Trezor Vs. Ledger – An Updated Analysis

Trezor Vs. Ledger – An Updated Analysis

After you’ve made the choice to be part of the cryptocurrency craze, you’ve acquired Bitcoin, Ethereum, Litecoin or other cryptocurrency and you’re HODLing. Now what? Well, your top priority is to protect your digital assets.

Hardware wallets are usually the safest and are the preferred method for many cryptocurrency holders. Typically, these wallets connect to a computer via a USB port or a handheld device via Bluetooth.

There are two mainstream hardware wallets on the market – Trezor and Ledger Nano S. Both have established themselves as popular cold wallet options.

Both wallets save your cryptocurrency private key in an offline environment, so that hackers can’t steal your private key. For anyone to steal your coins, they’d need to steal your hardware wallet and somehow get you to give them your password and PIN code.

Advantages of Hardware wallets

  • The private key information is kept safe within the hardware and is never exposed to the working system.
  • Hardware wallets are resistant to any malicious software designed to find to root out private keys and steal funds.
  • If you happen to lose your wallet, you can always recover your coins using a seed recovery phrase.
  • Before spending any coin, the hardware wallet will request you to confirm the transaction on your computer. This ensures no coin is spent without your knowledge.
  • Wallets are secured by encryption with a PIN code like debit cards, which adds more security to your digital assets.
  • Most hardware wallets are able to support multiple cryptocurrencies.

So which one is better – Trezor or Ledger?

Trezor

Trezor hardware wallet came in the summer of 2014 by a Czech-Republic-based startup – SatoshiLabs. It was the first Bitcoin wallet on the market and probably the most reputable one as well. It offers a combination of secure cold storage and the ability to spend cryptocurrencies with the same convenience as a hot wallet. It allows you to store your private keys and digitally sign transactions without any Internet connection.

Trezor Wallet attached to c omputer e1514611511143

Source: https://www.easycoinbuy.com

Ledger

The Ledger Nano S hardware wallet is the brainchild of eight experts from a France-based company called Ledger. Launched in 2014, Ledger is a very secure alternative for storing and managing cryptocurrencies. The Nano S offers a variety of nice features. In addition to the already appealing design, the hardware wallet based on the BOLOS platform is a small cryptographic wonder with high-security features like BIP39 Seed (12 to 24 words) and 4-digit login PIN code.

ledger wallet review 1

Source: ledger.com

User Interface And Design

In terms of design, the wallets are practically the same. Both are small and compact. They should comfortably fit in your pocket and be usable in one hand. However, Ledger Nano S has a slight advantage, in the sense that it boasts a stainless steel casing which is pretty robust. Trezor is made out of plastic but is more compact than Ledger Nano S.

Both products have two physical buttons that are used to confirm or deny the action. Moreover, each fully utilizes its screen which shows transaction information. It is worth noting that Trezor’s display is slightly larger than Ledger’s screen. However, that doesn’t have an impact on performance. Both wallets come in the form of a tiny attachment to the USB port. You can connect your device to a PC, smartphone or any other device using the USB cable.

Ledger’s weigh is 16.2 grams and its dimensions are – 98mm x 18mm long x 9mm thick. The Trezor Wallet weighs 12 grams and is definitely smaller (30mm x 60mm long and 6mm thick), which makes it more portable and easier to carry in your pocket.

What’s inside the Trezor and Ledger retail package?

Trezor

  • Trezor device
  • USB cable
  • Strap
  • User manual
  • Two recovery Seed Cards

Ledger Nano S

  • Ledger Nano S device
  • Start manual
  • Keyring, lanyard, and other resources
  • Recovery card
  • USB cable

Using The Device

Both Trezor and Ledger support a variety of operating systems (OS). They work with Windows, Mac and Linux Operating Systems. You will need to connect the devices to a computer via a micro-USB cable. Also, they both support nearly all Android devices. Trezor has a Google Chrome extension that features a standalone device management. The extension allows applications and websites to communicate with a Trezor device.

Ease of use

The set-up process for both devices is pretty straightforward. The process involves three steps – connecting your hardware to a computer using a USB cable, setting a PIN code, and writing down your backup recovery phrase.

Security

Unlike Trezor, Ledger S is not a completely open source system. Even though the Ledger Nano S is not truly open source, it is more secure with password encryption.

