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Unlocking Cardano's Potential: An EMURGO Insider's Guide to the Yoroi Wallet

Unlocking Cardano's Potential: An EMURGO Insider's Guide to the Yoroi Wallet
Unlocking Cardano's Potential: An EMURGO Insider's Guide to the Yoroi Wallet

CryptoSlate had the privilege of speaking with Sergio Salim Ferreros, the Head of Product at EMURGO, a leading firm dedicated to fostering the Cardano ecosystem's growth.

With a background in Computer Science, Sergio began his professional career as a Business Analyst at Credit Suisse and later managed a team in the Venture and Management division. He now leads product development at EMURGO, focusing on the technical side to build robust blockchain solutions for both enterprises and individual users.

In this exclusive interview, we cover:

  • The key problems Yoroi Wallet solves for the Cardano ecosystem
  • Core differences between the Daedalus and Yoroi wallets
  • Primary advantages of using the Yoroi wallet for ADA holders
  • The future development roadmap and evolution of Yoroi
  • Yoroi's role in Cardano's Project Catalyst
  • …and much more

Interview with Sergio Salim Ferreros, Head of Product at EMURGO

Tell us about Yoroi and what primary problems it solves within the Cardano ecosystem.

Yoroi Wallet is the official light wallet for the Cardano blockchain, developed by EMURGO to serve both ADA and Ergo (ERG) users. As a founding entity of the Cardano protocol, EMURGO ensures that Yoroi is perfectly synchronized with the ecosystem's technical progress, including advancements like ADA staking, connecting with Cardano-native dApps, Project Catalyst participation, and NFT minting.

EMURGO has also forged a strategic partnership with the Ergo platform to ensure aligned updates and developments for its blockchain.

As Cardano's official light wallet, EMURGO provides a user-friendly solution where there is no need to download the entire blockchain. This makes accessing your wallet via a mobile app or a web browser extension incredibly fast and simple. Users can also seamlessly connect their Yoroi with Ledger and Trezor hardware wallets for enhanced security.

Users can also have peace of mind knowing that Yoroi has undergone rigorous testing and security audits to ensure it provides a transparent and secure user experience. Private keys are encrypted and are never shared with our servers or any third-party providers. To protect user privacy, the Yoroi wallet does not even collect analytics data.

For new users, does Yoroi offer a simpler staking process compared to the Daedalus wallet?

Unlike Daedalus, which is a full-node wallet, Yoroi is a light wallet designed to provide a rapid, straightforward, and simple user interface and experience while still maintaining high standards of security and privacy. Consequently, Yoroi has made it incredibly fast and easy for users to delegate their ADA to a stake pool and earn rewards with just a few simple clicks.

What are some of the advantages of using Yoroi for connecting to dApps in the Cardano ecosystem?

In July 2021, EMURGO and Yoroi Wallet announced the upcoming launch of the Yoroi dApp Connector. This feature enables seamless interaction between ADA users and decentralized applications on the Cardano blockchain, effectively positioning Yoroi as a MetaMask-like wallet for the entire Cardano ecosystem.

As a result, users can effortlessly access these dApps directly from their preferred web browser via a plugin. Once the dApp Connector is enabled, users can participate in any activities the dApp permits, such as lending or trading tokens, accessing exclusive resources, or utilizing other unique features offered by the application.

With a dedicated technical team from EMURGO developing and maintaining Yoroi, the wallet has inherent advantages. It is directly connected to the Cardano ecosystem and is highly motivated to equip the wallet with new features that align with Cardano's ongoing development.

How does the Yoroi development team envision the wallet evolving over the next several years?

At the Cardano Summit 2021, I gave a presentation titled “What’s Next for Yoroi Users?” where we discussed Yoroi's product roadmap for both the short and long term.

(Click here to watch the full presentation.)

With smart contracts now live on Cardano via the Alonzo hard fork, Yoroi is uniquely positioned to offer a host of advanced user functions and benefits, including the dApp connector, native token support, token swaps, and more.

Yoroi's vision is to be the go-to all-in-one wallet for ADA and ERG users to interact within the Cardano ecosystem for DeFi, NFTs, and other decentralized services by easily storing, sending, and receiving their assets.

What role does Yoroi play in Cardano's Project Catalyst?

Yoroi Wallet mobile and web browser users have the ability to register and vote for Project Catalyst Fund proposals. They can actively participate in shaping the future of the Cardano network by voting on current and upcoming funding rounds.

EMURGO has published a step-by-step guide on how to vote for Project Catalyst proposals and will continue to support this vital community initiative.

How can a user get started with Yoroi? What resources should they use to become a proficient Yoroi user?

Getting started with Yoroi is as simple as visiting Yoroi's homepage and downloading your desired version (mobile or browser extension). From there, the setup and restoration process is very intuitive.

You also have the option to connect Yoroi with a supported hardware wallet like Ledger or Trezor for an added layer of security.

EMURGO's official website also hosts a wealth of blog content for new Yoroi users, including guides on how to add the Chrome extension, what you can do with Yoroi Wallet, how to track a Cardano ADA transaction, how to restore a Yoroi Wallet, and more.

It is also highly recommended that you only follow news from Yoroi's official website and Twitter account for official updates and the latest technical developments.

Connect with Sergio Salim Ferreros

With a background in Computer Science, Sergio Salim Ferreros began his professional career as a Business Analyst at Credit Suisse and later managed a team in the Venture and Management division.

tags:Yoroi wallet Cardano ecosystem EMURGO Cardano staking Cardano dApps
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