YardWallet Review
3 stars - "YardWallet Review" YardWallet Review
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YardWallet Review

Written on: April 14th, 2016 | Author: David M
Important info
  • Wallet Type:  iOS
  • Verification:  Trusted Server
  • Security:  Multisig
  • Founded :  2015
  • Open source:  No
  • Privacy :  HD
  • Crypto supported:  bitcoin
  • Vulnerability to malware:  Secure
  • Private key stored:  client side
Pros and cons
  • Multisig wallet for iOS products
  • Can choose between public profile and anonymous identity for transactions
  • Relatively laborious set up
  • No way to open multiple wallets
  • not open source

HP

Summary

Yard Wallet is a simple little multisig bitcoin wallet, available on iOS only. The standard wallet is meant for spending cash, while the vault takes utilizes 2 of 3 multisig, along with a 24 hour delay period, during which time a user may cancel any suspicious transaction. The interface is very clean and, despite a relatively laborious setup, once the wallet is fired up using it is a breeze.

You will need to provide email address, which is used for two factor authentication on vault transactions. We are also not a fan of storing the wallet seed within the app, which is the practice of yard wallet as well as a few others. This seems a pretty glaring potential security hole to our novice eye. Additionally, users are unable to create multiple wallets, which is quite handy for both privacy purposes as well as organizing personal finance.  Lastly, and a deal breaker for many, the code is not open source making it difficult to understand what really is going on under the hood. However, we are appreciative of the simple interface and 2 of 3 multisig is a great security feature to use on a spending cash wallet directly from your iOS device.

Getting Started

Download the yardwallet app here and create a new account. You'll next need to enter and vefify your email address, set up an account name, and then record your 12-word wallet seed mnemonic, which is shown in plain text on screen Next, set up a 6-20 digit transaction password and configure your unlock pattern, used to easily access the wallet. And voila, wallet opened. Now on to the vault.

Click on the "open vault" icon and record the 12 word mnemonic displayed. (either wing hammer design camera code beauty wall manage round interest reject) Type in your transaction password, and then enter a new backup password. Please note that, unlike the wallet mnemonic which is displayed in the Settings Menu, the vault mnemonic will never be shown again. Failure to record this mnemonic properly means that, in the event of a catastrophic yardwallet event, you will be unable to reproduce your yardwallet vault contents on another bip32 software provider, and thus will lose access - forever!

The Yard Wallet

Yard Wallet has a lovely user interface which offers simple send, request, and scan qr options directly from the homescreen. Other Yard Wallet users may be identified by their email rather than QR code or long address, which might be a nice convenience for some. A click on the human icon in the "to" field will open all your recent contacts, which is convenient.

screens

When shipping out bitcoins, which may be denominated in either BTC or a host of local currencies, configurable from settings, users have the option to use their YardWallet identity or remain anonymous - the former option will help expedite approval/trust issues on the recipient side.

While wallet transactions are processed immediately, vault transactions are delayed by 24 hours, during which time the transaction may be canceled. The vault works using 2 of three multisig technology - the wallet seed being one key, the vault seed the second, and a third key sitting on the yardwallet servers. If you lose your vault key you'll still be able to transfer bitcoin out of the vault using the wallet and yard wallet keys; however, you would be unable to restore the wallet should yardwallet cease to exist.

We should also note a nice little bluetooth/merchant directory feature located in the upper left hand corner, which lists on a map display all the bitcoin-accepting businesses in your area.

Conclusion

YardWallet offers a nice 2 of 3 multisig product for iOS apps.  We feel it is missing some features that would take the product to the next level - the ability to open multiple wallets, a greater level of anonymity from the wallet provider itself, and publishing the code, which is not open source.  This will turn off many users and, though YardWallet has claimed in the past it "will be open source soon", there has been no movement on that from in the last year.

Bitcoin Price (USD): 853.48