What is Yoroi?
Yoroi is an open source light wallet for the Cardano ecosystem developed by EMURGO.
The Yoroi light wallet is the easiest way to transact and stake your digital assets on the Cardano ecosystem. Yoroi is built with security, speed and simplicity in mind by one of Cardano Network’s official partner’s, EMURGO, which will guarantee long term support and and updates for the wallet. It is available as a browser extension or as a mobile app (iOS and Android). Yoroi has most of the essential features included in Daedalus without having to sync with the blockchain. The wallet is suitable for all technical levels.
- Wallet creation and restoration
- Send/Receive ADA
- Monitor transactions
- Manage multiple wallets
- Manage hardware wallets (Ledger/Trezor) for enhanced security
- View all active Cardano Stake Pool Operators (SPO) – Powered by ADApools.org
- Delegate wallet funds to SPOs without losing control of your assets
- Monitor current Epoch and Slot live with the Blockchain
1. Navigate to the Yoroi website at https://yoroi-wallet.com
2. Click on the Download button and select your preferred version from the drop down list. The mobile versions can also be found on the Apple App Store or the Google Play Store. Note: Make sure you choose a Mainnet version.
3. Your selection will take you to your chosen browser’s download page. In this case we choose “Chrome” to install on Brave browser.
4. Download the extension. Note: Our image says “Remove from Brave” because we have already added the extension. If the extension isn’t already installed, the download button will be in the exact same place.
5. Launch Yoroi in your browser.
6. Select your language.
8. Select level of interface complexity. Note: this tutorial will choose the advanced view.
9. Allow Cardano Payment URLs which will allow you to easily share invoices with friends and businesses via URL.
10. Your Yoroi wallet is now installed and you are ready to proceed with one of the following:
- Create Wallet
- Restore Wallet
- Connect to a hardware wallet
IV. Create Wallet
1. Select ‘Create wallet’.
2. Select asset. Note: As of this writing the only available asset is Cardano (ADA), but more assets will be available in the future as the ecosystem develops.
3. Select Create Wallet Note: there is an option to create a paper wallet for advanced users.
4. Enter wallet name and spending password.
5. Confirm that no one is looking at your screen as the next page contains very sensitive information.
6. Write down the recovery phrase. WARNING: Your recovery phrase is the only way to recover your wallet, make sure it is written down or secured on cold storage. Anyone with this phrase can access your funds from any wallet.
7. Click on each word in the correct order to verify that you have written down the right phrase.
8. Confirm through the final warning.
9. Your wallet is created and you will be taken to the home screen.
Wallets do not live in Yoroi. Wallets live on the blockchain. Yoroi is only a tool used to interact with the blockchain on your behalf. The spending password only shields wallets loaded into the Yoroi wallet. If you delete your wallet, delete Yoroi, or lose the machine that has Yoroi installed, the spending password will be useless in recovering your wallet. The only way to recover a wallet is by using your 15 word recovery phrase, thus requiring you to secure it (OFFLINE) as if it were cash. With your recovery phrase, you can generate your wallet on any Cardano asset manager whether it be Yoroi, Daedalus, Cardano-CLI, AdaLite, or any future wallets.
V. Restore Wallet
If you have already created a Cardano wallet, you can restore in on Yoroi by following the directions below.
1. Click on ‘Restore wallet’. Note: If you already have a wallet loaded on Yoroi, you must first click on ‘Add new wallet’ on the home screen.
2. Select asset.
3. Select the reccovery word count of the wallet you are trying to restore. Note: other asset managers like Daedalus will issue a 24-word recovery phrase. This tutorial will select a 15-word recovery phrase, which is the Yoroi standard.
4. Enter wallet name, recovery phrase, and new spending password.
5. Verify your wallet using account checksum and wallet addresses. These will be different if you entered your recovery phrase incorrectly.
6. Your wallet is now restored.
VI. Wallet Management
Once you have your wallet generated on Yoroi, you will be able to manage your wallet, send/receive your assets, and stake your ADA to a stake pool for passive rewards. Below is an overview of these different functions.
The ‘Transactions’ tab shows the amount of transactions that were made on your wallet and details on those transactions. There is an option to export your transactions to a file.
The ‘Send’ tab is where you can send your ADA to another address. In order to do this follow the below steps:
1. Enter receiving address and amount.
2. Confirm the transaction by entering your spending password.
3. Once sent your transaction will show up on the transaction page with a “LOW” status. As the transaction gets validated on the network the status will increase.
4. Once your transaction reached “HIGH” status, the transaction has been completed with high confidence.
The ‘Receive’ tab will show your external, internal, and rewards wallet addresses. The external addresses are the addresses that are safe to share with others in order to receive ADA. There are multiple generated addresses and an option to generate new addresses in order to protect your privacy. It is recommended that you use each address only once. All addresses will direct sent ADA to your wallet. The internal addresses maintain your privacy by obscuring which addresses belong to you on the blockchain. Internal addresses are shown here for personal auditing purposes and should never be used. The rewards address holds your rewards and is used to validate any changes to your delegation preference. You cannot send ADA to reward addresses, but we show it for personal auditing purposes. The address book shows all your generated addresses.
The ‘Dashboard’ tab summarizes epoch progress and delegation information including rewards received and the upcoming rewards schedule. Once you have delegated, it will also show the stake pool that you have delegated to.
The ‘Delegation List’ tab shows a list of active stake pools and their pertinent information. Please refer to the Daedalus Tutorial for details on stake pool information. You can delegate (stake) to a stake pool in this tab. Detailed instructions will be in the next section.
Delegation by ID
The ‘Delegation by ID’ tab is where you can search for a stake pool by the pool’s ID. Note: YUGTO’s stake pool ID is cff42cd3d53a80249e2ffeaea217927fca91d11e30b83395b569dfa2
The ‘Settings’ section is where you can adjust the different settings of your wallet. This includes (but is not limited to) the following: changing language, changing the visual themes, changing wallet name and spending password, and changing the level of complexity shown in the wallet.
The ‘Claim/Transfer’ section is where you can transfer an old wallet into your current wallet. This is will take you through a similar process described in section V. Restore Wallet.
Staking is one of the hallmarks of the Cardano ecosystem. This is the process of delegating your ADA to a stake pool operator (SPO) who in turn uses that vote of confidence to qualify in securing the network by minting blocks (validating transactions). Staking is a very safe endeavor which only requires a refundable staking fee of 2 ADA (plus a small transaction fee). All delegated funds stay in your wallet and are not locked, meaning you can send/spend your ADA whenever you choose. When staking with a successful SPO, you will earn staking rewards. You may also change the SPO you delegate to at any time. To stake from your Yoroi wallet, follow the directions below.
1. Navigate to the ‘Delegation List’ tab.
2. Either select from the drop down list or search for your staking pool. The tutorial will search for the stake pool ticker YUGTO to find YUGTO’s stake pool. Click on the ‘Delegate’ button of the pool you select.
3. Enter your spending password and click ‘Delegate’.
4. Your delegation is complete. Yoroi will then send you to the Dashboard to monitor epoch and rewards status.
VIII. Hardware Wallets
Yoroi is compatible with the Ledger and Trezor hardware wallets. This is the most secure method to store your assets and should be highly considered if you hold a significant amount of ADA.