Install and Create Yoroi Desktop Wallet

Yoroi Wallet is an officially supported Cardano wallet created by Emurgo, an offical partner of Cardano. Yoroi is a “light” wallet, which means you don’t need to download the full blockchain for it to work.

The biggest advantage too using a light wallet such as Yoroi is that you can almost starting using it immediately. The other advantage is that it leaves a small operating system footprint since all the processing is done on Emurgo’s servers.

For a typical user, there is little advantage to using a full-node wallet such as Daedalus and are both as secure as each other. You should be mindful that any wallet application is as secure as the operating system you are using it on.

Before continuing, please read the below tips! Please be mindful that these are guidelines only. Your ADA is only as safe as the storage method used and the backup methods you put in place. 

    1. Our policy is, if it doesn’t exist in 3 locations, then it doesn’t exist at all
    2. Keeping your wallet backup phrase in 1 location, such as a paper wallet is very risky. Ideally you should keep 3 copies of your wallet backup phrase in different physical locations or in a way that is as safe as possible
    3. If you keep your wallet backup phrase in paper based form, then it is a good idea to purchase a fireproof safe. You can buy portfolio sized fireproof safes for about $100. They’re not designed to stop people getting into them, but they should keep its contents safe in case of a house fire.
    4. You can also purchase metal based kits that allow you to “write” your wallet backup phrase on a piece of metal.
    5. If you wish to store your wallet backup phrase digitally, using a self-encrypting USB drive is recommended.
      1. These USB drives, such as the Kingston Ironkey D300s, require that you enter a password before any contents can be read or written.
      2. This means you can keep the USB drive in locations that you may not trust people, such as an office environment.
      3. Typically these USB drives (like the D300s) will erase its contents if the password is entered incorrectly 10 times. For this reason it’s not advised to use this method as the sole way of storing your wallet backup phrase
    6. Only you should know your wallet backup phrase. If you want to store your wallet backup phrase in a different location, make sure it’s at a place that you trust or stored in a way that you are sure no one can gain access to the wallet backup phrase.
  1. Please be mindful of phishing scams. Only install Yoroi from their website: https://yoroi-wallet.com.
  2. Once on their website, click the download dropdown for your preferred app.
  3. For this example we’ll be using Google Chrome. Any of the other methods follow a similar install and setup method.
  1. Once Yoroi is install, click on the browser extension in the top right corner of the browser. This will open a new tab/page with Yoroi
  2. Click “Add New Wallet”
  1. We’ll be making a basic wallet, so click “Create Wallet”
  1. Click “Cardano”
  1. Click “Create Wallet”
  1. Give your wallet a name
  2. Entre a secure password.
    1. The password entered here will be needed for making transactions
    2. If you forget this password, the only way to recover your wallet is through the “wallet backup phrase” that will be given on the following screen
  1. Read the instructions carefully and click “continue”
  2. You will need to write down your wallet backup phrase
  3. This backup phrase can be used to restore your wallet
  4. Continue to follow the instructions until you have completed creating your wallet

Head over to our Buy and Withdraw ADA from Swyftx tutorial to transfer ADA to your new wallet.