IOTA (MIOTA) Is Now Compatible With Ledger’s Hardware Wallet
IOTA Foundation has announced that IOTA is now compatible with popular cold storage hardware wallet Ledger.
With this development, IOTA coin holders who have waited patiently can now safely store their IOTA (MIOTA) on the wallet maker’s Ledger Nano S.
State-of-the-art secure chip
According to an IOTA blog post announcing the integration, IOTA holders can now secure their private keys as they access the crypto via Ledger Nano S’ state-of-the-art chip, protecting themselves from potential cyberattackers.
IOTA explained that Ledger hardware wallets would integrate with its Trinity and Romeo wallets, and “isolate user’s seeds (the key for their account) from their computer or smartphone,” a feature that provides an additional layer of security and protects token holders from hackers.
Ledger wallets utilize the distinctive BOLOS operating system that is integrated into the EAL5+ certified secure chip, similar to what credit cards have to ensure they are tamper-resistant.
Although they can still be hacked, secure chips require a lot more effort and are thus preferred for added security.
Eric Larchevêque, the CEO of Ledger noted that both IOTA and Ledger were focused on ensuring the users enjoy the “the highest level of security.”
He added that working on the compatibility as a team “created an immediate synergy” that allowed them to develop features that accessing, storing and managing IOTA tokens easier for users who opt for the Ledger devices.
The integration of IOTA with Ledger makes holding IOTA less susceptible to thefts as holding funds on an exchange or online only makes it easier for attackers.
IOTA more than a Blockchain
IOTA is a distributed ledger technology (DLT) crypto project that seeks to power the Internet of Things (IoT) and Machine-to-Machine (M2M) economies through high scalability and zero-cost transactions that are made possible via its unique Tangle, a directed acyclic graph (DAG) protocol.
On November 3, IOTA published an update to its Qubic protocol, an innovative project that seeks to introduce oracles, smart contracts, and distributed quorum-based computations, essentially making IOTA’s Tangle programmable with limitless capabilities and even more real-world use cases.
The German-based crypto platform has taken several forward steps in the quest to leverage DLT to transform the environment.
Some notable steps include working with Taipei on its smart city project and working with ElaadNL to release the world’s first M2M charging station for cars where users can pay using IOTA.
The platform has also signed partnerships with major global brands and institutions like Bosch, Fujitsu, Volkswagen, and Porsche. Notably, IOTA also partnered with the United Nation’s UNOPS which would use the Tangle to introduce added transparency to UN work.
Despite the positive developments, IOTA has also been subject to a fair share of criticism over the years, especially with regard to not being “truly decentralized” and November 2017’s network downtime.
Again in July, the IOTA network reportedly suffered extensive node failure after it was compromised by a bug, allegedly leading to further network problems.
As with any of the other cryptocurrency platforms, IOTA might benefit from enhanced network security as much as it pursues global adoption. The MIOTA token currently trades at $0.505 against the US dollar, with a market cap of $1.4 billion.