Ledger Nano S Wallet - A Complete Guide For Beginners!
Explore what is Ledger Nano S wallet, the difference between Ledger Nano S Vs Ledger Nano X, How to set up the Ledger Nano S hardware wallet to make payments with cryptocurrencies.
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This foremost company now offering their Outstanding Support and integrating Service for the Ledger Nano S. To know about this Cryptocurrency Hardware Wallet and to get the best integration developers for your wallet, explore here.
Tables of the Content
- What is Ledger Nano S?
- Why ledger Nano S preferred the most in this generation?
- How Ledger Nano S evolved?
- Technical Specification of Ledger Nano S
- Enhanced features of Ledger Nano S
- Easy Set-up way
- Transaction Process
- Recovery Concept
- Concept of Public key and Private key
- Pros and Cons of Ledger Nano S
- Ledger Nano X
Let’s Scout about Ledger Nano S here!
What is Ledger Nano S?
There are various Cryptocurrency Hardware Wallet, Ledger Nano S is one among them. In the crypto platform, wallets became a mandatory thing and diverse wallets are developed. Among that, the hardware wallet earned faith in the safety of digital assets. And this Ledger Nano S hardware wallet, popularity reached a peak in the Industry because it is huge usage among the peeps. This hardware wallet grabs the attention of global peeps because of its specialty.
This hardware wallet is an offline one, therefore blindly it indicates that the coins are stored in offline only. Which keeps the virtual assets like crypto tokens safe from hacking, theft, and key-logger. And the big advantage is an update of Firmware, which acts as a prevention barrier plus acts as a security card to avoid all threats towards the digital assets.
Why ledger Nano S preferred the most in this generation?
In the beginner era of Cryptocurrency, only a few peoples used it because of the common exchange platform. Then slowly, the crypto usage became high as well as the danger of loss. And then peeps started to acknowledge the phrase ‘Prevention is better than cure’. This leads to the development of the crypto wallet concept and numerous wallets are started to available in the market. People searched for the trustworthy plus high secured wallet and here come Ledger Nano S hardware wallet.
This Ledger Nano S cryptocurrency hardware wallet is known for its Top-Level security providence. And also because of its wide range of crypto support plus safety precautions method then it is a Multi- cryptocurrency hardware wallet that is currently in existence. These things, made this ledger become a demanding and preferable one in world-wide.
How Ledger Nano S evolved?
The Paris based company, Ledger launched this smart crypto security product in June 2016. This can also be said as of next version of Ledger Nano, which is released in late 2014 with the queer security feature 2FA. Then due to the heavy involvement of people in the cryptocurrency world and demanding need for a hardware wallet, Ledger started to work on the improvement in Ledger Nano.
After spending 18 months on improvising the Ledger Nano, the peculiar hardware wallet Ledger Nano S is evolved. It came with a screen, where the transaction is notified. This hardware wallet is the affordable one in the market. This wallet is developed with flash memory, which is a limited one but not the biggest challenge because of their no large market cap of digital assets.
Ledger Nano S has the Built-in app and peoples can also install 3-7 apps, those apps could be leading cryptocurrency in the Industry. The app is supported by chrome and android smartphones too. This made things become user-friendly for wallet users.
Technical Specification of Ledger Nano S
Specification rate the product and the extraordinary spec of this Ledger Nano S hardware wallet is mentioned below,
- Screen: OLED display
- Battery: No
- Button on the device: Two
- Size: 56.95mmX17.44mmX9.1mm
- Weight: 16.2g
- Material: Brushed stainless steel and plastic
- Connector: USB type Micro-B
- Chips: ST31H320 (secure) + STM32F042
- Certification: CC EAL5+
- Compatibility: Windows 8+, macOS10.8+, Linux, Android 7+
Enhanced features of Ledger Nano S
These following distinctive features of the Ledger Nano S, made it stand out from other hardware wallets. They are,
Multi Crypto Wallet - It is multiple cryptocurrencies supporting hardware wallets.
Multi App Support - This Ledger Nano S supports various crypto apps (BTC, ETH, XRP, BCH, LTC, DASH, etc) and the exceptional can be supported via other crypto tools.
Update Firmware - For security purposes, the firmware is the most important one and whenever the up-gradation happens it will be notified, which makes things easier.
Security - This wallet is the high secured wallet which prevents from all upcoming threats to virtual assets.
Easy Backup - The backup becomes easily one when the private key is kept safe. Through this private key, a public key can be restored which results in the recovery of cryptocurrency.
Simplicity - Ledger Nano S manages 22 coins and ERC20 token directly from your devices through the respective application.
