Last updated on March 22nd, 2023 at 07:34 am
Introduction
Daedalus Wallet and Yoroi wallets are both Cardano Wallets and probably feature as the best wallets for storing Cardano Coins. Both are highly secured and have their own pros and cons. But which one is better?
We will try and find out the answer to this question in our Daedalus Wallet Vs Yoroi Wallet here. So let’s begin the comparison.
You can buy Cardano at:
Daedalus Wallet
Daedalus Wallet is a desktop full-node hierarchical deterministic (HD) wallet for the ADA cryptocurrency. It is a software-based Decentralized Wallet. And the HD wallet allows users to have multiple wallets.
For completely trustless and autonomous functioning, it validates all blocks and transactions and preserves the complete history of the Cardano blockchain.
Operating systems for Windows, Mac, and Linux supports the Daedalus wallet. The download of the Daedalus wallet and the synchronization of the blockchain both take time (create a local copy of the blockchain). It takes up roughly 6 GB of space on your computer.
Security
Security is the prime concern for any cryptocurrency investor. Most interestingly, there has never been a security breach in the wallet since its inception in 2015.
It uses a 24-word passphrase that it randomly generates when you install it. This passphrase can help you back up and restore your wallet in case your device is lost or damaged.
As is expected from a non-custodial wallet, your private keys are stored in the wallet itself.
Privacy and Anonymity
Apart from just high security, Daedalus also offers a high level of confidentiality and anonymity to users. You do not have to fill in Know Your Customer details and verify your identity. Possibly preserving the essence of decentralization.
Setup
The Daedalus wallet setup procedure consists of these three main steps:
- Installing and downloading the wallet.
- Using the randomly generated 24-word seed phrase to support.
- Establishing a password to protect it.
We will go over how to set up the Daedalus wallet on desktop computers since there is just a desktop version available.
Desktop
Visit daedaluswallet.io and click “Download” to access the options to download the Daedalus wallet for desktop. These are available for the macOS, Windows, and Linux operating systems. Install the software you downloaded that is compatible with your device.
The next step is to open the wallet, provide some basic data (such as your chosen language), transmit server logs, and read and accept the terms and conditions.
It’s crucial to remember that Daedalus requires permission to synchronize with the Cardano blockchain because it’s a full-node wallet.
Next, click “create a new wallet,” give your wallet a name, activate it by typing the 24-word feed phrase that was created at random, and create a password for added security.
The 24-word backup phrase and password should be kept in a secure place since they will be useful if your device is lost or destroyed.
Finally, you can add ADA to your wallet and begin trading.
Customer Service
Daedalus wallet offers round-the-clock customer service that you may contact through a ticket system or the frequently asked questions (FAQ) part of the help website.
Cost and Fees
The Daedalus wallet software is available for free download. However, when sending tokens to a receiver, it charges a fee for transactions.
The cost of using the Daedalus wallet is uncertain, and you can know it by the amount of data sent with each transaction. The average ADA fee is estimated to be 0.18 ADA.
The number of tokens needed to pay as fees determines the unpaid transaction amount (UTxO) model. Imagine paying for food at the store and then getting “tangible change.” The UTxO operates in this manner. They stand for the balance of a transaction that has not yet been given to anyone. The additional charges are in a database.
The size of the ADA transaction and the size of the UTxO transaction are used to calculate the transaction fees. For instance, the transaction charge for a transaction involving nine ADA and an exact UTxO of 10 ADA will be around 0.18 ADA. Thus, a new UTxO with an ADA value of 0.82 will be produced.
The above-mentioned transaction will need a transaction cost of 1 ADA (i.e., 0.18 + 0.82) since, in some circumstances, this new UTxO output is also included in a transaction charge.
Pros
Themes with customizable user interfaces
Users of the Daedalus wallet can customize the wallet’s appearance and feel by choosing from six distinct themes.
Added security
Daedalus wallet is a full node, decentralized, non-custodial wallet, adding a degree of protection.
Passive income stream
Users of the Daedalus wallet can stake their ADA tokens to generate interest-bearing passive income.
Cons
Mobile version unavailable
Daedalus wallet lacks a mobile version, which is a deal-breaker for consumers who want to use their cellphones to access their cryptocurrency assets remotely.
One of the reasons why Daedalus is limited to PCs is because it downloads the complete node to devices and this becomes impractical for Mobile Devices.
Only Accepts One Cryptocurrency
Investors who want to handle a variety of crypto assets on a single platform should not use the Daedalus wallet because it only accepts the ADA token.
