Ledger, a hardware wallet company, just launched the new Ledger Nano S Plus, a long-awaited upgrade over its predecessor, the Ledger Nano S. The previous model was launched in 2016, when NFTs and most of the cryptocurrencies we have today were not available yet. Now the company has finally come up with a device to fulfill the needs of the community.
Ledger Nano S Plus
Ledger’s NFT integration plans first surfaced at the end of 2021, during the Op3n conference in Paris. The latest Ledger hard wallet is basically a Ledger Nano S on steroids. The Ledger Nano S Plus now has a larger screen, more memory, and supports more assets, including NFTs. With these upgrades, the device is now ready to navigate the DeFi and NFT space.
The device can manage up to 5,500 digital assets, holding more than 100 apps. Users can access all these services through the new Ledger Live app. This app is a beginner-friendly platform to buy, sell, swap, stake, and manage one’s digital assets. This integration gives users the best of both worlds, using a hardware wallet but also having the facilities of a crypto exchange.
The company’s most important feature is its security. Ledger uses a certified secure chip (CC EAL5+) in its devices, giving users the ultimate peace of mind. As you open the Ledger Nano S Plus box, you will see the wallet with a USB-C to USB-A cable. The box also contains a getting started leaflet, 3 recovery sheets, and a keychain strap for convenience. This tiny 21g device has a price tag of $79, a small price to pay for the ultimate wallet security.
Why a Hardware Wallet?
Crypto and NFT scams are so tightly coupled with the industry, presenting a scary entry barrier to new users, and also an early exit for existing users. Many people still perceive them as a complex form of asset, or a risky investment. Well, yes and no. While there are many scams and hacks running around town, there are definitely precautions that we can take to protect ourselves.
Crypto wallets are broadly categorized into hot wallets and cold wallets. Hot wallets are essentially crypto wallets that are connected to the internet and blockchain at all times. Users can use their private keys to access their wallets anytime. For instance, crypto exchanges often provide custodial hot wallet services to customers, where everyone can trade their assets anytime. However, there is always a risk of hacks and thefts since they are always online.
On the other hand, cold wallets store digital assets in an offline environment. Transactions are performed and confirmed offline as well, always keeping the assets away from the internet. All cold wallets are non-custodial, which means owners have full control over their wallets and their assets at all times. This is especially useful for larger investors or institutional funds.
The combination of Ledger Live and the new Ledger Nano S Plus now provides a one-stop solution to both trading and HODLing.
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This article is educational material.
As always, make your own research prior to making any kind of investment.
