Hardware wallets are used to store crypto assets as a safer alternative to always connected wallets.
How the Device Works
The hardware wallet is non-custodial and acts as a two-factor identification tool. Only software connects to the Internet, but not the wallet itself. The signature is generated offline and transmitted to a device connected to the network, on which the required application is already open.
The user is then prompted to confirm the transaction. The signature is generated from the key and transmitted to a device connected to the blockchain. It is impossible to recover the private key from the signature and your funds are protected from interception. So which devices are included in the top hardware wallets?
TOP 5 Hardware Wallets in 2021
Trezor One. This device looks like a car key. The device has a monochrome display and two buttons, supports about a thousand coins and tokens of the ERC-20 standard. In addition, it provides the ability to convert cryptocurrencies stored on the device. This hardware wallet:
- Affordable;
- Has a reputation for being the safest on the market;
- Works as a password manager with 2FA.
However, the device does not support TRON and XRP, which may prove to be a significant disadvantage for some users.
Trezor Model T. Thе device has a color screen for entering a PIN and password and triggering a recovery mechanism. This model supports more assets, has a backup mechanism in case of loss of the original phrase, and has an additional 2FA mode. The main advantages of the Model T:
- All Trezor One features plus extra security and coins;
- Device authentication prevents hacking;
- Loss of original phrase is no longer critical thanks to Shamir backup.
The main disadvantage of this model is its high price.
Ledger Nano S.The device looks like a flash drive, but with a monochrome display and two buttons. It connects to a smartphone or PC using a mini-USB cable.
Wallets for different cryptocurrencies are presented in the form of applications, of which there can be from 3 to 20. Accordingly, a small amount of assets can be stored on it. The price of the device is about $ 60. Pros of the Ledger Nano S:
- Known for its safety;
- Discreet and mobile;
- The companion app supports purchases and exchanges;
- One of the best options for the price.
Among the shortcomings, it is worth noting the not very user-friendly interface and the limited number of assets that can be stored on it.
Ledger Nano X.This model is more convenient than its predecessor and can communicate with a smartphone via Bluetooth. It costs about twice the price of the Nano S. The main advantages of this hardware wallet:
- Supports more cryptoassets;
- This devise is mobile thanks to a Bluetooth connection;
- One of the best options for moving from cheaper hardware wallets to expensive ones.
Disadvantages include higher cost and closed source code.
Coolwallet S.CoolWallet S is designed to work with mobile devices using Bluetooth. This hardware wallet has the ability to convert Shib to Matic and other coins stored on it. In addition to two-factor authentication, you can additionally use biometric authentication on a smartphone to confirm transactions. This device harmoniously combines the security of hardware wallets with the convenience of software wallets. CoolWallet S advantages:
- Universal companion app;
- Mobile and secure;
- The perfect balance of convenience, safety and value.
The main drawback of the device is its low popularity in the market.
Be the first to reply