Easy Set-up way
Ledger Nano S set-up way is an easy and simple one. It is described below, through the step-by-step process,
Plugin - Active your ledger and plugin to compatibility device using the given connector with the wallet.
Choose Pin code - Generate the pin code for the wallet device, by simultaneously pressing both buttons. Then confirm the code by selecting the check icon. The pin should be 8 digits.
Create Recovery phrase - Recovery phase has 24 words, enter each word both in the device and also in a given recovery sheet. Once you generated the recovery phase and confirmed it. That will be shown only once on the screen. Then your wallet will be ready to use.
App Installation - Then based on the cryptocurrency you're going to handle, install those respective apps in the device.
Transfer asset to your wallet - Add the accounts to the ledger live wallet. Thus your cryptocurrency private key is stored in the authorized wallet.
Explore here- How to set-up a new device?
The transaction occurs between two peoples by sending the public key to the corresponding address. Below we can see the detail transaction process with an example.
Lets we can keep the,
Sender as A
Receiver as B
Commoner as C
Step 1 ----> A encrypts the message sign with their private key.
Step 2 ----> Then A creates a special Value called Hash Output.
Step 3 ----> After that, A send the message to B using the public key.
Step 4 ----> Using public key & B’s private key, can be decrypted by B.
Even the C is active or not while the transfer occurring, the message cannot be hacked or theft or keylogger.
Explore here - How the transaction works?
Like the bank account numbers, the private key of the digital assets must also be kept safe and should never and ever be shared with anyone.
‘A’ can create numerous public key address which is available in the network for the transaction. But only with the aid of private key, the exchange can be held successfully.
Important parts to be remembered about the recovery concept.
- Once the wallet or public key is lost, no issues.
- They can be restored by the private key.
- But if the private key is lost, everything is lost and nothing can be restored.
Concept of Public key and Private key
While the transaction and recovery, in each and every place of the crypto world these words are heard frequently, which is none other than public key and private key. Before we move on to the concept of these two keys, there is a primary thing to be acknowledged about which is Public Key Cryptography (PKC).
The public key and private key are known for its security purpose that is because of the involvement of Public Key Cryptography (PKC). This PKC is built on mathematical primitive of ‘Trapdoor Functionality’. It is a mathematical problem, which is easy to compute in one direction and almost become impossible to reverse it.
This made the key concept become secured one.
Pros and Cons of Ledger Nano S
Here is both the advantage as well as disadvantages of Ledger Nano S Hardware Wallet. See below its advantages first,
- It is a Multi Cryptocurrency Wallet
- Supports Multiple Crypto apps
- Installed in various desktop platforms as well as in android
- High security
- Display enhanced the safety feature
- Supports more than 1250+ crypto assert
- Affordable cost
There is some disadvantage but it not that big one and also solutions are already found. Those are,
- Flash Memory with 320kb for both the Firmware and App combined. Fortunately, the crypto assets are not that big in the market.
- This Ledger Nano S wallet can be selected based on the cryptocurrency needed to be used. Numerous combination wallets are available, so it becomes obvious to select the one.
- Only 3-7 apps can be installed at the same time, to handle other via respective crypto tools.
Ledger Nano X
Ledger Nano X is the next version of the Ledger Nano S. The next version obviously means that there is an advantage compared to the older one. As to provide proof to the word up-gradation, this Ledger Nano X is launched after Nano S.
The advanced specialty of Ledger Nano X are listed below,
- More than 100 applications can be store at the same time, while in the Nano S only 3-7app could be handled.
- Ledger Nano X has a 100mAh battery, where Ledger Nano S lacks this feature.
- Both Ledger Nano X and Ledger Nano S have the same compatibility, but Nano X stand out because it supports IOS 9+ too.
- Nano S USB connector is type B and Nano X USB connector is type C.
- Those advanced features of Ledger Nano X made a drawback at cost. That is, this Nano X hardware wallet fare is high compared to the Nano S wallet.
The Ledger Nano S Hardware wallet is the wise choice to store safely the digital asset in the Cryptocurrency world. Anyway, integration is an important thing whatever the Hardware Wallet is bought. Numerous Cryptocurrency Wallet Integration developers are available in the market but very few provide a successful output. Developcoins is one among them.
Developcoins - Cryptocurrency wallet Development Solution Provider!
Developcoins none other than Cryptocurrency Wallet Development Company, which has the skilled developers to offer excellent integration process with wonderful output. Developcoins know for their prime service. And they also offer their service at an affordable price now, grab the opportunity when it is available.