Synonymous with both quality and security, Ledger has quickly become one of the most influential cryptocurrency companies over the past 3 years.
With the ability for everyday Crypto users to pull their holdings off of exchanges and control their own private keys, Ledger is creating a secure environment for the skeptics.
What is Ledger and what do they do? Ledger is the cryptocurrency company behind the most popular and trustworthy hardware wallet to date. They are very proud to say they have sold over 1 Million units and are constantly scaling their operations while maintaining high levels of quality! What is a hardware wallet? Put simply a hardware wallet allows for a user to store, and hold cryptocurrencies in a more secure way. In general, these hardware wallets are offline and require the user to physically have the wallet device.
The Ledger Nano S was so popular during 2017 that they simply could not keep up with demand, and many people reported back ordering problems and long waiting periods. Luckily, the team at Ledger has fully prepared for the next cryptocurrency cycle and are actively releasing new versions at large quantities!
I had the pleasure of speaking with CEO and Co-Founder of Ledger Eric Larcheveque and he really gave me an inside scoop about the origins of Ledger and how they became the powerhouse they are today! The company started in 2014, and after trying to figure out how Eric and his team could get involved and contribute to the Bitcoin movement, they realized the problem of securing your own Bitcoin off of exchanges, and better yet, how do you prevent hacking via compromised computers?
What makes hardware wallets and more specifically, Ledger so powerful is that the Ledger allows for the ability to control your private key. Meaning, you need your ledger device in order to send Bitcoin from your Ledger wallet.
“ The benefit is that even if your computer is completely compromised, you cannot get hacked!”
Eric went on to describe how the Ledger acts as a separate level of security because even if your Ledger Nano S is plugged into an infected computer, your holdings are still safe. Furthermore, if your device is stolen, or lost, it is not possible to get access to your holdings. The physical device must be plugged in, you must utilize your pin, and you must verify and approve an outgoing transaction by physically pressing buttons on the device. This device cannot be hacked or compromised!
In our interview, Eric describes the competition and breaks down exactly how companies like Trezor and KeepKey are different. Like a true gentleman, he clarifies that although Ledger technology is vastly superior, other hardware wallets are doing a good job.
One of the biggest concerns that users of Ledger products have voiced is that they are nervous because Ledger is a centralized company, and what would happen if the company simply went bankrupt or the team dissolved? Luckily, Eric was able to address this very valid concern. He explains that Ledger devices are built and designed so that a company is not needed for them to function.
“ We have designed Ledger to make sure our Products can survive yourself … if the manufacturer dies the safe still works”
As an OG in the space, Eric has caught attention in recent weeks about his “BEARISH” outlook at the crypto space. He is very much optimistic about the space but believes we have another 18 months of Bear activity to go!
“ I don’t think in 2019 we are going to see a path to the moon, hopefully in 2020”