Cryptocurrencies Supported

Both Trezor and Ledger support most of the popular digital currencies. At the time of this writing, the Trezor’s and Ledger’s list of supported digital coins include:

Trezor

  1. Bitcoin
  2. Ethereum
  3. Bitcoin Cash
  4. Litecoin
  5. Bitcoin Gold
  6. Ethereum Classic
  7. Dash
  8. DogeCoin
  9. Zcash
  10. NameCoin
  11. NEM
  12. Expanse
  13. ERC-20 Tokens
  14. UBQ

Ledger Nano S

The Ledger Nano S offers support for more cryptocurrencies than Trezor. Therefore, if you want to buy and sell multiple cryptocurrencies, Ledger may be more suitable. Cryptocurrencies supported by Ledger:

  1. Bitcoin
  2. Bitcoin Gold
  3. Bitcoin Cash
  4. Ethereum
  5. Ethereum Classic
  6. Ripple
  7. Zcash
  8. PIVX
  9. Digibyte
  10. Qtum
  11. Komodo
  12. Dash
  13. Litecoin
  14. Dogecoin
  15. PoSW
  16. Zencash
  17. BTCP
  18. Stealthcoin
  19. Neo
  20. Ark
  21. ERC-20 Tokens
  22. Stellar
  23. Stratis
  24. Ubiq
  25. Viacoin
  26. Vertcoin

Price

Trezor is available at a higher price point compared to Ledger. Trezor is available at a retail price of $169 while Ledger is priced at $99.

Final Thoughts

Our overall feeling is that both hardware wallets are good, safe and convenient. The difference is minimal, as both wallets are good options, but the Ledger Nano S is cheaper, supports more altcoins and is slightly more secure than Trezor. For that reason, it earns a slightly better recommendation from our analysis team here. 

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3 Industries Blockchain Entrepreneurs Will Change for the Better

With the emergence of blockchain technology, innovation seems far from over, and as new processes and systems emerge, entrepreneurs should be looking for market pain points in need of innovative solutions.

Of all the industries that can benefit from blockchain solutions, three stand out.

Transparency and traceability in supply chain management

Traceability, transparency and authenticity are the three key pillars of efficient logistics. However, the present day standard databases that are used to store the key information about the goods in transit are neither efficient nor foolproof. The records can be easily tampered with and manipulated, information is often not available or updated in real-time, and there is a serious lack of transparency, with no way for consumers to be able to track products from their origin to their endpoint.

Blockchain offers an efficient solution to such problems. If, for example, a drug is manufactured in Singapore and shipped to a U.S.-based patient, with a specific need to be stored below 4 degrees Celsius, placing a blockchain-supported RFID tag on the drug will cancel out the possibility of any damage or misuse occurring during transport. Smart sensors equipped with RFID record all necessary details and broadcast them in real time to the blockchain network, which will be accessible to all parties involved. In case of any violations, alerts can be sent out to all stakeholders who will then be able to deal with the issue instantly. Recording all data points on the tamperproof blockchain will ensure that the end customer will be able to track every single movement of the drug from its source to end delivery and the use of smart contracts will help in reducing the overhead costs and paperwork.

VeChain, which calls itself “the Ethereum for business,” is a suppy chain management blockchain company that has partnered with firms like PwC and DNV GL. It is attempting to solve logistics problems of luxury brand items such as wine, auto car parts and the drug industry. IBM is also working on a supply chain blockchain, and has use cases that include massive retailers such as Walmart. The U.K.’s Food Standards Agency (FSA), a safety watchdog, recently announced that it has successfully piloted a blockchain-based supply chain monitoring system.

Blockchain solutions for customer loyalty programs

Research reports suggest that bringing in new customers costs up to five times more than retaining an existing one. Can blockchain help in maintaining customer satisfaction thereby maximizing business profits?

Loyalty points-based systems are one of the most popular ways to retain customers who repeatedly purchase more in order to cash previously earned loyalty points. Despite its success, these types of programs pose challenges to businesses. Along with operational overheads, if a large number of customers cash out their loyalty points at the same time, the margins of the business take a hit. Many times, customers also are dissatisfied with loyalty points if they have limited options of places to redeem them.

Creating such a system on a common-token based blockchain can help these issues. Instead of business-specific loyalty points, customers can be given blockchain tokens shared by various companies. If many unrelated businesses join the same network, it will significantly reduce their costs and customers will benefit from having more options on which to spend their loyalty points. You could earn loyalty tokens at your grocery store or from you air-miles program and spend it on a car wash or phone bill payment. Tokens can also be traded among customers, increasing their value, and even if a whole group of customers cashes out tokens at a particular store, the business will be minimally impacted as it can also use the tokens it receives.

