Yoroi Wallet 101: What Can Cardano ADA Users Do with Yoroi Wallet?

Yoroi offers many user features

Developed by EMURGO, Yoroi Wallet is an open-source crypto light wallet for Cardano ada cryptocurrency holders with mobile and desktop browser versions available.

Yoroi also receives Ledger and Trezor hardware wallet support and crypto users can connect their hardware wallet with Yoroi.

But Yoroi is much more than just another crypto wallet to store, send, and receive Cardano ada crypto.

Yoroi Wallet user can also:

securely hold Cardano native tokens
stake Cardano ada to receive rewards and secure the Cardano blockchain
vote and participate in Project Catalyst, Cardano’s decentralized governance, and funding platform
connect with Cardano dApps through the Yoroi dApp Connector.

All of these benefits and more are contained within Yoroi Wallet.

In this blog, we’ll discuss the features that can be enjoyed by Yoroi Wallet users.

Yoroi and Cardano ada

As a crypto light wallet connected to the Cardano blockchain, Yoroi does not contain a full history of the CARDANO blockchain.

Instead, it connects to the Cardano blockchain externally and is able to display the balance of an address which enables Yoroi to sync quickly and be a much faster user experience.

In addition to storing, sending, and receiving Cardano ada, Yoroi can also generate new wallet addresses based on the same private key to enhance user privacy for transactions.

This way, a Yoroi user can receive Cardano ada and Cardano native tokens in the same Yoroi wallet account using different wallet addresses to better secure his/her privacy.

More: What is a Cardano native token or asset?

Delegate and stake Cardano ada with Yoroi

As a proof-of-stake (PoS) network, the Cardano blockchain provides environmentally-friendly blockchain technology that is much cleaner and energy efficient.

To maintain the security of the Cardano blockchain and energy efficiency, ada users are encouraged to delegate and stake their ada to staking pools or start their own pool to secure the network.

This is an important feature that enables the Cardano blockchain to remain a secure, decentralized, and environmentally-friendly network while rewarding users.

Yoroi can be used to easily delegate one’s ada to any staking pool on the Cardano blockchain.

The process is simple.

Once completed, the accumulated rewards can be tracked directly from the Yoroi Wallet’s dashboard.

Cardano blockchain governance and funding: Project Catalyst

Yoroi can be used to vote for funding promising Cardano blockchain projects on Project Catalyst – a community framework to provide valuable funding resources.

Anyone with Cardano ada delegated and staked to a stake pool using Yoroi can register to vote for Project Catalyst.

At the time voting starts, the Cardano blockchain takes a snapshot of all ada wallet addresses registered to vote.

With a minimum ada balance on a registered wallet, a Yoroi user can receive voting privileges for Project Catalyst.

Upon successful registration, a Yoroi user only needs to review each project eligible 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.

More: What is Cardano blockchain’s Project Catalyst?

Yoroi dApp Connector

Through Cardano smart contracts, interactions between Cardano ada users and Cardano dApps require a bridge such as Yoroi’s dApp Connector.

Yoroi Wallet users can simply access integrated Cardano dApps and do so from their preferred Yoroi desktop browser extension.

Yoroi users are able to participate in any Cardano dApp activities that the dApp permits such as purchasing or selling Cardano-based tokens, gaining access to resources, or using other features offered by the Cardano 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.

Download Yoroi Wallet now to start using Cardano dApps

Yoroi is an open-source crypto light wallet for Cardano ada holders to easily send, store, receive, and stake Cardano ada.

Yoroi enables Cardano ada holders to connect with Cardano dApps to experience and use Cardano DeFi, Cardano NFTs, and more including the $USDA stablecoin.

For more information and questions on Yoroi, please follow Yoroi on Twitter and contact Yoroi’s Support here.

About Yoroi Wallet