Overview
Daedalus Wallet
Daedalus wallet is a desktop, full-node hierarchical deterministic (HD) wallet for ada cryptocurrency, bundled with full Cardano node. It stores the entire history of Cardano blockchain and validates all blocks and transactions for fully trustless and autonomous operation. Daedalus wallet runs on Windows, Mac, and Linux operating systems. Daedalus wallet takes some time to download and the blockchain takes some time to sync (create a local copy of the blockchain). It occupies about 6 GB of space on your machine as of August 2019.
See also Daedalus wallet editions
Yoroi
Yoroi is a lite hierarchical deterministic (HD) wallet for ada cryptocurrency, running as a Chrome or Firefox extension. It connects to a full Cardano node hosted by a third party (Emurgo). Yoroi allows for instant initial setup, quick and easy operation with minimum usage of system resources. Runs on Windows, Mac, and Linux, as well as iOS and Android.
Comparison
What is the advantage of each? Why would you prefer Yoroi or Daedalus?
Yoroi allows you to use hardware wallets and to use it on Mobile, plus it is fast to download and install and takes up very little space on your device.
Daedalus, on the other hand, allows you to maintain multiple wallets and you have a direct connection to the Cardano network.
With Daedalus, you don’t trust a third party like Emurgo as a source of truth; instead, you are locally running software which autonomously validates all transactions against consensus rules and protects your privacy. Yoroi, on the other hand, needs a trusted remote server to work.
Key Features
Daedalus wallet
Easy installation with one-click setup of bundled Cardano node
Locally stored wallets and encrypted private keys, not shared with third-party servers
Trustless operation with locally running full Cardano node which independently validates full transaction history of the blockchain
Supports Cardano network by participating in Cardano protocol
Wallet backup and restoration using mnemonics phrases
Support for staking coming with Shelley release
Complete autonomy without reliance on third-party servers and services
Paper wallet generator for offline storage of funds
Yoroi wallet
Instant initial setup
Locally stored wallets and encrypted private keys, not shared with third-party servers
No blockchain synchronization needed for quick and easy operation
Wallet backup and restoration using mnemonics phrases
Low system resource consumption, minimal usage of storage space and bandwidth
Support for staking coming with Shelley release
Paper wallet generator for offline storage of funds
With the introduction of Shelley and staking to the Cardano network other differences between these two wallets will no doubt arise.
Side by Side Feature Comparison
Courtesy: Carl, Mainnet Daedalus Wallet, IOHK Support.