There are countless cryptocurrencies that exist in the market and new ones are emerging every day. When you buy digital assets, you need to store them using a crypto wallet or wallet. Nevertheless, these simple storage solutions come with the risk of being hacked. This is where Ledger comes into its own by offering a secure solution that allows the storage of its cryptocurrencies. Let’s discover together this physical wallet solution that has state-of-the-art security to secure crypto-assets.
Table of contents
- History of Ledger
- What is the purpose of a Ledger wallet?
- The different types of wallets
- The Nano Ledger, designed to secure your cryptocurrencies
- The Ledger, one of the most secure crypto wallets
- The different hardware wallets available from Ledger
- NANO S PLUS
- NANO X
- The [LEDGER] Market
- Conclusion and summary
History of the Ledger company
To begin with, you should know that it is the company Ledger that is behind these products that have the same name. This one was co-founded in 2014 by Eric Larchevêque and Thomas France in collaboration with two founders of two other startups: BTChip and ChronoCoin. Eric Larchevêque and Thomas France are also the founders of the prestigious company Coinhouse, formerly known as La Maison du Bitcoin, based in Paris.
Together, they developed the Ledger Wallet or Ledger Nano S, a crypto-currency wallet known as a “hardware wallet” or “cold wallet” to secure one’s crypto-currencies. From 2014 to 2016, the products marketed by the company are mainly known as Ledger Nano. These hardware wallets are thus intended for holding and transacting crypto currencies for individual users in security.
In a short period of time, Ledger has quickly established itself in the market to become a leader. Notably, it will be the first to obtain the First Level Security Certification (CSPN) from the ANSSI.
From 2017 to 2020, the company raised funds. It will experience some difficulties before seeing its value reach $1.5 billion following a $380 million fundraising in 2021.
What is the purpose of this type of crypto wallet?
Today, the vast majority of users keep their tokens in online crypto wallets or hot wallet. These are applications or software that can be downloaded to computers or mobile devices that have the advantage of being free of charge and allow for easy sending of digital currencies.
However, this type of wallet allowing to store digital assets is not the most secure. Indeed, hacks in the field of crypto-currencies are numerous in recent years and Ledger intends to remedy this with its wallets.
The different types of wallets
Crypto wallets can be divided into two distinct groups which are respectively :
- Hot wallets: Generally crypto wallets like Metamask or Keplr. These hot wallets allow you to use your digital assets quickly and usually take the form of an application.
- Cold wallet: A cold storage solution that allows you to keep your crypto-currencies without any direct access to the Internet.
- The hardware wallet: It is a crypto-currency wallet that has a physical support and that will keep the public and private keys. In my majority of cases, a physical action is needed to sign the transactions when sending a crypto-currency for example. This category of wallet is also part of the cold wallet category.
Ledger is a hardware wallet and also belongs to the cold wallet solutions. It is a storage solution for your cryptocurrencies that has many advantages, including increased security.
The Nano Ledger, designed to secure your cryptocurrencies
It is thus to fill this gap that the Nano Ledger was thought. As a reminder, it is not a software, but rather a physical wallet that comes in the form of a USB key. Your various crypto-currencies are kept on a hardware device and are therefore not online.
Moreover, the Ledger wallet is able to hold a very large number of different crypto-currencies. In fact, it can take up to 5500 coins and tokens through the Ledger Live app, from your computer or smartphone.
Major digital currencies like Bitcoin, Ethereum or Litecoin are included in the package. In addition, the Ledger Nano can also secure and be linked to other crypto wallets (hot wallet) such as :
- MyEtherWallet (MEW)
- NEON
- Keplr
- Metamask
- Phantom
This allows you to interact with decentralized applications while taking advantage of the security of your Ledger.
The Ledger, one of the most secure crypto wallets
With Ledger, it is then difficult, if not almost impossible for a hacker to steal your crypto-currencies. Indeed, for this to be possible, he will first have to steal your device. Then, he will also have to find your PIN code to unlock the access.
When activating your Ledger, you must remember to write down the 24 words of your secret phrase (seed). This phrase will allow you to restore your wallet if you lose your PIN code.
Tip: When you first start up your Ledger and after writing down your word list, try resetting it. This will allow you to verify that the words written are correct. This way you will avoid the total loss of all your cryptos if one day you have to reset it.
About the physical part, the Ledger is built with solid materials to avoid early hardware breakage. Even in case of a proven failure, you will be able to restore your wallets on another key without any worries.
The different hardware wallets available from Ledger
In order to better understand the aspects and different functionalities of these cold wallets, here are the ones currently available (the Nano S basic is no longer available on the brand’s website)
NANO S PLUS
The Ledger Nano S Plus is the little brother of the Nano S but more recent and more advanced. It has a slightly larger screen (128 x 64 pixels), connectivity via USB-C and more memory.
You will be able to store more than 1800 crypto-assets and interact with the most famous ecosystems like
Ethereum
Solana
BNB Chain
Elrond Network
Cosmos
It also allows you to send and sign transactions with your NFTs (non-fungible tokens) using the Ledger Live application.
Its selling price is €79, an affordable price when you know the associated risks.
NANO X
The top of the range from Ledger with the Nano X which also has many assets to seduce you:
Large screen (128 x 64 pixels)
Memory to store and keep 5500 crypto-currencies
Possibility to connect to your smartphone via Bluetooth with Ledger Live
Make your digital assets grow on Ethereum, BNB Chain, Tezos, Tron, Cosmos, Algorand or Polkadot with staking directly from Ledger Live
It has a selling price of €149, slightly higher than the other two models but also has more important features.
The [LEDGER] Market
An NFT by the web3 security company.
In May, Ledger announced that it will be launching it’s own software wallet called Ledger Connect in the near future having done incredibly well in the hardware wallet market. Earlier this week, the company announced it will be coming out with it’s own marketplace and with it, comes the [LEDGER] Market Pass.
The [LEDGER] Market Pass — Genesis Edition will be the first digital asset, a collection of 10000 NFTs, coming out of the company which promises access, product and more. Upon mint, Genesis edition holders will be able to redeem a limited edition black-on-black Nano X, Ledger’s top of the line hardware wallet. Holders will get preferred access to market collaborations as well as, my personal favorite, privileged access to NEW Ledger hardware. The airdrops of art NFTs from Ledger’s Artist in Residence Program is an even greater incentive for the artists as well as for the art space as a whole. Commendable of Ledger for doing so to ensure that the importance of the art side of NFTs is upheld with ever step forward as a company.
[LEDGER] Market Pass Utility
- A limited edition black-on-black Nano X
- Get preferred access to [ L ] Market collaborations
- Privileged access to new Ledger hardware
- Airdrops of art NFTs from Ledger’s Artist In Residence program
- And more to come…
Conclusion and summary
As you can see, Ledger is a hardware wallet that focuses on security and allows you to converse with your digital assets. An indispensable solution for holders who want to store their crypto-currencies in a secure way and on the long term. It creates an additional and especially physical barrier for hackers who are just waiting for a slip from you.
Moreover, the possibility to be connected with most of the existing hotswallets such as MetaMask, Keplr or Phantom is an important point because you increase the level of protection of your digital assets and reduce the risks of hacking.
It is also important to remember that “owning” your crypto-assets does not mean owning the crypto. If it’s on a centralized platform like this, you don’t have full control over it. Having your crypto-currencies on a Ledger makes you the only person who can access your digital assets.