Recent attacks on crypto software wallets were reported to have been valued at 8,000 wallets hacked and over $5 million lost. This is only on the Solana (SOL) blockchain, as other chains have recorded the same losses with the ongoing attacks.
Significant losses were recorded by mobile wallet users, as their private keys were somehow obtained from exchanges and used to sign in for transaction authorization.
It is no news that hot wallets, although convenient, aren’t safe. But security is proving a better option than comfort, as many crypto users have begun to seek hardware wallets as a better option.
What is Ledger?
Ledger is the leading provider of hardware wallets, offering crypto users a better alternative to secure their private keys. They hold multiple currencies and store private keys online, making it difficult for online hackers to infiltrate.
Two brands of Ledger USB wallets are available- Ledger Nano X and Nano S. The Nano S supports over 1,000 cryptocurrencies, while the Nano X is best for storing crypto and NFTs.
Ledger wallets have millions of users and have saved even more from hacks that have become more frequent in the crypto space lately.
Salient Features Of Ledger Hardware Crypto Wallets
There are several reasons why Ledger wallets stand out from the rest, serving users across various blockchains and exchanges.
Ledger wallets let users generate offline security keys and give a recovery seed (seed phrase). The recovery seed and offline keys can only be accessed with the user’s PIN, giving it a nice foundational layer of protection in case the wallet is stolen.
A tamper-proof chip known as Secure Element is the second layer of security. It protects against hardware attacks by storing the private keys away from the primary device. Should the USB ledger wallet be stolen, the chip includes a random number generator. It makes it difficult for anyone to predict the private keys accurately.
BOLOS, an acronym for “Blockchain Open Ledger Operating System” is Ledger’s operating system. BOLOS was launched in 2017 and has since been used by Ledger to provide myriad benefits to users.
One of the advantages is the ease it provides for users to sign transactions seamlessly. It also allows developers to build secure third-party applications without risking exposure.
With a passphrase, users can create their unique set of addresses. It is an advanced security feature that allows for the addition of one extra word to the 24-word recovery phrase.
If a physical hacker steals the wallet and they have the standard 24-word recovery phrase, they will access the stored cryptocurrency easily. With the 25th word chosen by the wallet user, your genuine wallet is hidden. The system sets up a dummy wallet shown to the hacker, keeping your funds safe and undiscovered.
Simplicity and Compatibility
Ledger wallets are simple to set up and navigate, with available guidelines for every step. The Ledger live app is available on Android and IOS and can be used with several external wallets. Users can set up their wallets, buy and manage crypto and check the balances in real-time.
Ledger’s contribution to security is unrivaled by any other hard wallet provider. Many have tried to copy its performance but without success. With continuous growth and expansion to include better features, it is expected that Ledger will continue dominating the industry in the foreseeable future.