XRPto50dollars Posted December 6, 2017 Share Posted December 6, 2017 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'?? Link to comment Share on other sites More sharing options...
LedZerppelin Posted December 6, 2017 Share Posted December 6, 2017 (edited) Because Ledger nano does not store your XRPs. It only generates your public/private keys. And those keys are generated through a hyerarchical deterministic method. https://coinsutra.com/hd-wallets-deterministic-wallet/ Edit: XRP are on the (XRP) ledger Edited December 6, 2017 by LedZerppelin Link to comment Share on other sites More sharing options...
Guest Posted December 6, 2017 Share Posted December 6, 2017 (edited) 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 December 6, 2017 by Guest Link to comment Share on other sites More sharing options...
XRPto50dollars Posted December 6, 2017 Author Share Posted December 6, 2017 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 More sharing options...
JA8 Posted December 6, 2017 Share Posted December 6, 2017 (edited) 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 December 6, 2017 by JA8 Link to comment Share on other sites More sharing options...
XRPto50dollars Posted December 6, 2017 Author Share Posted December 6, 2017 Thanks for the responses everyone! Yours clears it up perfectly Link to comment Share on other sites More sharing options...
Guest Posted December 6, 2017 Share Posted December 6, 2017 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 More sharing options...
Internethobo Posted December 6, 2017 Share Posted December 6, 2017 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'?? 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 More sharing options...
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