The New Ledger Nano X is Announced!
Hardware wallets continue to be one of the essential tools of those who hold or trade cryptocurrencies as they provide what is arguably the best way to protect your balances. Given the growing history of exchange hacks, we know all too well the importance of not leaving your cryptocurrencies on exchanges as they are exposed to hacks or unauthorized access that could lead to the loss of your assets which become almost impossible to recover. That is why it is important to hold your private keys, back them up and ensure they are well protected as they are the essential factor to the security of your assets. Hardware wallets allow you to do this more seamlessly when transacting and have become very popular among many enthusiast.
The new Ledger Nano X continues to demonstrate how the Company continues to develop user friendly tools to help improve interface and adoption without sacrificing security. It will be Bluetooth enabled which will allow you to avoid connecting cables between devices. It will be made to be able to also interface with a new mobile wallet interface which is a mobile version of their latest wallet software, called Ledger Live. They have not forgotten about the Ledger Nano S as the new mobile wallet app will also be able to have a read only mode to see their balances. Ledger Live will be available on popular app stores later this month.
One of the limitations that the previous Ledger Nano S device had was the fact that its memory was limited to only providing space for only a handful of apps for wallets. So while it was the cheaper of the hardware wallets, it was often necessary to buy more than one to have enough for all of your assets. With the new Ledger Nano X, the Company states that it can store up to 100 cryptocurrencies. While I would say that the depends on which apps are chose, it is surely multiple times more than what was previously capable with the Ledger Nano S. They have also improved interface with a larger screen which will be great to experience as well.
The Company announced that the new hardware wallet was awarded the CES Innovation Award in Cyber Security and Personal Privacy for 2019. This is interesting considering the amount of products that are showcased in the show these days. They continue to lead the customer base forward as the amount of cryptocurrencies supported are now over 1,100. While the majority of these are ERC-20 tokens, they continue to encourage development from other around the ecosystem to create more options. For example, there is word that they will soon have a wallet to support Cardano (ADA) which would add a large community to the potential customer base. It is already available for preorder and of course I have preorder mine!
Special Genesis Block Edition!
As I read through the press release, I immediately thought that this is a great way to start seeing more day to day transacting in cryptocurrencies as currently it is somewhat time and security sensitive to have large balances on your phone as the risk are clear. While I would not walk around with a large amount just because I have this potential, I think it will be more possible to be open to transact more often with small balances. It could also be a great gateway for even merchants to consider as they could accept a wider variety of cryptocurrencies and have a secure wallet for them. While it does not solve the fiat gateway issue, it secures and easier interface when using mobile wallets that was not previously available. I am already thinking about how I will use it went it arrives which is now targeted for March 2019!
How do you secure your private keys? Do you have any preference? Would you carry a Ledger Nano X if it improves the security of your wallets? Let me know your thoughts in the comments below! I look forward to engaging with you.
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