How to delegate your ADA using Yoroi

  • I’m doing this demo with the mobile app version and in this particular case I’m using an iPhone but it’s the same process using any Android based phone or also if you want to install it as a plugin for Google Chrome, for Firefox and also Microsoft Edge
  • The first thing you need to do is to open your browser and type cardano.org
  • This will take you to the official Cardano website where you can find anything you need to know about the project 
  • We are going to be looking for the wallets so click on the menu and then on individuals and then click on Yoroi wallet.
  • Once you are on this page just click on downloads and select the IOS app.
  • In this way we are sure we are opening the right app in the Apple store an if you are using android is the same, it will just open Google play, we are doing this because there has been some incidents in the past with scammers posting fake wallets to Google play and we want to avoid that. 
  • Then we install the wallet and open it. 
  • It will ask you for bluetooth connection, this is something you need if you are going to use a hardware wallet, I’m not using one for this video but I’m going to say OK because in the future I will do a video about it. 
  • We will install it in English 
  • Then we have the terms of services, this is something you should read, it says very important things like “if you lose access to your wallet or private keys and you don’t have a separate backup of your keys or your recovery phrase, you will lose your ADA. I’m not going to read is now because otherwise it would be too long, but this is very important and you should read it. So I’m just going to accept it. 
  • Next we will add a wallet for the Shelly era. Byron was the previous era, and its the foundation of Cardano. Shelley is the one we have to select and its all about decentralization of the network. It brings the delegation capabilities and the incentives scheme we are using right now. 
  • Let’s create a wallet and im going to call it Ada, you can use the name that you want. 
  • The spending password is something you are going to use very often, you’ll use it  when you are transferring Ada out of the wallet, delegating your stake or buying something. So keep it close 
  • Something very important and please remember this. If you lose your password it does not mean that you have lost your Ada so don’t panic. In this case you won’t be able to spend your funds but you will see the balance and transaction history in your wallet. 
  • To change the password you have to delete your wallet and restore it using your 15-word recovery phrase and this is next step and is the most important one in the wallet setup. 
  • Its a sequence of English words, and they are chosen from a 2048-word dictionary. Every word represents a specific number, and these numbers are used to generate a Master Key that will be used to generate a set of  private and public keys.
  • Your 15-word recovery phrase is the only backup of your private keys and It allows you to restore your wallet in case you lose access to it.
  • Have in mind that Anyone who gets your recovery phrase gets full access to your wallet an can take all your crypto assets.
  • So write down this words, the order is very important and keep it safe. 
  • Also if you uninstall Yoroi or you brake or lose your phone you will need this phrase to get access to your Ada. 
  • I’m going to show only some words for you to see how it looks. 
  • Check these boxes because now we know how important it is
  • Now we have to type the recovery phrase so we make sure we save it correctly and we hit confirm. Once verified the wallet is created and is fully functional so now lets go and transfer some ADA. 
  • For that go to Receive and tap on the Fresh address, this will show us the full address and make it easy for us to copy it. 
  • Now I’m going to take that address and going to Coinbase where Ive already purchased some ADA and I’m going to transfer 5ADA to my wallet. I just have to paste the address, review and send. I have two factor authentication enabled so i have to paste the code I received on Google Authenticator. 
  • The transactions are very fast, in less than a minute you can see your Ada in the wallet.
  • And there you go, here is the transfer.  
  • Now I’m going to delegate my stake in a Stake pool and is the whole purpose of this video. So let’s to the delegate tab and here I can see all the stake pools, there are more than 2000 right now. 
  • I’m going to search for TANGO and hit delegate. 
  • As we saw earlier is asking me for the spending password, and also is showing that is going to take a small fee for the operation. The fee is around 2.17 ADA if you are delegating for the first time. 2ADA are used to create a delegate certificate plus 0.17 ADA for the transaction in the blockchain. 
  • The delegation certificate is how you register on the blockchain which stake pool you are choosing to delegate your stake to 
  • Remember can change your mind anytime and delegate on a different pool and the next time you delegate the fee will be just 017 ADA
  • And also your ADA stays with you and you can spend it at any time and you don’t have to send it to another wallet in order to delegate. 
  • So now I’m in the final step and  I’m really sure I want to delegate my stake to TANGO and I’ll hit delegate, it will submit the transaction and then the delegation process is completed.