I own a Ledger Nano S and I’ve successfully installed Cardano on it to safely store my ADA coins. My question is regarding the Yoroi wallet. This wallet is a Chrome extension. I like that it’s faster than Daedalus and that it has Ledger Nano support. My question is about what if Yoroi stops working one day or suddenly isn’t supported anymore for Cardano? How would I recover my ADA that is stored through my Nano private key? Daedalus wallet had a way for me to backup my keys so I could recover. What options do I have to recover my ADA coins if Yoroi ever gives me trouble?
Thank you in advance for any information you can provide me.
I had the same question recently, and learned that once you have the Cardano App on your ledger Nano s , your 24 word ledger phrase will restore all your Ada (and any other crypto you have.) You would just install a new version of Yoroi and sync the ledger Nano to it.
Bonjour.
Vous avez bien raison de vous poser la question. J’ai un ledger nano S et je n’ai pas encore eu le courage d’y déposer mes ADA tellement je me pose de questions. Bon courage.
Hello @randalert, you are correct in that it’s easy to restore your ledger nano using the seed phrase we backup when we initialize the ledger. But what I’m concerned about is more with regards to the Yoroi wallet itself not being able to access the ADA for me. Yes the ledger will have my private key to access the Cardano blockchain where it will recored how much ADA I own, but with no interface through Yoroi (ie: what if Yoroi doesn’t work anymore), how do I get to my ADA coins?
Yoroi is not the only wallet supporting Cardano Ledger application. There’s Adalite.io, Daedalus will support it too eventually. Plus Yoroi team has shared their Ledger library on Github, so any other developer can use it to build a wallet with Cardano Ledger support.
Plus it’s not like Yoroi or Adalite wallets will be gone forever from the internet, anyone can take their open-source code and rebuild the app, they’ll just need to build a Cardano node in a back-end.
Edit: Just to make it clear, your Ledger device is not bound to Yoroi now, you can continue using it with any other application, which supports Cardano Ledger application.
Same with Ledger. Its software is open-source, it’s not like it’ll be gone forever.
Even if all Ledger devices will suddenly disappear, then technically you can run its software on your desktop in order to restore your keys.
Thank you @Evgeny_S for your reply. I did not realize that other wallets also had Ledger Nano Support included (I know that Daedalus currently does not). I wouldn’t be comfortable or confident in being able to take the open source code of Yoroi and make it work for me if ever they abandon that project (but then why would they? ). I will try the Adalite.io project and see if I can access my coins from there.
@tomek does bring up another good point. Who created the Ledger App that supports Cardano? Is this created/supported by IOHK or some Cardano owned group? I’ll have to look into this too.
Thank you all for your comments/support. Further comments/clarifications are always welcomed.
Ledger App belongs and was created by Ledger. And as far as i know the firmware is not open source. But yes let’s hope some other entity would create substitute device if Ledger vanish
No problem. I’m not saying that You should take Yoroi code and rebuild the app, anyone else from the community, developing company or IOHK can do that and share with everyone.
). I will try the