Cardano (ADA) is one of the fastest-growing blockchains in the entire crypto space.
Launched back in 2017, Cardano (ADA) is frequently touched on as the third-generation cryptocurrency. Its framework was grounded on the most notable cryptocurrencies in the market, Ethereum, and Bitcoin.
At the same time, Cardano (ADA) endeavors to achieve a much more scalable and sustainable system compared to its cryptocurrency predecessors. It strives to make its service faster, secure, and user-friendly compared to others.
As other media press claims, Cardano (ADA) could even become the most valuable cryptocurrency in the digital currency world surpassing Bitcoin and Ether.
To start participating in Cardano Decentralized Finance (DeFi), and NTFs (cNTFs), you need to have a wallet where you can store your cryptocurrencies first.
Cryptocurrency Wallets
Widely speaking, a crypto or blockchain wallet is — a program, device, or physical medium— that allows crypto holders to manage, store, and trades their assets. It stores the private keys to allow transactions.
Cryptocurrency e-wallets, often called software wallets, function just like traditional bank accounts. They will allow you to place your crypto possessions on their platform, but although you completely own them, the company could freeze your funds.
Software wallets are free, but they are vulnerable to bankruptcy and online fraud.
Aside from software wallets, cryptocurrency owners have another option— the hardware wallets.
Unlike online wallets that can easily get hacked, hardware wallets are small devices that are susceptible to malware, phishing scams, and any other cyber-attacks. Hence, you can be at ease that your cryptocurrency assets are well protected against online criminal activities.
Technically, hardware wallets don’t really store your cryptocurrencies, rather, it keeps the private key offline, away from scammers.
In this tutorial, we will dive into a software wallet called Yoroi.
Here’s a didactic on how beginners could set up a Yoroi Wallet, funding, and security:
Yoroi Wallet Setup
Once you’re in the browser, you next need to click download then select which browser you are using. Add it as an extension.
You will be asked to select your preferred language, then agree to the terms of use. If you are asked to either skip or allow Cardano payments URL, you can skip it if you want.
Create a new wallet and pick Cardano as currency or platform.
Fill out your wallet name and set up your personal password. After doing this, you will be given 12- word seed phrases, or recovery phrases, which is necessary for you to access your wallet.
Make sure that you will write down the seed phrases on a note and don’t put it on the internet where hackers can have access to it. If you don’t protect your seed phrases and scammers took a hold of it, no one could come to your rescue because Yoroi is a self-custody wallet.
Once you have written the phrases down, click “Yes, I’ve written it down.”\
You will then be asked to confirm the recovery phrase according to the sequence given to you early on. Click the checkboxes, then you’re ready to go.
Once you’re inside the Yoroi wallet, proceed in funding the wallet. You could also connect it to Solanart to start participating in Cardano NFTs.
Fund Yoroi Wallet
Find your way to Receive Tab within the wallet and copy the address given, this is where you can send Cardano regardless of if it’s from Binance, Coinbase, Voyager, or any other exchange available on the market.
Let’s say you are with the Coinbase exchange, paste the address you’ve copied from Yoroi, then paste it to the recipient address in Coinbase.
Once you smooth off sending the amount to Yoroi, you could go back to the wallet and find Transactions in the dashboard.
Send Cardano (ADA)
To send ADA to another person, go to Send Tab then insert the address of the receiver. Put on the amount you want to send, then press Next.
To confirm the transaction, then enter your password.
Protect Your Cardano (ADA)
Before setting up your wallet, you have to make sure first that you’re heading to the right website or installing the correct mobile application.
If you are not cautious enough, you might land upon a phishing web page.
Most phishing sites look just like the actual website. It has the same dashboards, goals, missions, and copy, yet it’s controlled by a hacker.
Hackers can muddle through your wallet in more ways than one.
One way scammers and online offenders can access your funds is when you land on a phishing website and create a wallet. The wallet they will give you is already tampered with, and the wallet is actually owned by a hacker.
You will not notice that it is not a new wallet. Hence, once you put in funds in the wallet, the hacker will take it, and there will be no way for you to retrieve it.
Another way is when you come into possession of a new phone, or a new computer then you head over to the website to log in through your new device. Of course, you will be asked for your password and seed phrase.
However, instead of having your account restored on your new device, you are actually giving your password and seed phrase to the hacker.
This is why you always need to make sure that you’re on the right website before giving out valuable information like passwords.
What’s So Special About Cardano?
This reputed Ethereum-killer’s sustainability is to the core.
While the estimated energy per use of Bitcoin is 130 terawatt-hours, Ethereum uses 50 terawatt-hours, Cardano is eco-friendly using only 6 gigawatt-hours.
Yoroi wishes to become a go-to wallet for interacting with various types of tokens within the Cardano (ADA) ecosystem, a one-stop tool that will extend far across its user-friendly interface.
Recently, Yoroi has issued a statement about its plan to launch a decentralized application (Dapps) connector. This will allow interlinkage between blockchain-based apps and users on the Cardano blockchain.
Although there are various cryptocurrency wallets out there in the market, Yoroi seems to be the best fit for the Cardano ecosystem.
