Ledger Nano S

Ledger Nano S – a hardware-type wallet for reliable “cold” storage of up to 30 types of cryptocurrencies (Bitcoin, Bitcoin Cash, Bitcoin Gold, Ethereum, Ethereum Classic, Litecoin, Dogecoin, Zcash and others).

Popularity is ensured by several factors:

  • Impeccable reliability – the wallet has never been hacked.

  • Low price – Trezor’s competitor is not so much different in cost, but still a bit more expensive.

  • Support for multiple cryptocurrencies – we will provide a complete list below.

Features of the Nano S model

  • Multicurrency.

  • Built-in display.

  • Integration with software from the manufacturer Ledger.

  • Two-factor authentication.

  • Ease of recovery.

  • Ledger identifies four main points in a secure wallet: A secure module based on ST31 / STM32.

  • Protection against malware.

  • PIN code.

  • Confidentiality.

List of supported cryptocurrency

  • Bitcoin

  • Ethereum

  • Litecoin

  • Dogecoin

  • Zcash

  • Dash

  • Stratis

  • Ripple

  • Bitcoin Cash

  • Bitcoin Gold

  • Komodo

  • Ethereum Classic

  • Posw

  • PIVX

  • ARK

  • NEO

  • Qtum

  • Ubiq

  • Sealthcoin

  • Viacoin

  • Vertcoin

  • Expense

An important element in the positioning of Ledger products is security against hacking. At least, the previous version of the wallet took the first place in the rating of the Open Bitcoin Privacy Project this spring, although it scored only 50 out of 100 points when evaluating.

As you have noticed, the new Ledger Nano S is equipped with a display and buttons to control. This allows you to use an additional authentication factor directly from the device, i.e. allows you to set and enter security data, bypassing the computer and thereby providing protection against phishing. This was a major improvement in security. Wherein:

1. These devices are erased if you enter the wrong pin code three times in a row. Due to the fact that the code is entered directly from the device, the developers have abandoned the need to restart the Ledger Nano S after each unsuccessful attempt to enter a pin. However, in order to avoid final data loss, it is envisaged to restore the wallet using a mnemonic phrase.

2. The mnemonic phrase to restore is 24 words in the correct order. The phrase is generated directly on the device (and not in the application on the computer, as in previous versions), is shown on the device and must be recorded in a secluded place or on a card.

To use the mnemonic phrase during the recovery, you will have to enter all 24 words on the device with the help of two buttons on the case. In order to simplify the task, the manufacturer has provided the possibility for the user to select a word from the list of options after the introduction of the first 3-4 letters.

According to the developers, application data of the hardware wallet is stored on a protected element inside the device (model: ST31H320). At the same time, a significant part of the code (primarily software for wallets) is publicly available on GitHub. Gradually, the company plans to open more and more information about the code, leaving only parts with partners’ software related to the functioning of the hardware (processor initialization, memory, etc.) hidden.

In addition, it is assumed that the new device is theoretically compatible with the wallets of Mycelium and Electrum.