Yoroi Wallet
Yoroi wallet is a non-custodial wallet for the Cardano (ADA) ecosystem and its native tokens. Yoroi wallet can send, receive, store, stake, and manage Cardano network addresses and assets.
What is Yoroi Wallet?
Yoroi wallet is a non-custodial wallet for the Cardano (ADA) ecosystem and its native tokens. It is a light wallet, similar to Adalite, and works as a web browser extension, unlike the popular Daedalus Cardano wallet, which is a full-node software wallet that needs to be installed on a desktop.
A “light wallet” means that it doesn’t run the entire blockchain in your browser or on your computing device like Daedalus, but instead, connects to Emergo servers remotely to read and post transactions to the Cardano network. This allows the wallet to run on a device while using minimal resources and maintaining a high performance.
The Yoroi wallet can send, receive, store, stake, and manage Cardano network addresses and assets. The wallet is open-source, secure, fast, and very easy to use with a nice interface.
The Cardano blockchain technology company Emurgo, which handles much of the development and growth of the Cardano ecosystem, is the company behind the wallet. Users can trust and rest easy knowing that there is a reputable and professional company behind the development of the wallet.
Yoroi is available as a desktop extension for Chrome, Brave, Firefox, Microsoft Edge, and is supported on Windows, Mac, Linux, and iOS and Android for mobile.
Yoroi Wallet Pros:
Secure
Free and easy to use
Stake ADA for passive income
Can store assets and NFTs on the Cardano Blockchain
Can be used on mobile devices
Is open-sourced software
Privacy-preserving- Yoroi can generate new external addresses every time it receives assets
Can buy Cardano directly within the wallet
Cons:
Only supports the Cardano and Ergo ecosystems
Some users report slow loading, but it worked fine for me when testing and has positive reviews from many users
The Yoroi Wallet for Cardano
There are currently two versions of the Yoroi wallet that users can choose:
Byron wallet — This is for Cardano wallets created between 2017 and July 29th, 2020. The Byron wallet is now deprecated, meaning it is still functional and available, but not suitable for use by users who got involved in Cardano after 2020.
Shelly wallet — This is the modern wallet that supports delegation to stake ADA and is the primary wallet that can be installed from the Yoroi website.
How Does The Yoroi Wallet Work?
The Yoroi wallet functions as a hierarchical deterministic (HD) wallet. This means that it stores the digital keys for your crypto assets on your device where the wallet is installed. Yoroi wallets use public and private keys, similar to other cryptocurrency wallets, which are needed to access and control the wallets.
Like most wallets, the Yoroi wallet uses a recovery phrase, a phrase that is unique to each individual wallet. This recovery phrase will be shown to you as you set up the wallet. It is crucial that this recovery phrase is written down on paper, never stored online, and kept somewhere safe and private, known only to you.
This recovery phrase will be the ONLY way to recover your assets should your computer or phone break, lose data, or gets lost. We go into far greater detail on the importance of recovery phrases and how to keep them safe in our article How to Keep Your Crypto Safe.
As the Yoroi wallet runs as a mobile app or a browser extension, the wallet needs to connect to a full Cardano node which is hosted by the Emurgo team.
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