Download Yoroi Wallet here!
One of the most powerful user features of Yoroi Wallet for Cardano ADA holders is its ability to generate several different addresses based on a single crypto wallet.
This feature is to protect the privacy of the Yoroi user.
In this blog post, we will discuss how this works, and how to manage the different addresses.
The ‘Receive’ Menu
The ‘Receive’ menu is the place where users can manage all the different addresses associated with their Yoroi Wallet.
The first thing we need to get acquainted with is the ‘Base’ submenu at the left of the screen.
The ‘Base’ section is separated into two parts.
We have ‘External’ and ‘Internal’ accounts.
Both are generated based on the same private key that governs the entire Yoroi Wallet.
Each serves a distinct function, and when we click on one of them, we can see several addresses are associated with the two.
Yoroi Wallet – External Address
External addresses are generated by Yoroi to allow users to receive transactions.
This is the address a person must share when they want to get coins and tokens from other users on the Cardano blockchain network.
At the top, we can see the latest wallet address generated by Yoroi.
It also has an attached QR code that can be shared with others to have faster transactions.
The ‘Generate New Address’ button creates a new address every time it’s pressed.
Below, we can see a list of all the addresses generated for that wallet.
Some are empty, while others have a specific balance.
The ones with a balance have received Cardano ADA in the past and are indicated using the UTXO model.
The ‘Generate URL’ allows a user the ability to create a URL that can be shared with another person to receive a single payment quickly.
On the top, it shows the wallet address associated with that URL.
Below, the user should input the amount of Cardano ADA for the payment.
These are one-time use URLs and further protect the identity of the user.
Finally, the ‘Verify’ option shows how the wallet address has been generated.
Also, it shows the QR code associated with that individual address, for those who wish to reuse that same one multiple times.
Yoroi Wallet – Internal Address
Internal addresses are the inverse of the external addresses.
In the UTXO system, the balance in a crypto wallet is non-divisible.
The moment a user sends ADA to another wallet, the entire balance is taken from the user’s address and is transformed into two new transactions.
For example, a user has 100 ADA in their wallet.
This person then decides to send 5 ADA to someone else, so the 100 ADA is taken from their account and converted into two different transactions; 5 ADA that goes to the other address, and 95 ADA that’s returned to the original address.
The 95 ADA that’s returned to the original wallet is sent to an internal address generated by Yoroi.
From the outside, it seems that it went to a different wallet, but since all internal addresses are controlled by a single private key, that’s not the case.
In the ‘Internal’ menu we can see all of the addresses associated with our Yoroi wallet. Plus those which have a balance. The meaning of the headers is the same as for the external addresses.
Next, we have the ‘Reward’ menu which can be found below the ‘Internal’ address list.
Here a user can find the ‘staking key’ associated with the Yoroi Wallet address.
(Read here about how to delegate and stake your Cardano ADA with Yoroi Wallet.)
The moment a person delegates his ADA to a staking pool, a staking key is generated.
The staking key tracks all the ADA delegated to the pool and also keeps a record of all the rewards given by the pool to the Yoroi address.
The staking key also records any rewards given by Project Catalyst for those who register to be Community Advisors or Veteran Community Advisors.
(Read here on how to register to vote for Project Catalyst Fund7 using Yoroi Mobile Wallet.)
Finally, the ‘Address Book’ keeps a record of all the other wallet addresses the Yoroi Wallet has interacted with.
Anytime someone sends or receives ADA, the counterparty wallet is added to this list for future reference.
Those are all the features of the ‘Receive’ menu.
Privacy is an important right for all users conducting transactions using Cardano’s blockchain.
It should be protected as much as possible, and EMURGO has carefully incorporated these features into Yoroi Wallet.
About Yoroi Wallet