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Hodl with private key - why nano ledger


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If you have a valid ripple wallet with the private key known why would you consider moving your xrps to a nano ledger. Isn't the safest place for your XRP in the XRP ledger. Yes you have to protect the private key with your life but you can always retrieve your account with the private key.

So if you hodl for a long time and don't want to do any transactions leaving them in the xrp ledger seems as good as moving them to nano ledger

 

Edited by XRPisthefuture
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Wut? Am i not getting the joke? I'll pretend it's not a joke.

Your XRP is just a number associated to an account in the XRP Ledger (or how you call it, ripple network).

What you store in any kind of wallet, nano ledger, hard drive, piece of paper, cd, tattooed on your arm .... whatever .... is just the private key that proves that you are the holder of that account.

 

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I see I think the penny just dropped. So if you use the nano ledger it basically just gives you a local device that allows you to interact with the xrp ledger. The ledger seed allows you to run the xrp application on the ledger that uses the private key to interact with the XRP ledger.

With the cold wallet you basically have only the private key. So when you want to use the xrps you need an app such as toastwallet to connect to the xrp ledger to execute your transactions.

 

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Ok then, to answer the question, why to use nano ledger.

What nano ledger does:

- stores your private key

- never transfers the private key to your PC when you perform transactions

- it signs the transactions inside the nano ledger device and only transfers the results to your PC

So as i see it it is most beneficial if you want to do transactions from your account but retain the cold-wallet-level security.

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Just now, Zerping said:

Ok then, to answer the question, why to use nano ledger.

What nano ledger does:

- stores your private key

- never transfers the private key to your PC when you perform transactions

- it signs the transactions inside the nano ledger device and only transfers the results to your PC

So as i see it it is most beneficial if you want to do transactions from your account but retain the cold-wallet-level security.

excellent. I got it now. Thanks for that

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There are loads of people going around saying coins are stored on these hardware wallets and the XRP, BTC, etc. ledgers only store transactions!

I assume it's because the charlatans who created the Nano S deliberately called it the 'ledger' to confuse people.

I think hardware wallets are ridiculous and a security problem.

Edited by elias
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35 minutes ago, Sukrim said:

This is totally true for BTC and sorta true for XRPL.

Why exactly?

It may sometimes be literally true at the code level, but its completely false in context. The Nano S does not store your XRP balance or your BTC balance, they store the keys.

Also, consider that even the BTC ledger stores coins associated with each address, they have just been encoded as a series of transactions.

They decrease security by being another point of failure.

Edited by elias
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36 minutes ago, elias said:

Also, consider that even the BTC ledger stores coins associated with each address

Not really, they store some smart contracts in a limited stack based language.

36 minutes ago, elias said:

They decrease security by being another point of failure.

Until people are able to do ed25519 signatures with pen and paper, you'll need to use a computer to do that for you. A hardware wallet is designed to do it in a more secure way than your average multi purpose computing platform.

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28 minutes ago, Sukrim said:

Not really, they store some smart contracts in a limited stack based language.

Not really, they store bits in a distributed database!

In the end, all ledgers store account balances. It may be stored indirectly, but the information is still there.

When you go to bithomp and type in an address and it tells you that address has 100xrp, where did it get this information from if not the XRP ledger? If it got the information from the XRP ledger, then the XRP ledger has to store this information.

28 minutes ago, Sukrim said:

Until people are able to do ed25519 signatures with pen and paper, you'll need to use a computer to do that for you. A hardware wallet is designed to do it in a more secure way than your average multi purpose computing platform.

Is the source code available for these wallets?

Edited by elias
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