Ledger recently launched the Ledger Nano S Plus Crypto hardware wallet. I got my hands on the new offering today and decided to review it for all of you while preemptively answering some of the questions all of you may have.
If you are concerned about the safety of your digital assets & not sure where to get started, this article is for you.
Even if you are already a hardware wallet user, this product review will help you make an informed choice if this new offering is worth switching over to.
Alright then, let’s start with some basics.
What is Ledger?
Ledger, for those who are not aware, is a Paris-based company that has been at the forefront of developing hardware wallet products and is constantly improving upon its offering.
Founded in 2014, the Company aims to create secure solutions for blockchain applications. With clients in 200 countries & 3 million hardware wallets sold to date, Ledger is one of the leading companies in this space.
Why is Safety Important for Digital Assets?
With digital assets, it is important that necessary steps be taken to ensure their safety.
A massive increase in market capitalization of digital assets means that the incentive for hackers is at an all-time high. No wonder then that two of the largest Crypto hacks have ever occurred in the last 2 years alone.
In 2022, the Ronin network, an exchange that allows users of the blockchain-based game Axie Infinity to transact, was attacked by a hacker, leading to US$ 614 million of Crypto assets being stolen.
This theft eclipsed the 2021 attack on the Poly Network, a smart contract platform enabling interchain interoperability, when hackers stole US$ 611 million in Crypto assets.
How Are Ledger’s Hardware Wallets Safe?
For any Crypto wallet, the key access point is the seed phrase. The seed phrase is a set of random words that you need to input in a set order for you to gain access to your wallet.
The key distinction between the two competing technologies available is where they store this seed phrase. Software or Hot wallets store this information on-chain and this makes them vulnerable to attack.
Hardware or Cold wallets, in comparison, do not store this information on-chain. Hence, these are less vulnerable to attack.
What are the Key Safety Features of the Ledger Nano S Plus?
The Ledger Nano S Plus boasts a CC EAL5 + certified secure chip. For the non-technical, this simply means that their chips meet a certain safety standard, which makes it difficult for hackers to breakthrough.
Secondly, connectivity is only available through a USB-C type cable. This is an interesting hack, as an attacker would have to possess the device physically to get into it.
What Crypto Assets are supported by the Ledger Nano S Plus?
The Nano S Plus supports more than 5,000 digital assets and can run 100 applications.
In short, all mainstream currencies & applications are covered. The device also supports NFTs. Users can receive NFTs, Store them & can also view them directly from the device.
What are the other Key Features of the Nano S Plus?
The device boasts 2 MB of storage, compatible with desktop & Android cell phones & has Ledger Live App Support.
The hardware is a Swiss Army Knife design with a large display size (128 × 64 pixels) & a dimension to weight mix (62.39 × 17.40 × 8.24 mm & 21 grams) which makes it portable enough to put on your key ring.
Where is the Ledger Nano S Plus Lacking?
Nothing is perfect and the Ledger Nano S Plus has its share of shortcomings too.
First, the USB-C-only connectivity boasts security, the lack of Bluetooth connectivity leaves no option for the user. I believe this should have been provided as an option and impedes portability unless you’re carrying a USB-C cable in the pocket.
The same goes for the lack of battery support, which means that the device only works when connected. Again, this requires the owner always carry a cable around.
Second, I believe that the lack of support for Apple devices is a huge negative. Buying a new phone or tablet shouldn’t necessitate buying a new hardware wallet too.
Third, the device lacks options for staking. I believe this will be a huge negative for DeFi enthusiasts and doesn’t tie in well with the overall appeal of the offering.
Currently, the device offers support for 4 Crypto assets – Polkadot (DOT), Cosmos (ATOM), Tron (TRX) & Tezos (XTZ) – with 6-10% APY.
How much does the Ledger Nano S Plus Cost?
At just US$ 79 (INR 9,999/-), the Ledger Nano S Plus is value for money when compared with the competition.
With the increase in DeFi & Web 3.0 applications, cold wallets will be in high demand for new adopters concerned with security. The Company, it seems, is targeting this market.
What about the competition with the Nano S Plus?
Ledger’s leadership position in this space makes it worth comparing the new offering with some of their current line only.
The Nano S, the precursor to the Nano S Plus, costs US$59 (INR 6,999) but supports only 6 Crypto assets with a meager 320 KB of storage capacity.
On the other hand, the Nano X, with 8 hours of battery support, compatibility for Apple iOS devices & 2 MB of storage costs US $149 (INR 16,999).
In comparison, the Ledger Nano S Plus represents value for money over both the Nano S & the Nano X by costing less than the Nano X but providing far greater support than the Nano S.
Concluding Notes
My own experience with the Ledger Nano S Plus has been seamless from an operational perspective. The hardware is easy to carry around and ticks the box for functionality.
The device lacks enough options for staking, which is a huge negative personally. For long-term investors who believe in the power of staking to compound returns, the device could have done better.
That being said, the Nano S Plus is a solid product offering that packs best-in-class security, a wide product menu, consumer ease & affordability into one small stick.
This is a good starting point for anyone looking to protect their digital assets on their own.
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