DEFINITION of Ledger Nano S
Ledger Nano S is a hardware wallet used for storage and transactions in popular cryptocurrencies like Bitcoin, Ethereum and other popular altcoins like Litecoin, Bitcoin Cash and ZCash. Powered by USB connectivity, Ledger Nano S includes firmware-level support for companion apps for various cryptocurrencies that allow users to send and receive cryptocurrency payments, verify accounts and manage multiple addresses for each cryptocurrency from the same device. (See also, What are the safest ways to store Bitcoins?)
DISTRIBUTION Ledger Nano S
The device looks like a standard USB drive and can be connected to any compatible computing device via the supplied USB cable. It can be used for Bitcoin, Litecoin, Ethereum and other altcoins. It offers a built-in display of appropriate size offering real-time messages and views to verify and confirm funds and transactions on the device using physical buttons.
It protects cryptocurrency assets and wallet addresses. A user’s private keys are hard locked in the secure element of the device, which makes it foolproof. A secret 4-digit PIN code is required each time the device is connected for any transaction or request, which prohibits improper use in the event of loss or theft. The device also supports the FIDO® Universal Second Factor standard, which is used to simplify the authentication process on compatible and popular online services such as Dashlane, Dropbox, GMail and GitHub.
Currently, Ledger Nano S supports more than two dozen dedicated companion apps for various cryptocurrencies and security features. Since these companion applications are enabled for firmware updates and application catalog browsing, they provide an enhanced level of security and protection against malicious attempts. The device is also compatible with various general ledger wallet applications, which are popular cryptocurrency compatible software wallets that can be installed on computer devices like a PC.
Ledger Nano S allows you to safely import and export recovery sheets for easy backup and restoration on any general ledger or wallet device compatible with BIP39 / BIP44 standards. The device claims to be safe from malware and is compatible with Windows (versions 7+), Mac (versions 10.9+), Linux or Chrome. It draws the necessary energy from USB, and no battery is required to operate the hardware wallet.
Ledger Nano S is a competitor to another popular wallet device called KeepKey. (For more information, see Definition of KeepKey (cryptocurrency).)