Jump to content

Ledger Nano S.. Magically remembers XRP amount?


XRPto50dollars
 Share

Recommended Posts

If you lose your Ledger Nano S or the device breaks.. all fine and well.. just use your 24 word recovery to install your XRP on a new Nano S. 

Sounds great.. but the thing which stumps me is... once you use your 24 word recovery on a new device... how does that new device interpret those 24 words and install the correct amount of XRPs on that new device??  It's not like the word 'Hotdog' represents '10 XRP'.

I cant figure it out.
We have our nano to store our XRPs.. Check.
We have our 24 word phrase in case we have to recover those XRPs.. Check.
But once our Nano breaks or gets lost... where does the association between 24 word and our XRPs come into play?? 

If you own 10,000 XRPs and your Nano breaks, how does the new Nano figure out that your 24 random words meant '10,000 XRPs'?? :blink:

Link to comment
Share on other sites

  • Replies 7
  • Created
  • Last Reply

Top Posters In This Topic

Popular Days

Top Posters In This Topic

Quote

how does that new device interpret those 24 words and install the correct amount of XRPs on that new device?

In a nutshell, the 24 words are used in the process to generate wallet addresses. everything else is stored on the blockchain. 

In the future, don't ever share any information regarding your passphrase. 

Edited by Guest
Link to comment
Share on other sites

Interesting. So if Im understanding correctly.. if someone owns 10,000 XRP, transfers them to a Nano S..and has the 24 words.....

Their 10,000 XRP are residing on the physical Nano S... but are also residing somehow, digitally encrypted, in the blockchain. (?)

Could the blockchain somehow be hacked? 

Apologies.. I'm a newb.

Link to comment
Share on other sites

3 minutes ago, XRPto50dollars said:

Interesting. So if Im understanding correctly.. if someone owns 10,000 XRP, transfers them to a Nano S..and has the 24 words.....

Their 10,000 XRP are residing on the physical Nano S... but are also residing somehow, digitally encrypted, in the blockchain. (?)

Could the blockchain somehow be hacked? 

Apologies.. I'm a newb.

No - they are never stored on the Nano S in any way. When you log in to a wallet on the Nano S, all you are doing is opening your address on the blockchain. No, a blockchain cannot be hacked, and that is one of the major points of Blockchain (to cut a long story short). 

Edited by JA8
Link to comment
Share on other sites

3 minutes ago, XRPto50dollars said:

Interesting. So if Im understanding correctly.. if someone owns 10,000 XRP, transfers them to a Nano S..and has the 24 words.....

Their 10,000 XRP are residing on the physical Nano S... but are also residing somehow, digitally encrypted, in the blockchain. (?)

Could the blockchain somehow be hacked? 

Apologies.. I'm a newb.

Kepping it simple...

All crypto is stored on blockchains. 

There is a private key and public key. The keys are those long numbers.

You are probably familiar with the public key, that is also the address that you send coins to.

The private key is like a password. If you are using a Ledger device, you will never see the private key. 

Link to comment
Share on other sites

1 hour ago, XRPto50dollars said:

If you lose your Ledger Nano S or the device breaks.. all fine and well.. just use your 24 word recovery to install your XRP on a new Nano S. 

Sounds great.. but the thing which stumps me is... once you use your 24 word recovery on a new device... how does that new device interpret those 24 words and install the correct amount of XRPs on that new device??  It's not like the word 'Hotdog' represents '10 XRP'.

I cant figure it out.
We have our nano to store our XRPs.. Check.
We have our 24 word phrase in case we have to recover those XRPs.. Check.
But once our Nano breaks or gets lost... where does the association between 24 word and our XRPs come into play?? 

If you own 10,000 XRPs and your Nano breaks, how does the new Nano figure out that your 24 random words meant '10,000 XRPs'?? :blink:

The 24 words deciphers into your private key for your XRP wallet.  So you can use those 24 words on any ledger hardware and it will point to the correct XRP wallet.  That is why you never want to lose your word sheet!

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share


×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.