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Ledger
One company that is arguably the most popular provider of cryptocurrency hardware wallets is Ledger. Based in Paris, France with offices in San Francisco, Ledger has, since 2014, manufactured hard wallet devices that store a person’s crypto keys offline.
The two primary devices offered by Ledger are the Nano S Plus and Nano X.
The Nano S, introduced in 2016, is considered by many to be the “original crypto hardware wallet” but was upgraded to the more capable Nano S Plus in June 2022. The Nano X, introduced in 2019, is the higher-end hardware device offered by Ledger. Here is a breakdown of the two devices:
Similarities
- USB-drive physical design with USB-C connector
- On-device screen (128 x 64 px) and external navigation buttons
- Utilize SECURE ELEMENT chip technology that is also used in biometric passports and secure bank cards
- Support up to 100 apps and 5500 coins/tokens
- Can connect to ‘Ledger Live’ app to manage coins and tokens
- Can run on Android devices, Windows operating systems (8 and up), Mac (10 and up), and Linux
Differences
- Nano X has Bluetooth capabilities, S Plus does not
- Nano X has 8-hour battery, S Plus has no battery
- Nano X is slightly larger than Nano S Plus
- Nano X retails for approximately $149 and the Nano S for $79
How do you Use Ledger Nanos?
Nano S
- Go to https://www.ledger.com/ledger-live and download the Ledger Live app to your mobile device or PC.
- Use the USB cable if connecting to a computer or an OTG if connecting to your mobile phone.
- Go on to the app and click ‘Get Started.’
- Click to ‘Set Up a New Device’ and pick your model of Nano.
- Create a PIN to protect the Nano device (4 or 8 digits).
- Continue to get your 24-word seed phrase for the recovery of your account if your device is ever damaged, lost or stolen. Keep this seed phrase safe at all times!
- Follow the app instructions to complete the setup and ready the device.
- Start downloading any applications you’d like to use!
Nano X
- Go to https://www.ledger.com/ledger-live and download the Ledger Live app to your mobile device or PC.
- Pair your device via Bluetooth (or connect via USB if preferred) and follow all prompts.
- Set up your password lock (protects the info on the device).
- Allow the Nano wallet to connect and share data with the computer or mobile device.
- Continue to get your 24-word seed phrase for the recovery of your account if your device is ever damaged, lost or stolen. Keep this seed phrase safe at all times.
- Follow the app instructions to complete the setup and ready the device.
- Start downloading any applications you’d like to use!
Security of Ledger Nanos
Ledger Nano S Plus and Nano X are offline storage wallets, meaning your private keys are physically stored on the device and are not accessible by the internet. In order for hackers to succeed, they must first have physical access to the device.
In addition to needing the device in-hand, further safety measures exist while accessing the Ledger Live app for crypto purchases and account holdings. Manually pushing two exterior buttons on the device simultaneously is required and helps to prevent cybercriminal hacking. On Ledger Live, the user’s 4- or 8-digit PIN is required as well.
When the Nano is activated, a user will receive 24 unique, secret words that will be their “recovery phrase.” This means that even if the ledger device is damaged or lost, one would be able to order a new one, connect it to the network, and use the 24-word phrase to restore all of their access. Of course, this also means that the recovery phrase must be written and stored in a very safe location, as others could use the phrase to restore and gain access as well.
Ledger runs on a proprietary operating system called BOLOS and they pride themselves on investing in their own ‘attack lab’ called ‘the Donjon.’ With the Donjon, Ledger hires people to intentionally try to hack their products, as well as the products of their competitors, to forever identify any weaknesses, improve their products, and raise the bar for the entire industry.
About Ledger Live
Ledger Live is the downloadable application (made by Ledger) for PCs or smart phones that allows a Ledger customer to conveniently connect their Nano devices and view balances as well as purchase, send, receive, and trade cryptocurrencies.
The app has a user-friendly interface and is easy to download from the Ledger website.
Ledger Live also allows users to access further blockchain world wonders, such as decentralized finance (DeFi) and NFTs. Users are able to lend their crypto as well as stake (similar to earning interest in a bank account) in any yield-producing project that is available.
Ledger touts that users benefit from performing these functions through Live since the access is through the security of the Ledger device and not the insecurity of a separate web browser.
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