BitRewards operates as a blockchain-based loyalty platform and allows retailers to reward their customers’ purchases with BIT crypto tokens. Blockpoint is another similar platform that supports build multi-merchant loyalty point coalition programs, and also supports gift cards. Deloitte is offering its solutions for similar implementations.

 

Advertising directly to consumers without intermediaries

Merchants and businesses often rack up high advertising costs as a significant cut goes to the intermediary. Along with many issues in the process, when user data is shared with so many parties, it’s privacy and security are compromised. For instance, we saw in the Cambridge Analytica scandal over 50 million users’ data was accessed by a third party without their knowledge or consent.

Blockchain-based advertising platforms offer better ROI with lower costs and enhanced data security. Offering direct connections between advertisers and publishers, both parties can look at a variety of options and choose the ones that suit them best with the open rating system ensuring transparency and feedback.

QChain is a digital ledger application offering buying and selling of digital advertising, including native advertising. AdHive is another blockchain tech startup that has automated placement of native advertising with influencers allowing for greater efficiency and time savings. AdEx attempts to eliminate advertising frauds and pays only for valid clicks.

These are only a few of the industries in need of blockchain solutions, with more innovators, investors, and developers moving to the space, we will see overhauling of systems and the proliferation of blockchain tech in many more across the board.

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Microsoft’s New Ethereum Blockchain Product Gets Rid of Mining

Software giant Microsoft has debuted a new Blockchain as a Service (BaaS) product that allows businesses across industry verticals to deploy a flexible instance of Ethereum tailored specifically for enterprise environments.

Announced on Tuesday, Ethereum Proof-of-Authority on Azure allows enterprises to build applications on an Ethereum blockchain that is not secured by a Proof-of-Work (PoW) consensus algorithm and consequently does not require mining — features that are better suited for networks in which participants do not trust one another.

PoW “works great in anonymous, open networks where cryptocurrency promotes security on the network,” said Azure Global software engineer Cody Born. “However, in private/consortium networks the underlying ether has no value.”

Born explained that, since all participants on an enterprise blockchain network are known and reputable, governance can be separated from network operation.

microsoft azure ethereum

 

Proof-of-Authority allows network administrators to engage in on-chain voting | Source: Microsoft Azure

To this end, the Proof-of-Authority product features a built-in decentralized application (DApp or dApp) called the “Governance DApp” that provides consortium members with the authority to govern the network or delegate their voting power to others. Network participants can also delegate other nodes to vote on their behalf in the event that their primary nodes go offline, ensuring that all members maintain continual consensus participation.

Network administrators, in turn, can use on-chain voting to vote on and alter network authorities in a transparent and auditable manner.

Along with Azure’s original, PoW-based Ethereum product, blockchains using this new consensus model can be deployed in as little as five minutes, providing enterprises with a “single-click” DLT solution.

To further increase the product’s usability, Microsoft integrated support for smart contracts built using Parity’s WebAssembly (Wasm) toolkit, enabling developers to write smart contracts in familiar programming languages such as C, C++, and Rust in lieu of learning Solidity, Ethereum’s primary programming language.

Featured Image from Shutterstock
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IBM-Maersk blockchain alliance cuts oceanic shipping times by 40%

The TradeLens shipping partnership now has 94 partners, despite blockchain skeptics.

Did you just get a TV from Tokyo or flowers from France? Blockchain, that potentially disruptive but much-derided technology, might have helped deliver the goods.

A blockchain-based IBM partnership with global shipping colossus Maersk has now expanded to include 94 partners, Big Blue said Thursday. That includes shippers, customs houses, ports and others that have to wrangle paperwork as containers full of goods move around the world.

The result is shipping times that dropped a whopping 40 percent on average, according to Marie Wieck, who leads IBM’s 1,600-employee blockchain work.

That’s the kind of improvement that every inventory manager and bean-counter in accounting loves. And it ultimately means lower prices for anyone buying that TV or those flowers.

Six decades ago, the standard-size shipping container famously revolutionized shipping. Blockchain could do the same. 

“We believe it has the potential to have the same amount of impact on the process,” Wieck said.

Wait, what’s blockchain again?

Blockchain cuts paperwork-handling hassles by a factor of 10 by making it easier for everyone involved to get bills of lading, sanitary certificates, customs releases, invoices and other necessary documents, Wieck said. Before blockchain’s swifter processing, a “container spent more time in the ports than in the ocean” when shipping flowers from Mombasa, Kenya, to Rotterdam in the Netherlands, she said.

Blockchain lets cooperating companies or people share data — sales transactions or property records, for example — on a shared network of computers. The information is distributed across all of them instead of isolated on just one, an idea called a shared ledger, with encryption technology writing the data to all the systems in an ever-lengthening series of interlinked blocks.

