Yoroi is a mobile app that allows you to manage your Cardano assets. Emurgo created it, and it’s available on both Android and iOS devices. The Yoroi wallet is a solution for storing and managing digital assets. If you’re interested in downloading the Yoroi mobile wallet app, this comprehensive review will help you decide if it’s worth downloading and using!
Software Interface Review
The Yoroi wallet is accessible as a browser plugin and mobile app. You can trade and delegate your coins for staking. A single private key may be linked to multiple public addresses. It’s possible to use it as a hot wallet or a hard wallet. You can use the mobile app with a Ledger Nano, but you need the browser extension if you want to use a Trezor hardware device. Because there are significant distinctions between the browser extension and the mobile app, this review will focus on the user experience of using the mobile app. The mobile app version has a bright blue background color and white text. Yoroi’s interface allows you to choose different wallets even if they have other private keys.
For someone who is just getting started with Cardano wallets, the interface might feel “scary.” However, the interface is simple to navigate, and you aren’t overwhelmed by choices. Cardano terminology is heavily utilized in the app, so it’ll be helpful to understand Cardano-specific terms to comprehend the context of available capabilities.
Activate and Setup Review
When you run Yoroi for the first time, you’ll need to pick a preferred language and accept the terms of service. After that, you must set up a pin. When you’ve completed those procedures, your following two options are to add a new wallet or add a new Byron-era wallet. (if you tap Byron-era, your only options are restoring a wallet or connecting to the Ledger Nano). I added a new wallet, and I connected it to my Ledger Nano on the subsequent screen. Since I have a Ledger Nano X, I select continue, and then my device name appears on the following screen. I open the Cardano app on my Ledger device before selecting the device name in the mobile app. After clicking my device name in the mobile app, I confirm the connection on my Ledger hardware device and authorize Yoroi to access it. When setup is finished, the Yoroi dashboard appears on the mobile app’s main screen.
If you choose to make a new wallet, you’ll be given a 24-word seed phrase on the screen that you must write down somewhere. Then you’ll be asked to type each word in the phrase for confirmation. Finally, you’ll be required to set a spending password. You can recover a wallet with the same process. But you will not have to create a 24-word seed phrase. You will only need to enter each word of the seed phrase you generated to access your funds with the Yoroi app.
Activation and setup are straightforward, and there’s no confusion during the process. If you’re connecting to a hardware device, setup is much easier since it requires no extra manual effort. Activation and setup take a little longer if you have to enter a seed phrase, but it’s not too burdensome.
The mobile Yoroi wallet allows you to manage your funds and delegate Cardano to stake pools. Browsing the Staking Center gives you the ability to research the commissions and fees of validators.
Initiating transactions is simple. Click on either Receive or Send. For receiving funds, you have the option of choosing a newly generated public address or reusing an existing one. Then a QR code appears on the screen, or you can copy the public address string. For sending funds, you must provide the amount and public address. Signing a transaction occurs by either typing in your spending password or connecting with your Ledger Nano hardware device (depending on how you configured your wallet). Some weird errors can happen when signing a transaction. The device may sometimes fail to operate when utilizing the Ledger Nano, but this is resolved by removing and reconnecting the USB cable to reboot the hardware. Restart the transaction in the Yoroi wallet, and your Ledger device should function properly again. Another issue can happen if you’re using Yoroi as a hot wallet (without requiring a Ledger Nano stick), requiring a spending password. When I try using this option, my password is rejected. A message appears on the screen, saying: “Cannot decipher the password. There’s nothing that can be done.” After doing some research, others have encountered this problem, but there is no overarching solution except to send money via a different wallet.
Stake delegation is also easy. Browse the stake pools or provide a Cardano address in the Staking Center, which can be found by clicking the “Delegate” button at the bottom. Once you find the desired pool, click the green “Delegate” button below the validator’s website link. This action will trigger a prompt to sign the transaction. Then, you can choose how much ADA you want to delegate and proceed with the delegation. A small fee is required to verify the action. After the process is done, your dashboard now switches over to the delegation screen—showing the current epoch cycle number, how much time until the next epoch starts, how many total rewards are earned, and the total amount delegated. For more details about Cardano’s staking cycle, read this article from ViperStaking that explains when you can expect your first rewards in the Yoroi wallet. Cardano has one of the most secure staking mechanisms in the cryptocurrency space; it’s worth looking into further if you want to earn interest with your ADA coins.
It’s simple to perform transactions and discover stake pools in the user-friendly interface. One drawback is the frustration caused by the Ledger Nano freezing in the middle of a transaction (though it’s only a slight inconvenience). Another problem is the issue I experienced when sending funds as a hot wallet (providing a spending password instead of using a hardware device to confirm transactions). Finally, another annoyance is when visiting a validator’s web page while exploring stake pools—if you return to the search results after browsing their website, you have to conduct your search from the beginning instead of where you last browsed.
When first using the Yoroi app, you must input a 6-digit pin. Plus, you must set a separate spending password if you intend to use the wallet without a Ledger Nano hardware connection. You must use the spending password or the hardware device to confirm a transaction whenever sending funds is initiated.
I tried to look for Yoroi hacking stories, and not many were found. Yoroi seems like a secure mobile wallet, and you won’t have to worry about your wallet being hacked. Security is even better if you’re using a hardware device to sign transactions.
Yoroi supports the ADA coin and native tokens on the Cardano blockchain, at least according to Emurgo’s website (the wallet developer). Also, the mobile app is supposed to be compatible with the Ergo blockchain, allowing for the management of its coin and native tokens on the network. Although tokens exist on Cardano, it’s hard to judge how well Yoroi supports them since the blockchain doesn’t yet have a developed token marketplace similar to those for other blockchains (Uniswap and Quickswap on Ethereum and Polygon, for example).
Yoroi is an excellent wallet for managing Cardano funds. The wallet provides:
- Excellent security, with numerous access-blocking features to keep interlopers out and hardware device integration to confirm spending actions.
- Easy navigation for conducting transactions.
- Informative entry to ADA staking.
One drawback (albeit a minor annoyance) is its bland interface, making the mobile app feel overwhelming when you’re first using it. The other drawback is the mobile app’s lack of integration with other hardware devices. You can only link your device with Ledger Nano, but I haven’t seen many different hardware devices that work with Bluetooth—so I won’t be too hard on it. Since Yoroi’s developer closely works with IOHK, I’m confident that the organization will keep the mobile app updated alongside new features being introduced to the Cardano blockchain.