What is Ledger Nano S used for?
Ledger, a French hardware security provider that specializes in designing and manufacturing hardware wallets, offers a range of products that are highly-secure and convenient. Ledger Nano S, as its name indicates, is a hardware device for storing your Bitcoin and altcoin coins. It has the capability to store as many different cryptocurrencies as you want with a certain degree of privacy. It can hold your private keys, so you can make transactions with cryptocurrencies without revealing your Bitcoin address.
What is a Secure Element?
A Secure Element is a chip that provides security for a platform. This means that the chip is able to keep a record of the private keys, tamper protection, and enable encryption. Most of the time a platform can be changed and thus the secure elements should be compromised in order to gain access to the funds stored on the platform. Additionally, the PIN encryption keys are stored in the Secure Element. While the data stored is encrypted, the key to decrypt the data is also encrypted, ensuring that only the Secure Element can access the information. How is Ledger Being Able to offer it’s Secure Element Protection? The first step is the use of AES-256 encryption. AES-256 is an advanced encryption standard that requires that there be three keystrokes to encrypt and decrypt a given key.
How does the Ledger Nano S secure your cryptocurrency?
Each Ledger device contains a private key and a public address. The private key is protected by a PIN and is also part of the SmartContract.verify API. The public address can be connected to the server on the Ledger Wallet app. But there’s also a second, more secure type of key that’s used by the SE in the Ledger Nano S. That is the “host key”. You don’t use it by design, but it’s included for the host key encryption system which is used for signing and binding contracts. This second type of key is secured behind a hardware security module. The module is embedded in the Ledger Nano S and cannot be physically stolen or copied. The module also has additional functions including hardware hash functions.
Additional Security Features
The Ledger Nano S also has additional security features, including an audit log, two-factor authentication, as well as a built-in Internet firewall that blocks anyone who doesn’t have a Ledger device from accessing the system. Available Offers Available in both $99 and $129 versions, the Ledger Nano S works with the Standard and Premium Edition. The Ledger Nano S Standard Edition includes a Ledger Nano S, wallet, a keychain, a USB to micro USB cable, and a cleaning cloth. The Ledger Nano S Premium Edition includes everything from the Standard Edition plus an additional card, a USB to micro USB cable, a cleaning cloth, and a USB charger.
Of the three cryptographic hardware wallets, the Ledger Nano S is our favorite. It has a more customizable form factor and built-in security for high-security applications. Because it stores the private keys on the hardware device itself, there is no reason to buy an alternative.
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