Wednesday, February 19, 2020

Ledger CEO: Every Crypto Investor Should Use a Hardware Wallet

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Adedamola Bada
I'm Damola, a computer engineer from Obafemi Awolowo University. A crypto enthusiast, marketer, and writer who is seeking to achieve career excellence through hard work and positive contribution to the organization that aspires for excellence. Contact me on damolabada@gmail.com

Publishing on the company’s official blog, Ledger’s CEO Eric Larcheveque explained why all cryptocurrency investors should have a hardware wallet over a software based one.

Ledger is the French company behind the wallet design of popular crypto hardware wallet, Nano S. The company was founded four years ago with a resolve to offer the best security possible to cryptocurrencies and dApps as issues of security continues to increase.  The company employs a unique native operating system dubbed BOLOS that is designed to be integrated into a secure chip, or a Hardware Security Module for diverse enterprise solutions.

Ledger subsequently presented two choice hardware wallets that have been designed to directly support at least 23 cryptocurrencies: the light Ledger Nano S and the touchscreen Ledger blue.

While Ledger Blue and Light ledger might be specifically designed for retail investors, the Ledger Vault finds its use in enterprises, where financial institutions can secure their funds with Vault hardware wallet.

The hardware wallet is not as popular as the soft especially among retail investors, and Larcheveque admits that is that case, with many investors asking questions while being indecisive about why one wallet should be taken over another. The CEO wrote on his blog post:

 “Do I really need a hardware wallet to secure my crypto assets?” he answers: “Yes, you do!”

Eric believes buying cryptocurrencies only to subscribe to the cavalier attitude that people adopt by leaving their coins and token to an exchange after purchase is uninformed and risky. By doing this, you would have to keep  maximum trust in a third-party which promises to keep your assets He explains that the issue with this approach is that by keeping the assets, you own on an exchange, you are entrusting a third party private keys and another cycle of trust begins. He explained:

“When you own cryptocurrencies, what you really own is a ‘private key’, a critical piece of information used to authorize outgoing transactions on the blockchain network. Whoever has the knowledge of this key can spend the associated funds. Hence the famous expression ‘not your (private) keys, not your bitcoins’.”

By using hardware wallets, it becomes near impossible for your private keys to be accessed since the private keys always stay on the device. Although it is still theoretically possible to exploit a loophole in the hardware wallet, it is very difficult: just so you know, the blockchain is theoretically hackable too!

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