Yoroi

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.

There are currently two versions of the Yoroi wallet. 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 coins. You can also securely hold native tokens. These 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 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 . 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.