Ledger Live Now Supports Over 1,250 Ethereum-Based ERC-20 Tokens (#GotBitcoin?)
French hardware wallets manufacturer Ledger announced that its cryptocurrency management software Ledger Live now supports Ethereum (ETH) ERC-20 tokens. Ledger Live Now Supports Over 1,250 Ethereum-Based ERC-20 Tokens (#GotBitcoin?)
In a blog post published on Sept. 5, Ledger announced the version 1.14.0 of its Ledger Live software that now supports over 1,250 Ethereum-based ERC-20 tokens. The update has already been released for both mobile and desktop versions of the software.
More Assets To Be Supported In The Future
The Ledger Live application allows users of the company’s hardware wallets such as Ledger Nano S or Ledger X to manage their devices and cryptocurrencies. The firm also promises to add support for more assets in the future:
“While the ERC-20 token integration has brought a plethora of new cryptocurrencies to Ledger Live, we still aim to add even more crypto assets to the platform.”
As Cointelegraph reported, in March Ledger has unveiled vulnerabilities in its direct competitor Trezor’s devices. Prague-based crypto wallet manufacturer Trezor, on the other hand, has responded to Ledger’s report by claiming that none of these weaknesses are critical.
Ledger Live Adds Support For Tezos And Staking, Adds Features To Hardware Wallets
Hardware wallet manufacturer Ledger has announced the latest version of its Ledger Live application, adding support for Tezos (XTZ) and Tezos staking.
Unveiled last year, Ledger Live is a software solution that allows Ledger hardware wallet users the ability to manage their digital assets via a smartphone or computer. Ledger Live lets users check their cryptocurrency balance and send or receive tokens, while maintaining control of their private keys. Ledger CEO Pascal Gauthier told Cointelegraph:
“Ledger aims to combine security with a seamless user experience. The announcement with Tezos is exactly part of this mission. Ledger Live makes it easy to use crypto, while Ledger hardware wallets provide a high level of security. Ledger Live users can now create or import Tezos accounts, stake XTZ and passively earn rewards.”
From Hardware to Software
While adding support for XTZ creates an additional layer of security for token holders, it is noteworthy that Ledger Live lets users grow their digital assets through staking, which is a way for crypto holders to earn passive income.
XTZ operates on a proof-of-stake blockchain protocol. While Bitcoin and other cryptocurrencies operate using proof-of-work systems — in which miners compete against each other to complete transactions on the network to get rewarded — the Tezos blockchain requires all token holders to participate in securing and maintaining the network.
The aim of Tezos is to help token holders work together to make decisions that will improve the protocol over time. In turn, Tezos rewards users for contributing to the network’s security, a process known as staking (or “baking” in Tezos terminology).
Although staking Tezos is important for maintaining the network, this feature is typically available to users through major cryptocurrency exchanges, like Binance and Coinbase. Yet, according to Gauthier, this has been problematic due to the questionable level of security on these exchanges.
Gauthier pointed out that storing XTZ on a Ledger hardware wallet and then providing users with a platform to stake Tezos creates a much more secure solution. Moreover, he noted that the cryptocurrency industry is heading in a direction where hardware capabilities are being combined with software features:
“Hardware will always be important. Our customers like being able to store their crypto on a Nano, which remains the most secure hardware wallet on the market. But we have to think about where the industry is growing and going – and offering Tezos staking on Ledger Live is a signal that we are moving in a direction where strong UX coupled with less friction, allows customers to interact and transact with their crypto easily, quickly and still securely.”
Staking Tezos is an example of how Ledger Live aims to integrate new services seamlessly within a single application on a smartphone or computer.
“We expect to bring more prominent features via software to our users in the future,” noted Gauthier.
Giving Users More Control
Additionally, since Tezos operates on a proof-of-stake consensus model, users can either participate by staking or by delegating their tokens to those who can stake for them. In order to stake Tezos, users must have at least 8,000 XTZ tokens. However, users can delegate their tokens to a delegation service — known as “bakers” in the Tezos community — without transferring their ownership. This allows all participants the ability to earn the rewards generated, minus the validator’s commission.
Major exchanges that provide Tezos staking also offer a delegation service and typically charge commission fees on all rewards received. Unlike those exchanges, Ledger Live lets users choose who to delegate their tokens to without applying additional fees.
“We’ve been working closely with the Tezos community to make staking more convenient. On major exchanges, users have to do everything themselves, meaning they have to find someone to delegate their coins to or go through a custodian. Ledger Live empowers users to make their own choices by allowing them to choose who to delegate their tokens to. This is part of the nature of our open platform. We want to make sure users can access their entire crypto journey through Ledger Live,” said Gauthier.
How Will The Community React?
While the integration of Tezos is important for Ledger Live to widen the array of services offered on its platform, which currently supports 1,250 ERC-20 tokens, the impact of the development will be measured by its resonance with the Tezos community.
“It will be interesting to see how the Tezos community receives the Ledger partnership,”
President and Founder of TQ Tezos, Alison Mangiero, told Cointelegraph. “Right now we have external development teams working on applications that have been integrated into Ledger, but this makes for a much more seamless user experience. It will also be interesting to see new features incorporated into Ledger Live when upgrades are made to the Tezos protocol.”
Ledger Wallet Warns of Fake Google Chrome Extension Stealing Crypto
Major cryptocurrency hardware wallet supplier Ledger has warned its users about another phishing attack trying to steal their crypto — this one using a Google Chrome extension.
In a March 5 tweet, the French crypto company specified that there is a fake extension on Google Chrome browser that attempts to steal users’ crypto by asking them to enter their 24-word recovery phrase to access their wallet.
Ledger Live Gets Removed From The Chrome Web Store
The phishing attack was reported by Catalin Cimpanu, a cybersecurity reporter at business technology news website ZDNet on March 4. According to Cimpanu, the malicious Chrome extension was first discovered by Harry Denley, director of security at blockchain interface platform MyCrypto.
According to the report, the fake Chrome extension is called Ledger Live. It tries to mimic the real mobile and desktop application Ledger Live that allows Ledger wallet users to approve transactions by syncing their hardware wallet with a trusted device.
As of press time, the fake Ledger Live extension had apparently been removed from the Chrome Web Store. According to the report, the phishing extension was downloaded at least 120 times before it was taken down.
Fake Extension Was Advertised By Google Ads
As reported by ZDNet, the malicious extension was trying to mislead users into thinking that it represented the Chrome version of the original Ledger Live app, which would allow them to check balances and approve transactions via Chrome. Users were apparently offered to install the extension and connect their Ledger wallet to it by entering the wallet’s seed phrase — a backup phrase or word seed used to get access to their wallets.
MyCrypto exec Denley, who first uncovered the phishing attack, reportedly ridiculed the malicious extension by claiming that it makes no sense to install and use such an extension with a hardware wallet that is meant to protect funds by storing cryptocurrency offline.
However, Denley still admitted that he would not be surprised if the fake extension has tricked people, adding that it’s a “big problem in the cryptocurrency area, to teach people their private keys/mnemonics should stay offline.” The malicious extension could apparently have misled some users, taking into account the fact that it was advertised by Google’s online advertising platform Google Ads, as reported by Denley.
In the warning announcement, Ledger emphasized that the platform would never ask its users for their recovery phrase, urging that to never share the 24-word seed phrase or enter it into any device connected to the Internet. This is, however, not the first time that Ledger users encountered a fake Chrome extension. As reported by Cointelegraph in early January, another malicious Chrome extension stole about $16,000 in privacy-focused cryptocurrency Zcash (ZEC).
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