Step by Step Guide On How To Set Up a Non-Custodial Cardano Wallet
Are you looking to join in Bashoswap sale rounds?
You will need a Cardano wallet and for our sale, we will be using Yoroi Wallet, Daedalus & Nami wallet which is a one-stop solution for all your Cardano transaction needs.
What is a Cardano Wallet?
A Cardano wallet is an electronic wallet specifically for sending, storing & receiving ADA
Types Of Cardano Wallets?
There are different types of Cardano wallets, but the most popular is Yoroi and Nami Wallet.
Yoroi Wallet is available on both PC and Mobile whereas Nami is available only on PC.
Yoroi wallet is a light wallet and as such doesn’t need to download the whole copy of the blockchain rather it connects with servers that have a full copy of the blockchain.
How Do I Install Yoroi Wallet?
1: Download the Yoroi wallet extension
To download the Yoroi wallet extension, go to the official Yoroi wallet website. There you can see a Download dropdown button.
Click on it and choose your browser option. You can also choose Android or iOS.
2. Choose Create wallet
After downloading the extension or mobile application, you need to select your language.
Select your preferred language from the dropdown box and click CONTINUE.
After confirming the Term of Use, you will be displayed with 3 options: Connect to hardware wallet, Create wallet, and Restore wallet.
Choose Create wallet.
3. Initial setup
After clicking the Create wallet, there will be an initial setup where you need to set a few things.
Next, you need to fill in the wallet name and spending password.
Ensure to give a strong password.
You will be asked to type this spending password while sending ADA and staking it.
Lastly, click CREATE PERSONAL WALLET.
4. Note down your Recovery Phrase
Now it’s time to reveal the recovery key phrase.
This recovery phrase is the only thing that is used to restore your wallet filled with ADA.
Yoroi will display a 15-word mnemonic. Make sure nobody else looking at it apart from yourself.
Note down the recovery phrase/ mnemonic into at least 2 pieces of paper and store it in different places. And ensure nobody has access to it.
Once you write it down, Click YES, I’VE WRITTEN IT DOWN.
Now, there will be a confirmation request.
Here, you need to understand that your secret/ recovery keys are stored inside your device and not on the Yoroi’s servers; and, you can only recover your wallet and funds with your secret/ recovery keys.
Select the checkboxes and click CONFIRM.
5. Yoroi wallet dashboard
That’s all. You will be in your Yoroi wallet dashboard.
Now, you can receive, send, stake ADA
What is Nami Wallet?
Nami is a browser-based wallet extension to interact with the Cardano blockchain and is non-custodial so it is the safest wallet for Cardano blockchain. Only the person who has seed phrases can access the wallet.
Currently, Nami wallet doesn’t support any mobile apps (You can only use it on a PC)
Nami is the default wallet for Cardano smart contract powered dapps and NFT Marketplaces like Jpg.store.
Nami Wallet can be used for:
Sending and Storing multiple assets
To Mint Tokens
Can interact with any dApps
How to Create a New Nami Wallet
Here is the step-by-step process to set up a Nami wallet extension and create a Nami Account.
Step 1: Download the Extension
To download the Nami Wallet Extension, you need to go to the Nami Wallet Website or can directly go to the Google Chrome Extension Store
Click on the Chrome Button on the NamiWallet Website that will take directly to the Nami Wallet Chrome Extension Page.
Click on the Add to Chrome button highlighted in red
Step 2: Click on Nami Wallet Extension
Now you have successfully installed Nami Wallet Extension to your browser.
You can click on the puzzle icon on the top right of your browser and click on the Nami Wallet to open the extension.
For faster access and a quick shortcut to the Nami Wallet, You can use the “pin icon” to pin the Nami Wallet extension. So that it will be available on the Chrome toolbar.
Step 3: Click on Create New Wallet
After clicking the Nami Wallet, you could see two options
Import (To Import, Input Your Seed Phrase To Import Your wallet to Nami)
If you are a new user you can click on “New Wallet”
Step 4: Storing Seed Phrase or Mnemonic
After clicking continue, you could see the Seed phrases for the Nami Wallet so that you could able to access Nami Wallet whenever you are accessing your wallet.
Copy it Down or Note it down in private. You could only recover your account via Seed Phrase.
If you lose your seed phrases you lose everything and not even Cardano nor IOHK can help.
After storing your seed phrases in a secure place. You can check-in “I’ve store seed phrase in secured phrase” and click Next
Step 5: Enter the Correct Seed Phrases To verify seed phrases enter the seed phrases that you have securely stored on your end.
Note that seed phrases should enter in exact position.
After entering the seed phrases click “Next”
Step 6: Create Account by Entering Account Name and Password
You can create a New Account for the Nami Wallet by Entering the account Name You can create a password and confirm the entered password.