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Yoroi Offers Many User Features
Developed by EMURGO, Yoroi Wallet is the premier light crypto wallet for the Cardano ADA and Ergo blockchain with mobile and browser extension versions both available.
Yoroi also receives Ledger hardware wallet support for Cardano ADA.
But it is much more than just another wallet to store, send, and receive ADA and ERG cryptocurrencies.
Yoroi is also:
– A cross-network, light wallet between the CARDANO and Ergo blockchains that also allows users to securely hold native tokens.
– A way to stake Cardano ADA to receive rewards.
– A way to vote on shaping the future of CARDANO.
– A way to enjoy additional CARDANO blockchain features such as the upcoming Yoroi dApp Connector.
All of these benefits are contained within a single application.
In this blog, we’ll discuss all the current features that can be accomplished using Yoroi for both Cardano ADA and Ergo ERG users.
Yoroi and Cardano ADA
As a light wallet connected to the CARDANO network, Yoroi does not contain a full history of the CARDANO blockchain.
Instead, it connects to the CARDANO ledger externally, and is able to display the balance of an address.
Yoroi works as both a mobile and web browser extension.
It can be installed via the extensions store for Chrome-based browsers, Mozilla Firefox, iOS, and Microsoft Edge (See links above).
From the extension, any person is able to interact with the CARDANO blockchain, send, and receive Cardano ADA.
It is also possible to link your Yoroi wallet with Ledger hardware via their Ledger Live application.
Yoroi can generate new wallet addresses based on the same private key.
This way, a user can receive their crypto tokens to the same wallet using different addresses to better secure his/her privacy.
We have used the more general term tokens and not just ADA, because CARDANO provides multi-asset support, capable of holding native tokens along with Cardano’s ADA cryptocurrency.
Delegate and Stake Cardano ADA with Yoroi
As a proof-of-stake network, CARDANO is committed to providing green blockchain technology that is much cleaner and energy efficient for its users.
To maintain the security of the blockchain and energy efficiency, users are encouraged to delegate their ADA to staking pools, or start their own pool, rather than turn on mining equipment.
This is an important feature that enables CARDANO to remain a secure, decentralized, and environmentally-friendly network while rewarding users with passive income.
Yoroi can be used to delegate one’s ADA to any pool on the CARDANO network.
The process is simple and can be done via the browser extension.
After it’s done, the accumulated rewards can be tracked directly from the wallet’s dashboard.
Blockchain Governance: Project Catalyst
Yoroi can also be used to vote for promising CARDANO blockchain projects on Project Catalyst – a community framework to provide valuable resources.
Anyone with ADA delegated to a pool using Yoroi can register to vote.
At the time voting starts, the CARDANO network takes a snapshot of all wallet addresses registered to vote.
With a minimum ADA balance on a registered wallet, its user enjoys voting privileges for Project Catalyst.
The steps to register to vote are as simple as shown here.
Upon successful registration, the user only needs to review each project up for voting.
The total votes will be automatically calculated ensuring every eligible wallet in the network has a voice in the governance and future of CARDANO.
Yoroi and Ergo ERG
In addition to Cardano ADA, Yoroi is also a light wallet for the Ergo blockchain.
Yoroi can be used to store, send, and receive ERG coins from the Ergo blockchain.
Through EMURGO’s strategic partnership with Ergo, Yoroi is a cross-chain application that serves two of the most exciting networks in the blockchain industry with more features to come.
Founded by former developers from IOHK, Ergo, and CARDANO’s founding entities – EMURGO, Cardano Foundation, and IOHK – collaborate closely on projects and technological developments to strengthen both networks.
One of the examples of this multi-organizational collaboration is AgeUSD.
The first stablecoin in the Ergo ecosystem will be fully compatible with Yoroi wallet.
It will be able to hold AgeUSD tokens and be part of the DeFi ecosystem on the two networks.
Yoroi dApp Connector
With CARDANO smart contracts soon to be integrated, interactions between users and blockchain-based dApps on the CARDANO blockchain will require a bridge, precisely what Yoroi’s dApp Connector will provide.
As a result, users will be able to simply access such dApps and do so from their preferred web browser via a plugin.
After enabling the dApp Connector, the user will be able to participate in any activities that the dApp permits such as purchasing or selling tokens, gaining access to resources, or using other features offered by the dApp.
Yoroi’s dApp Connector will create a seamless connection between Yoroi and the connected dApp.
This communication bridge between both platforms facilitates the validation of ownership of specific assets and can allow the execution of transactions for the dApp.
EMURGO Provides Blockchain Solutions for the CARDANO Community and Enterprises
Yoroi wallet is one of the flagship products developed by EMURGO in addition to our enterprise solution EMURGO Trace.
As a founding entity on the CARDANO blockchain, our aim is to provide solutions for the community and also spur enterprise adoption of CARDANO’s technology through our traceability solution EMURGO Trace.
About Yoroi Wallet