No Offers for Fiat financing
Daedalus wallet lacks the third parties that enable funding with currency or bank cards, hence it can only get the funds through peer-to-peer methods.
Security
Security is the prime concern for any cryptocurrency investor. Most interestingly, there has
Yoroi Wallet
Historically speaking, the term Yoroi, given to the slim Cardano wallet, comes from the very elaborate armor that Japanese samurai wore in the past. The armor was a masterfully crafted blend of iron and leather that took almost a year to complete.
Numerous browser-based wallets are available for Cardano and other cryptocurrencies. While some browser-based wallets are extensions you can put on your browser, others are websites you must access on the public Internet.
Consequently, Yoroi is a Chrome or Firefox extension that functions as a lightweight hierarchical deterministic (HD) wallet for the ADA cryptocurrency. It establishes a connection with an outside hosted complete Cardano node (Emurgo).
Numerous platforms and operating systems, including Windows, macOS, iOS, Android, and Linux, support the wallet. As the wallet does not download the complete Node, it uses extremely little storage space and bandwidth. Yoroi is not trusted in the same way that the Cardano Daedalus wallet was.
The aforementioned wallet can also handle many wallets at once, although Yoroi does not enable multiple wallets if access is through a mobile application or a browser extension.
English, Japanese, Korean, Spanish, Italian, French, German, Indonesian, Simplified Chinese, Traditional Chinese, and Russian are just a few of the languages that Yoroi supports.
Main Differences: Daedalus Wallet Vs Yoroi Wallet
- While Yoroi supports Windows, macOS, iOS, Linux, and Android, Cardano Daedalus only supports platforms like Windows, macOS, and Linux.
- Yoroi downloads the initial setup on the PC in just a few short minutes, whereas Cardano Daedalus might take up to 1-2 hours due to the heavy full-node download.
- Cardano Daedalus uses a considerable amount of bandwidth and storage space, but the Yoroi use a relatively little amount of each.
- Yoroi is not as trustworthy as Cardano Daedalus, which is a reliable wallet.
- Cardano Daedalus can connect up to 20 different wallets at once, whereas Yoroi can connect when used on mobile but does not connect with additional wallets when used as a desktop extension.
- The Cardano Daedalus offers a sophisticated privacy scheme, whilst the Yoroi offers a simple one.
- While Yoroi supports up to 11 languages, including English, Russian, Spanish, German, French, Korean, Indonesian, Simplified Chinese, Japanese, Italian, and Traditional Chinese, Cardano Daedalus only supports two languages, namely English and Japanese.
- Yoroi lacks a full node, but Cardano Daedalus doesn’t.
- Daedalus takes up or consumes roughly 6-10 GB of space, while Yoroi just uses around 6.5 MB.
Conclusion
People have started making sizable investments in cryptocurrencies as their appeal on the worldwide market grows. A robust cryptography database will offer cryptocurrency transactions that are safe and secure.
The cryptocurrency’s owner is responsible for managing it. Because of this, the highest levels of security and anonymity have been implemented into each of these separate digital wallets.
Both Yoroi and Cardano Daedalus are HD digital wallets, however, Yoroi is a lighter version of the former. Cardano Daedalus utilizes more substantial amounts of space and bandwidth, whereas it uses less of both. Compared to Yoroi, Cardano supports fewer operating systems and languages.
Personally, I always weigh Security above everything else when it comes to Cryptocurrency storage. If you have a substantial amount of Crypto assets & device space with you, you should definitely opt for the Daedalus wallet
The Comparison Table: Daedalus Wallet Vs Yoroi Wallet
| Parameters of Comparison | Daedalus Wallet | Yoroi Wallet |
|---|---|---|
| Different Platforms | Windows, macOS, Linux | Windows, macOS, iOS, Android, Linux |
| Initial Setup | It takes 1-2 hours | Instant and really quick |
| Consumption of Resources | Bandwidth usage and space is quite significant | Space and bandwidth usage is minimal |
| Trusted Operation | Yes | No |
| Multiple Wallets | Up to 20 wallets can be connected | If using in a browser extension it is a NO, but for the mobile application it is YES |
| Privacy | Advanced | Basic |
| Supported Languages | English and Japanese | English, Traditional and Simplified Chinese, Korean, Japanese, Indonesian, Italian, French, German, Russian, and Spanish |
| Full Node | Yes | No |
| Space Occupied | 6-10 GB | 6.5 MB |
