pool.
What is a Nami wallet?
We can define Nami wallet as a wallet extension that is used to interact with the Cardano blockchain and it is noncustodial. Nami wallet is used to send and store distinct assets, delegate, mint tokens and use multi sigs. The major difference between the NAMI wallet and the current wallet is that Nami can inject in the browser context and be connected to any website in order to interact with the decentralized apps. Nami wallet is free to use and is open source. Now let us see Why NAMI wallet transaction failed.
Why NAMI wallet transaction failed?
No doubt it is frustrating having your transaction fail every time you try, but I just have to take a step back and chill out. Chances are, after the initial flurry, the prices will come back down. It would have been an acceptable trade, but it is what it is. If they didn’t inform us prior to the launch, it would have been a shit show. Private keys associated with a user’s wallets are stored only on a user’s computer and are encrypted with the wallet password. It does not store them on centrally hosted servers.
Nami will not track all addresses associated with your imported wallet and might cause partial reflection of assets. Daedalus/Yoroi use the concept of multiple addresses per wallet, while Nami just uses a single address. Nami also allows for creating sub-accounts from a single seed phrase. They hid all accounts except the first one from Daedalus/Yoroi. We don’t recommend using Nami and Daedalus/Yoroi simultaneously, but use the seed phrase to migrate from one wallet to another. If you want to migrate from Daedalus/Yoroi, send all your funds to the address, you see in Nami after importing the seed phrase. We still prefer to create a new wallet for Nami to avoid confusion and keep the user experience great.
Since Nami is a browser extension, it can inject content inside the web context, which means you can connect the wallet to any website. Nami Wallet doesn’t use the concept of multiple addresses per wallet. This function will return an array of length 1 and will always return the same single address. Just to follow the standards of the proposed CIP, it will return the address in an array. We’re all eager to see what the future holds for NAMI wallets and how it will benefit the users in the crypto space.