Preparation for main net delegation

English 🇬🇧🇺🇸 Staking and Delegation
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#1

howdy folks,

I’m trying to prep for delegating Ada when the main net is released. I have set up a wallet on Yoroi that is connected to Ledger. If I understand correctly, at the moment delegation is not configured through my cold Ledger wallet. When Shelly main net is released will I be able to store funds in my Ledger with access through Yoroi and delegate?

I would like to set the ground work for this so when main net is released I can easily and confidently do so. I am not a computer genius, and I’ll assume that when main net is launched many more folks like myself will be coming on board for long term Ada hodling with interest in compounding through delegation. I am looking for the most secure way to hold my funds while delegating.

Another question… I have established both a standard Yoroi wallet that has a 15 word passphrase, and also a Ledger wallet. Does that Ledger wallet on Yoroi NOT have a 15 word passphrase? And lets say my computer fries, can I easily access my Ledger wallet without the Yoroi passphrase and while only having access to my Ledger and/or Ledger 24 word passphase?

Thanks for your patience with my remedial questions!
Rocky

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#2

Hi @rocky great to see you here, awesome question, I’m unsure but I’m sure youll get the answer from another member of the community in no time at all, again Welcome :metal:

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#3

Staking with ada held via Ledger will certainly be doable but maybe not from the get-go.

Yes and yes, Ledger pass replaces the Yoroi one, but haven’t done it and not sure how easy it is to use.

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#4

Hi Rob,

Thanks for responding. So If I understand you correctly, once the main net is launched and until ledger is supported for delegation, everyone who is delegating will be connected to a hot wallet. With this would you say Daedalus is more secure than Yoroi or is that up in the air? I’m curious on how folks are storing their funds.

If the project comes to fruition I see myself gradually taking out funds over the next 15-20 years so I’m looking for security in storage. I’m starting to realize that I probably will need to update these measures as new technology is introduced.

Cheers!
Rocky

#5

I’m no security expert and can’t answer that properly, but for me they’re both so secure that other factors determine my choice. I have a Ledger, used with Yoroi in the past, but for reasons I can’t actually remember right now I switched back to Daedalus, which was what I started with (when there was no choice).

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#6

Welcome @rocky!

I happen to know a bit about using Yoroi with Ledger Nano, and you can just walk up to any machine, install Yoroi, connect your Nano and access your funds. Very easy to test for yourself.
And if your Ledger fries, then you are talking about Ledger restoration with your 24 word phrase, unrelated to Yoroi or Cardano in particular.

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