Cardano Integrates Ledger Hardware Wallet to Enhance Security

Today, the Cardano Foundation has announced that it is integrating Ledger hardware wallet devices in its ecosystem to enhance its security features.

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This integration will allow ADA holders to transfer their digital assets directly from their software wallets to Ledger’s more secure hardware wallet - Ledger Nano S.

A dedicated Cardano app in the Ledger wallet will help to create a seamless experience to the users.

Michael Parsons, the Cardano Foundation’s chairman and executive director, said: “The ability to hold digital currency funds securely is front of mind for many users. Ledger has extensive experience in the cyber security industry, specifically with smart cards and secure embedded operating systems. This fact, combined with Ledger’s position as the leading bitcoin and cryptocurrency hardware wallet manufacturer, will provide ADA holders reassurance that their digital assets are securely held.”

Cryptocurrency and Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term consultancy firm Cryptonomy was given the responsibility for the integration of Ledger’s Cold Storage Cold Storage Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Cold storage is a computer system or mode of operation that is designed for the retention of inactive data, in this case private keys for cryptocurrencies. This helps put up resilient barriers against theft by hackers and malware, and is often a necessary security protocol especially dealing with large amounts of Bitcoin.In order to “own” a cryptocurrency, one must be in control of a cryptocurrency’s private keys. As such, private keys are long strings of random characters that can be used to se Read this Term wallets and the Cardano blockchain's native token ADA.

CEO of Cryptonomy Jonathan Turrall said: “We are pleased to be working closely with the Cardano and Ledger teams to deliver industry-leading security technology for holders of ADA.”

Ledger is the leading cold storage device in the world right now, and due to its secure environment, demand for it is growing exponentially. In 2017 alone, the firm sold 1 million units of its hardware wallets, compared to only 3,000 in the previous year. Because of the high demand, the company is facing a massive backlog of orders and there is currently a waiting period of almost two months to get the popular Ledger Nano S.

What is Cardano?

Cardano is one of the major blockchain projects in the blockchain space today. With its third generation proof-of-stake consensus mechanism, Cardano addresses the three major issues which have been troubling many blockchains – sustainability, scalability, and interoperability.

Cardano’s blockchain is two-layered, and this multi-layer design gives the blockchain the flexibility to evolve without undergoing any forks.

Currently, Cardano is the fifth largest coin in the market with a market cap of over $12 billion, according to coinmarketcap.com. Such massive acceptance of a four-month-old blockchain project in the market is very impressive.

According to a prediction by Finder.com, a price comparison website of the financial domain, Cardano will be the third largest cryptocurrency by the end of 2018.