Given the simplicity of hardware wallets, appropriate software is a must to handle the heavy lifting. In this regard, Ledger devices hinge on Ledger Live, and it is worth your time to have a deeper look at this proprietary software. So let’s get into it.
Ledger Live essentially serves the purpose of displaying funds in the Ledger device. The Ledger device must be physically present to send cryptocurrency; without it, the transfer of crypto is impossible. This is the second part of this two-part article series, and you can read the first article here.
Is Ledger Live Safe?
The Ledger hardware wallets employ several security measures to protect the crypto. The wallet’s inherent design is the most fundamental of these features.
They are an independent, wholly separate storage area from the rest of a user’s computer. It implies malicious software and viruses cannot access private cryptocurrency keys and other sensitive data. It covers any harmful software that is pre-installed on the computer.
Moreover, connecting a Ledger wallet to an unknown computer will not cause it to become infected with malware. Besides, the product is EAL5+ certified. The highest degree of assurance, EAL5+, signifies that the product has undergone a thorough and methodical evaluation of its design and implementation.
The National Agency for the Security of Information Systems (ANSSI) audits all Ledger devices in addition to the EAL5+ certification. The Ledger products are subject to examinations by the French cybersecurity organization to ensure they adhere to the strict EAL5+ security standards.
Ledger Live is open source and is open to public scrutiny. It hasn’t, however, ever been the target of a hack, which proves how secure the program is.
Nevertheless, it’s crucial to remember that Ledger experienced a security breach in 2020. Although there was no financial loss, the breach did disclose the names, addresses, and phone numbers of wallet users.
Since then, Ledger has been outspoken about security procedures, including blogs and how-to articles regarding personal security on its website. The business has also taken down close to 200 phishing websites.
Every withdrawal and spending transaction must be manually approved from the connected devices. In essence, even if you were hacked, the hacker would be unable to withdraw cryptocurrency without having that physical Ledger in possession.
So we can confidently say that Ledger Live is a safe-to-use software.
Who Owns Ledger?
Ledger was founded in France in 2014, making it a pioneer in the cryptocurrency industry. Its founders, who come from a variety of disciplines, including engineering, internet security, and cryptocurrencies, came together motivated by the notion of “developing secure solutions for blockchain applications.”
David Balland, Eric Larchevêque, Joel Pobeda, Nicolas Bacca, and Thomas France are the founders of Ledger, and the company now has a large workforce of 800+ employees working globally. It has 10 offices: Paris, Vierzon, Grenoble, Montpellier, London, Geneva, Zurich, Singapore, Portland, and New York.
Where Does Ledger Live Get Prices From?
The real-time balance on Ledger Live offers continuously updated pricing for each coin. At the top of the “Portfolio” screen are details about your total assets and a graph indicating their value over time. But where does Ledger Live get these values?
The Ledger website doesn’t give a definite answer to this question, but it is believed that Coinify integration shows the prices. These prices may often be higher than that on an exchange. It is because Coinify is not an exchange but a broker.
While brokers sell you the coins, exchanges match user orders. Brokers who sell you coins must insure against price risk because they possess the coins themselves. Thus, these prices on Ledger Live are often on the higher side.
Ledger Live offers a convenient option to buy coins right from the app, but if pricing is more important to you than practicality, consider buying from an exchange.
The prices when you buy or sell a token will depend on the buy-partner you choose. These partners could be Coinify, Wyre, or MoonPay.
Is Ledger Live an Exchange?
Ledger Live is not an exchange but can be said to be a gateway to exchange. It is the proprietary software from Ledger that has tons of functions. Among these functions is the one to buy or sell tokens.
Depending on the purchasing provider chosen in Ledger Live, purchase options, supported coins, payment ways, and transaction fees differ.
Users in most nations have access to the buying option. Before making a purchase, you must finish your full KYC with Coinify, MoonPay, or Wyre. The payments usually transpire through debit/credit card or bank transfer/ACH.
Is Ledger Live Decentralized?
Ledger Live is an open-source software from Ledger and is not a decentralized app. But it does provide decentralized options to the users.
Two of the most popular DEX aggregators, 1inch and Paraswap, are incorporated into Ledger Live. You can access either of these platforms inside the app and check the asset swap rates across numerous DEXes before deciding on the best pricing to execute the swap.
With all that said, how do you install Ledger Live?
Ledger Live is available on Windows, Mac, and Linux. It is also accessible on mobile devices running Android OS and Apple iOS. To install it on a desktop, follow the below steps.
- Visit the website.
- Select “Desktop” after clicking “Download.”
- Install the program on your computer by launching it.
- You should see the Ledger icon on your desktop once the installation is complete, which should take at most a few minutes.
Ledger Live is quite easy to install. The software is ready for use once you download it and follow the straightforward installation instructions. It is a must-have for all Ledger users.
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