Blockchain bakes trust into transactions because a single database eliminates some he-said, she-said disagreements that ordinarily crop up when multiple parties are trying to reconcile two separate databases. Encryption technology ensures that transactions really are between the parties involved.

The blockchain idea grew out of bitcoin and stores transaction data for all other cryptocurrencies, too. But much of the enthusiasm for blockchain is from its use in other domains, everything from voting and lotteries to ID cards and graphics rendering.

Blockchain skeptics

Still, blockchain has plenty of detractors who think of it as a solution in search of a problem.

Vint Cerf, one of the creators of the internet, tweeted a photo of a flowchart for tackling the issue. The top box in the flowchart states: “Do I need a blockchain?” A single arrow points to another box: “No.”

The chief executive of Western Union, a partner in a high-profile blockchain money-transfer project from startup Ripple, said in June that so far, “it’s still too expensive.”

But TradeLens shows there’s enthusiasm, too. Among its 94 partners are shippers Pacific International Lines and Hamburg Süd; customs authorities in the Netherlands, Saudi Arabia, Singapore, Australia and Peru; and port operators in Philadelphia, Hong Kong, Rotterdam, Halifax, Nova Scotia, and Bilbao, Spain.

IBM rival SAP, a business software maker and another blockchain fan, said that the reality of blockchain is that it’s not a get-rich-quick scheme.

Blockchain is a business network, said Gil Perez, SAP’s senior vice president of products and innovations. “It is critical for multiple companies to come together and agree on a business process, which is lengthening the adoption of blockchain in the enterprise,” he said.

SAP has a blockchain project for shipping, logistics and customs, too, and it’s working with partners including the US Customs and Border Protection agency and shipping company UPS.

Logging a million events per day

That work is in the proof-of-concept stage. IBM’s TradeLens service is part of IBM’s early adopter program, but it’s up and running in the real world. It captures more than a million shipping events each day, 154 million in total so far. 

“We don’t see scalability as a factor at all,” Wieck said.

TradeLens for now has been a closed partnership, but that’s changing. “We’re anticipating opening up general availability for anybody who wants to join later this year,” Wieck said. Cryptocurrencies use public blockchains, which means anyone can operate a node on the network and contribute transactions, but TradeLens uses a more restrictive “permissioned” approach with some controls on participation. It maintains the core blockchain idea of distributing data across multiple servers, though.

Also Thursday, IBM opened a programming interface that will let other companies’ computer systems interact with the blockchain. IBM charges for access to the TradeLens, offering it online as software as a service and sharing revenue with founding partners.

IBM has found it’s needed to make course corrections with TradeLens — for example, in the types of documents stored on the blockchain and the “onboarding” process to enlist new partners. But when done right, the blockchain greases the wheels of commerce.

“When there is real transparency to all data on the chain, you have less disputes because everybody has seamless visibility,” Wieck said. “We feel very comfortable about the model having value for the different types of participants.”  

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Starbucks may let customers pay with bitcoin

Starbucks customers may soon be able to pay for their lattes with bitcoin.

The company announced on Wednesday that it’s teaming up with Microsoft and Intercontinental Exchange, the owner of the New York Stock Exchange, to let customers use cryptocurrencies to buy items in stores.

The companies are working on a platform called Bakkt to allow users to store digital currency and trade it for products. Starbucks won’t store or accept the cryptocurrency directly, but Bakkt will turn people’s digital currency into US dollars that can be used at the coffee chain.

Starbucks said the move is part of an effort to stay innovative and offer customers more ways to pay.

Bitcoin(BTSC), the first currency that’ll be available on Bakkt, is a buzzy alternative currency, but its rise in popularity has been far from stable. Late last year, the value of one bitcoin was as high as $20,000, but it’s currently priced at just over $7,400. People can also purchase a fraction of a bitcoin.

Bakkt is expected to launch in November, and it’s unclear when Starbucks will be able to implement the technology for customer use. The platform will also be available for other merchants to use.

Related: The Winklevoss twins’ bitcoin ETF was rejected

This isn’t the first time Starbucks has jumped on the digital payments bandwagon. In 2011, it became one of the the first major retailers to accept in-store mobile payments.

Starbucks’ decision to embrace cryptocurrencies may help to further legitimize the use of alternatives like bitcoin.

But it’s not the first US company to do so. Overstock (OSTBP), Expedia (EXPE) and Microsoft (MSFT) are among a growing number of companies that allow customers to buy products with bitcoin online.

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