{"id":6891,"date":"2022-04-17T23:31:30","date_gmt":"2022-04-17T18:01:30","guid":{"rendered":"https:\/\/aayushbhaskar.com\/?p=6891"},"modified":"2022-04-17T23:32:35","modified_gmt":"2022-04-17T18:02:35","slug":"ledger-nano-s-plus","status":"publish","type":"post","link":"https:\/\/aayushbhaskar.com\/ledger-nano-s-plus\/","title":{"rendered":"The Ledger Nano S Plus – Tear Down!","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
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.<\/p>\n
If you are concerned about the safety of your digital assets & not sure where to get started, this article is for you.<\/p>\n
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.<\/p>\n
Alright then, let’s start with some basics.<\/p>\n
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.<\/p>\n
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.<\/p>\n
With digital assets, it is important that necessary steps be taken to ensure their safety.<\/p>\n
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<\/a> have ever occurred in the last 2 years alone.<\/p>\n In 2022, the Ronin network, an exchange that allows users of the blockchain-based game Axie Infinity<\/a> to transact, was attacked by a hacker, leading to US$ 614 million of Crypto assets being stolen.<\/p>\n This theft eclipsed the 2021 attack on the Poly Network<\/a>, a smart contract platform enabling interchain interoperability, when hackers stole US$ 611 million in Crypto assets.<\/p>\n For any Crypto wallet<\/a>, 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<\/a>.<\/p>\n The key distinction between the two competing technologies available is where they store this seed phrase. Software or Hot wallets<\/a> store this information on-chain and this makes them vulnerable to attack.<\/p>\n Hardware or Cold wallets, in comparison, do not store this information on-chain. Hence, these are less vulnerable to attack.<\/p>\n <\/p>\n 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.<\/p>\n 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.<\/p>\n The Nano S Plus supports more than 5,000 digital assets and can run 100 applications.<\/p>\n 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.<\/p>\n The device boasts 2 MB of storage, compatible with desktop & Android cell phones & has Ledger Live App Support.<\/p>\n The hardware is a Swiss Army Knife design with a large display size (128 \u00d7 64 pixels) & a dimension to weight mix (62.39 \u00d7 17.40 \u00d7 8.24 mm & 21 grams) which makes it portable enough to put on your key ring.<\/p>\n Nothing is perfect and the Ledger Nano S Plus has its share of shortcomings too.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n 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.<\/p>\n Currently, the device offers support for 4 Crypto assets –\u00a0 Polkadot (DOT), Cosmos (ATOM), Tron (TRX) & Tezos (XTZ) – with 6-10% APY.<\/p>\n At just US$ 79 (INR 9,999\/-<\/a>), the Ledger Nano S Plus is value for money when compared with the competition.<\/p>\n 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.<\/p>\n Buy Ledger Nano S Plus \u2192<\/a><\/p>\n Ledger’s leadership position in this space makes it worth comparing the new offering with some of their current line only.<\/p>\n The Nano S, the precursor to the Nano S Plus, costs US$59 (INR 6,999<\/a>) but supports only 6 Crypto assets with a meager 320 KB of storage capacity.<\/p>\nHow Are Ledger’s Hardware Wallets Safe?<\/h2>\n
What are the Key Safety Features of the Ledger Nano S Plus?<\/h2>\n
What Crypto Assets are supported by the Ledger Nano S Plus?<\/h2>\n
What are the other Key Features of the Nano S Plus?<\/h2>\n
Where is the Ledger Nano S Plus Lacking?<\/h2>\n
How much does the Ledger Nano S Plus Cost?<\/h2>\n
What about the competition with the Nano S Plus?<\/h2>\n