As the growth of crypto currencies has risen drastically and looking like to fly higher more in the future, each one of us needs and will be needing a secure place or wallet for our assets to be stored. In this article, I will be sharing important informations from the two most dominant hardware wallets today - Trezor and Ledger.
Both Trezor and Ledger are hardware wallets. Which means they are physical devices that hold the public and private keys for your crypto. This means you need the device in your hand in order to send a transaction, this is accomplished by physically verifying the transaction on the device. We call this type of wallet as Cold Storage.
It's arguably much safer than keeping your fund on a Hot wallet where private information can be compromised. It's a trade-off here though, ease of use and convenience for better security and peace of mind.
There are more similarities between the two dominant hardware wallet companies than there are differences.
Similarities and differences
Trezor is an open-source and Ledger is not. This might be a deal breaker to some or anyone if they want to audit the wallet code themselves.
Trezor and Ledger both supports similar amounts of assets.
Ledger provides native support for a theory empowered assets while on the Trezor you will need to use a third party ETH wallet such as MyEther wallet or Exodus wallet.
Trezor 1 also has limited support for assets like XRP, EOS, ADA and others. So if you want a full asset support, you'll need to have more hundred and ten extra dollars for the Trezor Model T.
That being said, the amount of memory on the Ledger Nano S is very limited. You can only work with about four or five active assets at one time before you need to remove the wallet and add another one through the Ledger live app.
The Trezor 1 and Ledger Nano S operate very similar.
They have small screens and two-way navigation buttons which also double as selection buttons. Once you step-up to the pricier models, we will see some differences such as screen size and connection options. The Trezor 1, Ledger Nano S and Ledger Blue connect with a USB 2.0 mini plug while the Trezor Model T has a USB C connection. Cables are all included with all models, now the outlier here is the Ledger X which has a wireless Bluetooth connection eliminating the need for a cable and can connect to a wallet on your mobile device which ups the ante for the convenience of security on the go.
The Trezor Model T and the Ledger Blue have colored touch screens. While being the personal fave for everyone was the Ledger Blue for it's ability to take an input from the phones. Users come to love the high contrast of LED screens on the Model T. The larger models both win here because you can see the entire addresses at once when confirming a transaction. It's way more difficult to verify an address that kind of scrolls off the screen.
Both the Ledger and the Trezor builds are plastic but Ledger adds a nice foldable metal shroud to protect the hardware.
Ledger Live App
One of the friction points to any hardware wallets is software support. Do you need to use a third-party applications? Does a wallet have a direct interface or do you manage the transactions through a web interface? Ledger uses a proprietary app desktop and mobile devices called Ledger Live.
With this app, you can keep track of all your wallet balances and manage your transactions. The app is also bundled with the Ledger Manager to add and remove individual asset wallets as mentioned above. If you want to use an exchange service, you'll need to go to a third-party. Trezor on the other hand, uses a web interface to connect to the wallet and has native integration inside like in the Exodus.io.
When you connect your Trezor Model T or Trezor 1 to Exodus, it looks and behave just like everything else with the one exception, you need to confirm sending funds on the device itself. You can easily and instantly exchange directly from your Trezor through the Exodus interface.
Hardware wallets are currently the standard to secure your funds because of their offline, cold storage characteristics. Which one of this do you think is right and suitable for you? Well, it really all depends on your particular needs and all the solutions for both Ledger and Trezor are great options if you are holding more crypto than you can afford to lose. I would encourage you to take the dive and up your security game with the hardware wallet.
Lead Image from : Coinbureau.com
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