What does Ledger Offer users?
What does Ledger offer users? To understand, we need to look at Ledger’s ecosystem. We’ll tell you what we stand for and why it is important for you. In other words, this first step is about how our ecosystem allows you to be in charge of your money.
In our last article, we explored the different elements of crypto wallets that you can use to assess their utility and security.
Crypto wallets need to strike a very fine balance between various things: the security of keeping your keys offline, and the convenience of remaining connected to make transacting with other platforms seamless. How can these two things be achieved in one solution?
This is where Ledger and its growing ecosystem comes in. Let’s have a look at Ledger’s mission, philosophy, tools and interface to show how they can benefit you on your crypto journey.
Why choose Ledger?
The concept of ownership is changing, and here at Ledger, we’re ready for it. Crypto is about giving power back to the people; by decentralizing the traditional financial system, it removes big banks and governments from finance, putting you back in charge of your financial decisions. However, some crypto management solutions trade decentralization for convenience and accessibility, like crypto exchanges, software or online wallets.
Although they’re easy to use, those solutions act as new intermediaries, with new compromises, such as the data you need to give, and the access you have to your funds. And there’s another problem too – trusted third parties have security flaws. By using them, you put the safety of your crypto in their hands, and trust their systems. Why would you trust someone else with your assets, when you could have peace of mind by protecting them yourself?
That’s where blockchain changes everything. You can think of blockchain as an enormous digital storage space, where you can “own” assets, without relying on a middleman. And your wallet is the interface you use to communicate with that digital infrastructure and keep your assets secure, which makes it critical to your ownership.
At Ledger, our wallets put security and freedom first. Because we believe you should remain the only one in charge of your money.
What does Ledger offer users? Our Ecosystem explained
Crypto users need both security and ease of use. So we created an ecosystem of products and services that enables you to easily secure your private keys in the safest possible way, while also enabling you to manage your crypto seamlessly. Ledger hardware wallets combined with the Ledger Live application are the best solution for securing your funds while remaining in control. Let’s take a look at why.
Remember those all important private keys? The entire point of Ledger’s hardware wallet is to offer the best possible security for those keys, by keeping them offline. Always.
Whereas hot wallets generate your private keys online, and also store them within a system that is always connected, the Ledger Nano generates your private keys within the device itself, and stores them there too. This means your keys will never – ever – be exposed to online threats such as hacks and malware, and you also don’t need to entrust them to another entity.
OK – so crypto security with Ledger is a no-brainer: your keys stay offline, and that alone changes the playing field when it comes to safely managing your assets. But what about ease of use – how can you transact with a Nano, when it’s not connected to the internet? The answer is Ledger Live.
Ledger Live is our native app that works in tandem with your Nano. It’s an online interface where you can visualise and manage your crypto assets, and interact with a range of external platforms using the funds you’ve secured with your wallet. So whether you want to send or receive crypto, or simply check the balance of your accounts, you can do that easily on our app, while your keys stay securely within the device itself.
How can I access Ledger Live?
Conceptually speaking, Ledger hardware wallets combined with the Ledger Live app are like iPhones and the App store: on one side there is a device that allows you to store your assets, and on the other side is the software that helps you manage your assets and access a wide variety of services. Simple, right?
Ledger Live automatically comes with every Nano wallet purchased. They are like two sides of the same coin. For instance, for each action you want to operate, you need both Ledger Live, as well as your Nano wallet to verify and confirm the same transaction, it is quite similar to 2FA mechanisms.
Want to know more? Check our next articles focusing on the endless possibilities offered by this growing ecosystem!
Knowledge is Power.
Knowledge is power – so keep on learning! If you enjoy getting to grips with crypto and blockchain, check out our School of Block video all about blind signing.