Wallet Yoroi
INTRODUCTION
Hi, I’m Ruda from Crypto Colony, and in this video, we will take a look at one of Cardano’s wallets, namely Yoroi. So, let’s get started. Yoroi is one of the official wallets for the cryptocurrency Cardano. It has been developed by the company Emurgo. Unlike the Daedalus wallet, Yoroi does not need to download the entire blockchain. This allows you to start making transactions with your ADA very quickly, which is why it is also called a lightwallet. Trusting the third party in using the right version of the blockchain is a disadvantage. Of course, staking is possible, and it is available for Chrome, Edge, Firefox, Android, and iOS.
YOROI DOWNLOAD
To download the Yoroi wallet, go to the official website yoroi-wallet.com and download the selected version of the wallet.
After selecting a wallet version, it will redirect you to the store with extensions for your browser. After installing the browser extension, click on the Yoroi icon in your browser’s extension bar. This will take you to the wallet interface. Now we choose the wallet language. In our case, we leave English. You can now read the terms of service. After reading them, confirm your consent and continue. In the next step, we can choose between a simple and an extended wallet interface. To keep it simple, we choose a simple interface now. You can now choose whether to allow the use of payment links for Cardano. When enabling it, you have to add permissions to your browser.
CREATE WALLET
Now, we have a choice of three basic options. The first is the connection to a hardware wallet, for example, Ledger nano S or nano X and also Trezor model T. Another option is to create a new wallet using a 15-word seed. The last option is to restore the wallet using seed. You will use this option, for example, if you already have a wallet from before and you need to load your wallet on a new device. The safest option is to use a hardware wallet. If you do not have a hardware wallet, select the “create wallet” option. Then pick the platform for which you want to create the wallet; in our case, it is for Cardano.
Now, we select “create wallet” as we want to handle Cardano, i.e. send, receive and delegate to pools as part of staking.
We choose the name of our wallet, which is used to distinguish individual wallets if you have more than one. Then, we set the so-called “spending password”. You will need to enter this password every time, you want to make any transaction in your wallet.
Now, you are being informed that the next screen will show you a generated 15-word seed. After making sure, that no one is looking over your shoulder, continue. Write the displayed 15-word seed down safely in the exact order, e. g. on a piece of paper. If you lose access to this seed or someone steals it from you, all your means will be lost. Thus pay maximum attention to the safe storage of the seed. After writing the seed down, you will be asked to enter your seed in the exact order in the next step. With this step, the wallet verifies that you have actually written the seed down. Now, we are notified that all the secret keys are saved only locally on your device and not on Yoroi’s server. The second warning refers to the wallet, which can only be restored with the 15-word seed you described in the previous step.
We are now on the basic screen of your wallet. You can see here the total amount of ADA at all addresses of this wallet, the total number of your staking rewards, and how many ADA are being delegated currently.
SENDING ADA
The “send” tab is used to send ADA from your wallet.
To send ADA from your wallet, you must go to the “SEND” tab, enter the target address where you want to send the ADA to in the “Receiver” tab, enter the number of ADA to be credited to the target address. Remember that a transaction fee of around 0.17 ADA will be deducted from your total amount of ADA. You can also use the “Send all assets” checkbox that will send all ADA from your wallet to the target address. You can use notes to better distinguish your transactions. These notes are only for you and are saved locally on your device.
After clicking the “NEXT” button, you can check the transaction data, and you are asked to enter your “spending password”. Which you created when setting up the wallet. After clicking the “SEND” button, your transaction will be sent to the network, and you can see it in your transactions after a few seconds.
RECEIVING ADA
To receive ADA into your wallet, you need to go to the „RECEIVE“ tab. You can use any of your external adress for receiving ADA. You can generate additional addresses as needed. It is also possible to use a QR code. The left tab “internal” shows the internal addresses that are used for the purposes of your internal UTXO audit. On the “reward” tab, you can see your stake address, which is used for delegation and receiving rewards from the delegation. The address book automatically saves strange addresses that have something to do with your addresses in your transaction history. You can find the details of the incoming transaction in the “Transactions” tab.
VOTING IN CARDANO NETWORK
The “voting” tab is used to participate in voting within the “Catalyst” project. You need at least 500 ADA and download another application to vote. On the “delegation list” tab you can find a list of all staking pools to which you can delegate your ADA.
STAKING
To staking, go to the “Delegation List” tab. Here, you can find your preferred pool, e. g. our Crypto Colony Pool.
Click on “Delegate”, and now you have to confirm the transaction with your spending password.
If you do your first delegation, there is a need to pay a refundable fee of 2 ADA besides paying the transaction fee of 0.17 ADA. After confirming the delegation, the information about it will appear on the dashboard after a while. If you want to change the pool, go to the “Delegation list” again and choose another pool. This change costs a transaction fee of 0.17 ADA only. You can see the number of your staking rewards on the “Total Rewards” bar. All your earned rewards are also automatically delegated with the rest of your ADA. Thus you don’t have to withdraw them until you need to handle them in some way. The first reward will arrive at you in 16 to 20 days at the earliest. This ADA will be automatically delegated to the next epoch whenever you send another ADA to your wallet. If you need to withdraw rewards, click on the “WITHDRAW” button. Now, you have two options to choose from, 1st “KEEP REGISTERED”, which means that after withdrawing the rewards, your wallet will remain registered to the pool delegation. And the 2nd option is cancelling “DEREGISTER” which will deregister you from the delegation, and the fee of 2 ADA will be refunded. Remember, this is also a transaction, so it will cost you a transaction fee of about 0.17 ADA again.
HARDWARE WALLET
The safest option is to use a hardware wallet. By selecting this option, the public key from your hardware wallet will be exported directly to the Yoroi wallet. Using the given standard, your wallet is then loaded for you in Yoroi. While using the hardware wallet, the chances of escaping your private key are very small. Therefore, this solution is the safest. You can use Trezor model T or Ledger nano S/X.
SETTINGS
In the left part of the interface, you can find the wallet settings. Here, you can, for example, change the wallet language, change the color scheme, change the blockchain provider, enable payment links, rename the wallet, change the spending password, resynchronize the wallet with the blockchain, export the wallet, and load to another device in read-only mode and also delete the wallet from the device.
CONCLUSION
If this guide helped you and you like our content, you can support us by delegating to our pool CCP. Dont remember to follow our Twitter, Facebook, or Telegram. If you have any questions, write us a comment or contact us through our social media. Thank you and have a nice day.
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” – Henry Ford