what is the yoroi wallet

Not your keys, not your coins. If you are active in crypto, you must have heard this phrase before. Non-custodial wallets are important because they give you control over your crypto assets. And the Yoroi wallet is a very interesting alternative to a non-custodial wallet.

Yoroi is a design for the Cardano and Ergo network. It works with the native Cardano (ADA) token. So, let’s have a look at what this Yoroi wallet is all about.

Use the Yoroi Wallet for Cardano

The Yoroi wallet is a native Cardano wallet. It allows you to send and receive ADA, Cardano’s native crypto. You can also store and delegate staking ADA in this wallet.

It’s important to say that the Yoroi wallet is safe, secure, fast, and easy to use. Also, Emurgo is the company behind the wallet. Moreover, Yoroi is available as a desktop version for Chrome and Firefox. Yoroi also runs on Mac and Linux. It’s also available for iOS and Android.

Which Is the Best Yoroi Wallet?

There are currently two versions of the Yoroi wallet. 

  1. Byron wallet — Wallets created between 2017 and July 29th, 2020. However, the Byron wallet is now deprecated. This means that it is still available. However, it’s not recommended to use it anymore.
  2. Shelly wallet — This is the standard modern wallet. For instance, it supports delegation to stake ADA. Currently, this is the only wallet you can install.

Yoroi wallet

Source: Yoroi Chrome extension

How Do I Access My Yoroi Wallet?

Make sure that you have Yoroi Wallet installed on your desktop or mobile. We explained how to set up this wallet in an earlier article. So, you need to open the app and enter your password. The extension doesn’t require you to log in. However, you need your spending password or hardware wallet to sign transactions. Now you can access Yoroi and enjoy all its functions.

The following video shows how to set up Yoroi and access various dApps.

Is Yoroi Wallet Safe?

Yoroi wallet is a safe wallet to use. You are in control of the private keys. As a result, nobody else can access your ADA in your Yoroi. Just make sure that you keep your private keys private. Don’t give them to anybody. Whoever has access to these private keys, has also access to the coins in that wallet.

Make sure to write down the seed phrase, which can be a 15- or 24- word seed phrase. Keep it in at least two different and safe locations.

Furthermore, you can connect Yoroi to a Ledger or Trezor hardware wallet. Now you can transfer your ADA to cold storage. This is also known as a hardware wallet.

Can Yoroi Wallet Hold Other Coins?

The Yoroi wallet can hold ADA and ERG coins. You can also securely hold native tokens. These native tokens are tokens created on the Cardano blockchain. For example, some native Cardano tokens are ADAX, DANA, DRIP, FIRE, or CLAP.

How Does The Yoroi Wallet Work?

Yoroi is a very lite wallet. It functions as a hierarchical deterministic (HD) wallet. This means that it stores the digital keys for your crypto assets. These wallets use public and private keys, which have access to these two keys, that give you control over the wallet.

Also, the Yoroi wallet runs as a mobile app or a browser extension. The wallet connects to a full Cardano node. It’s Emurgo who hosts this node.

Setting up Yoroi is fast and easy. The system has a low resource consumption. As a result, there’s hardly any usage of bandwidth and storage space. You can stake ADA on Yoroi or use delegation. This wallet also supports hardware wallets like Trezor or Ledger.

Can Yoroi Wallet Holds NFTS?

The latest version of this wallet can hold NFTs. You can find them under ‘Assets’ in the app. On a desktop version, you find them in the dashboard. The video, in this article, explains how to set up this wallet. However, it also shows you Fibo, the Cardano NFT marketplace. You can buy NFTs on Fibo and store them on Yoroi.

Yoroi wallet

Source: Fibo

Conclusion

We discussed what the Yoroi wallet is in this article. Besides sending, receiving, storing, and staking ADA, it can do more. The wallet welcomes native Cardano tokens and NFTs as well. It’s a very lite wallet, which makes it fast. Furthermore, it’s easy to set up and use.

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