With the biggest cryptocurrency hack in modern history resulting in 850,000 Bitcoins being stolen back in 2014 from a Tokyo based Bitcoin exchange called Mt. Gox, security has become one of the biggest priorities for anyone interested in using cryptocurrency.
With mistakes made and lessons learned, Ledger, a tech company specializing in embedded security and blockchain has developed a USB hardware wallet called Ledger Nano S that enables users to securely send, receive, store and manage cryptocurrency all within one device. The device has two buttons used to navigate the user interface, and all of the transactions can be verified on the OLED display screen.
To protect against hardware wallet tampering, the Ledger Nano S uses cryptographic attestation to prove authenticity. In the case where an attacker switched the Nano with a replica running a rogue firmware, it would not pass the attestation test and immediately be rejected as non-genuine.
To maintain a decentralized wallet for each Nano S, the private key used to access the wallets is hard locked, meaning the key is not known by Ledger, third parties, nor anyone else except for the rightful owner of the Nano S. To gain access to a crypto account, a 4 digit PIN code is required every time the device is plugged into a computer. Each Ledger wallets is also powered by BOLOS, a proprietary operation system developed by Ledger that creates an individual shield around each app on a Ledger wallet to protect from applications attacks.
The crypto assets also stay secure even in the case that you lose your Ledger Nano S, where a 24 keywords is backed up on a recovery sheet so that your account can easily be restored on any Ledger device.
To learn more about Ledger Nano S, click the link below.
