The Ledger Nano S is a popular cryptocurrency hardware wallet that supports a wide variety of coins. The Ledger Nano S gives users high security for their coins, via an easy-to-use interface. What is Ledger Nano S? How does Ledger Nano S work? Let's see.
What is a Ledger Nano S?
Ledger is a French company that helped pioneer the hardware wallet space when it launched in 2014. The Ledger Nano S wallet is the first product of the company, and quickly became a popular wallet choice for crypto enthusiasts thanks to its ease of use, security, small device size, and affordability.
The Ledger Nano S supports over 1,100 different digital assets. It also connects with Ledger's proprietary desktop software called Ledger Live, which makes checking your balance so easy.
How does Ledger Nano S work?
The Ledger Nano S is called a deterministic wallet. This means that when you set it up initially, a secure random seed will be generated on the device with which every key you make on the device will be deterministically generated.
Deterministic means the same set of keys will always be generated by the same seed. The device will display this seed on its screen as part of the setup process. It takes the form of a BIP39 mnemonic code, which consists of 24 words. You should write this code down on a piece of paper and store it somewhere safe. If you ever lose your hardware wallet, you'll need this seed to get your money back.
If you happen to have an extra hardware wallet hanging around, you may also use this seed to completely duplicate your device and store it somewhere secure as example. Additionally, you can also import your seed into any wallet that supports the BIP39 standard (among them: Electrum, Mycelium, MyEtherWallet).
What's important to note is that the BIP39 seed will only be displayed exactly once! , during the setup process, and that it will only be displayed on the hardware wallet's own screen. Because of this you can safely set up and use a hardware wallet even on a computer that's compromised because the seed will never be displayed on the computer's screen. The private keys will never leave the hardware wallet, even when you're accessing the funds.
How does Ledger Nano S work? What is Ledger Nano S?, I hope this article can provide you with a better understanding of Ledger Nano S wallet.
