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Blog posts, Company | 01/23/2020

Ledger’s First AMA – A Short Recap

Hardware Security

Last Saturday (18 January) we held our very first Ask Me Anything session with Fabrice (Coin Integration Manager) and Benjamin (Ledger Live Product Manager) through a YouTube Live to answer all of your burning questions. We thank all of you for having participated and look forward to doing more AMAs in the future.

Many interesting questions were posed and insights have been given into our vision and ongoing projects. Today, we’d like to provide a short summary of some of the most important elements having been raised.

Tezos Staking integration and potential future crypto assets

As the AMA focused on the integration of Tezos and its staking, the actual development and integration was at the center of our discussion, including some of its challenges (i.e. adapting to the Babylon update). Tezos bakers can indeed ask to be listed in Ledger live by contacting us through [email protected]. You can also select any Tezos baker you want to delegate to through Ledger Live. While we have a list of bakers in Ledger Live, you can also manually choose one by choosing the “custom validator” option. 

Many of you also asked what the next steps for staking and Ledger Live are. We are actively looking into having more Proof of Stake coins natively integrated to provide more features and possibilities for our users. Tron is one of the many crypto assets that we’re interested in.        

A New Ledger Live Manager

During the Ask Me Anything, we have given a teaser for a potential overhaul to the Ledger Live Manager. Dubbed “version 2”, the vision for this new Manager would be able to detect which apps are already installed on your device, tell you which ones need updating, auto-update your apps and their dependencies and even show how much space would be remaining on your Ledger device. All of this has been created with the optimization of user-experience in mind. We’re currently working on this and are very excited about the improvements it’ll bring to our users.

Importance of the 24 Word Recovery Phrase 

Questions surrounding the 24-word recovery phrase have been quite prevalent during the Ask Me Anything session as well, which was great considering the importance of it. Even if anything were to happen to either your Ledger device or our company, you would be able to access your crypto assets by entering the words you’ve written on your recovery sheet into a different compatible wallet application – your funds would not be lost. As these words are the backup of your cryptocurrencies, it is vital that they are kept securely and out of anyone’s reach. The randomness of the 24 generated words is equally a key element of hardware wallets. Our TRNG (True Random Number Generator) for generating the 24 words has been certified by a third party. This means it has undergone extensive testing by a different company and was accessed to be among the best in RNG. You can read more regarding our TRNG here

Ledger and Security

As we’re in the business of secure hardware, naturally there have been questions surrounding our device’s security. Fabrice made it quite clear if our devices could be hacked: “Up to our knowledge no, but we would gladly invite you to try”. Indeed at Ledger we have a bounty program to reward those who find potential exploits. Equally, our dedicated attack lab, the Ledger Donjon, relentlessly tries to break into our own devices and continuously helps in optimizing our devices’ security. As for the Ledger Nano X having the same level of certification as the Nano S, indeed the Ledger Nano X has also received the CSPN certification. Benjamin indicated that verifying the sending and receiving addresses on your Ledger device is a vital step for security reasons as your hardware wallet will show the actual request. This can prevent a man-in-the-middle attack – you can read more about this here.

These were the major topics discussed within the Ask Me Anything session, though don’t hesitate to watch the entire stream here. Also on a small note, we received quite a few questions regarding potential Ledger goodies (caps, shirts). We cannot promise anything just yet, but we’ll take a look into this. 

Once more we’d like to thank everyone for participating – whether it was during the AMA session or through posing your questions in advance on our social media networks. We truly enjoyed interacting with you and deeply appreciate your presence!

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