All you should know about the Ledger Nano X and the Evolution of Hardware Crypto-Wallets
Jul 26, 2019 21:04
Just like you can find someone to do your math homework any time, getting information on the latest technology in the world of cryptocurrency is just as easy. Since the emergence of cryptocurrency, the infiltration and acceptance of it to the public has been generally slow. The sluggish pace towards Bitcoin and general cryptocurrency adoption is attributed to a number of issues.
The first and most obvious issue is that even though most of the investors are tech-savvy, the use of crypto-coins is still not user-friendly enough. Investors are discouraged by the fact that they have to struggle to find opportunities to spend their bitcoins or cryptocurrency assets. The second important reason for the sluggish penetration of cryptocurrency is the ease of loss of security details like login credentials which can potentially cost an investor huge amounts of money.
These challenges led to the development of hardware wallets. A hardware wallet in cryptocurrency is a device that stores a user’s private keys and protects them from being transferred in plain text or from being access by external parties as in the case with software wallets. This technology was developed due to software wallets being vulnerable to viruses and cyber-attacks. This article will play the role of a Ledger Nano X review.
The Ledger Nano X was recently developed and released by a company known as Ledger. Ledger is a market leader in the development of cryptocurrency hardware wallets. Its products are highly secure and include a number of features that similar companies do not have. To adequately provide a Ledger Nano X review, we will consider the features that are present in the Ledger Nano X but not in other cryptocurrency hardware wallets.
The Ledger Nano X is an upgrade from its predecessor, the Ledger Nano S. It shares the same slick ‘USB-stick look that Nano S has but has clear distinctions when you consider the technical functionalities of the two devices.
The Nano X similarly allows for multiple cryptocurrency users, i.e. Litecoin, Bitcoin, SRP, Stellar and Ethereum are all allowed. It provides a larger display and more storage capacity than the Nano S.
The major feature that gives the Nano X an advantage over other hardware wallets is that you do not have to plug it to a computer to use it. It has been fitted with a rechargeable battery for ease of mobility and now one can use a hardware wallet on the go. To fully allow this, The Nano X also provides for Bluetooth support allowing one to use it with mobile devices with Android or iOS support. One can set up the Nano X using the Ledger Live app from the company.
Allowing for Bluetooth support by the device has been met by some scepticism. Many people view that this feature may provide an avenue for insecurity. Ledger has however confirmed on their website that Bluetooth functionality cannot create vulnerabilities because the private keys are held in the security chip and cannot be accessed through Bluetooth connections because of the end-to-end encryption nature of Bluetooth data transfers. Ledger uses the Blockchain Open Ledger Operating System (BOLOS), which is a customized operating system on Ledger Live which gives hardware wallets like The Ledger Nano X the ability to install over 100 apps on one device. The operating system also performs authentication tests to the device every time you connect it to ensure that it has not been tampered with.
One essential feature that assures Ledger Nano X users ultimate security for their assets is that a user is able to recover his or her account details even when the device gets lost. One can recover account details using a 24-word recovery phrase that is set during the initialization of a device and its synchronization with the cryptocurrency account.
According to this Ledger Nano X Review, clearly, the Nano X has improved user access and functionality by adding the Bluetooth support feature. The device has also improved the memory capacity offered by a hardware wallet while still maintaining high-level protection of assets and security for user data and assets.
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