Safely connect your Ledger accounts to dapps via desktop or mobile
Leading hardware wallet Ledger is launching Ledger Connect, allowing the hardware wallet to connect to dapps on the blockchain. This multichain Web3 wallet lets users connect to dapps on Ethereum and Solana from anywhere with their Ledger Nano X to prevent hacks and keep digital assets secure. The sign-up for the beta waiting list is now open and available to people with a Nano X and an iOS smartphone.
Ledger’s hardware wallets are multi-currency wallets used to store private keys for cryptocurrencies offline. Ledger offers two hardware wallets: the Nano S and the Nano X. Ledger devices can be used to securely store all of your crypto, a bit like a personal bank vault, locking away your private keys, which only you can access. Those interested in taking part in the Beta testing phase will need an iOS and Nano X device and can sign up here.
Ledger has already carved a tight niche as a secure and trusted crypto and digital asset storage solution. The addition of a web wallet positions Ledger to go head to head with legacy wallets like MetaMask that have enjoyed a healthy first-mover advantage and dominant position. Despite arguably not offering the best product or interoperability.
Using Connect, Nano X users can now skip the need for a software wallet like MetaMask as it connects directly, meaning users can sign transactions and interact with dapps on the move. Initially, Ledger Connect users will be able to access Solana and Ethereum dapps with support for more chains coming shortly.
Safety has always been paramount for Ledger. A new feature built into Ledger Connect is Web3 Check, which warns users of any potentially dangerous interactions and helps them avoid them. Adding another layer of safety and human checks to the process means that users can take complete control.
Why do I need a hardware wallet like Ledger?
A Ledger device can be used to store crypto, as a personal bank vault. That means users get full ownership of all their assets and private keys. It also lets you buy, sell, exchange, and earn crypto securely through various providers directly via the Ledger Live app, and now through Connect. Ledger also serves as a login option for portfolio management tools and other third-party services.
When you first set up a Ledger device, it generates a list of 24 words known as a master key. In a nutshell, it’s one key that rules them all, allowing you to manage all of your private keys stored on your wallet. Your private keys remain offline and safe within the hardware wallet. Nobody can access or utilize the wallet or any held funds besides you.
The secure element inside the device is the same type of chip used in credit cards and passports. In addition, you see what you sign, meaning each requested action, whether buying or lending crypto, must be verified and validated with the Ledger hardware wallet.
Web3 wallets in the spotlight
As an indication of just how significant the crypto wallet sector has become, Ledger reported that it sold 3 million Nano S and Nano X devices as of June 2021. Crypto and digital asset ownership and adoption continue to increase steadily, inspiring new investments and evolutions in the crypto wallet market.
Statista shows that downloads of the ten most popular wallet apps began to take off from December 2020, while Blockchain.com saw worldwide downloads of its software-based wallet increase to more than 80 million by December 2021. More organizations are jumping into the Web3 wallet space as well, trading platform Robin Hood also announced a Web3 wallet earlier this week as competition heats up.
This shows that growing crypto ownership and usage typically result in the increasing use of wallets, a trend that many industry spectators expect to continue in 2022. Moreover, some predict that we’ll see wallets expand their services, while growth in longer-term holders crypto and NFT holders might also see the software-to-hardware ratio shift more in favor of hardware wallets.
The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in various cryptocurrencies, including BTC, ETH, and RADAR.