Cardano (ADA) On Verge Of Integrating With Leading Crypto Hardware Wallet; Follows Monero (XMR), Other Altcoins
On Tuesday afternoon (PDT), the Cardano (ADA) figurehead Charles Hoskinson (CEO, IOHK) tweeted a link to the Ledger Cardano ADA wallet v0.1.0, indicating that support for the Ledger hardware wallet is imminent. It’s a testament to the hard work of those developers who made Ledger integration possible, for it was only on February 13 when Cardano was added to the Ledger Trello roadmap.
Well look what I found here: https://t.co/oZ3ku32X0T
— Charles Hoskinson (@IOHK_Charles) April 24, 2018
With the Cardano Ledger App having finally been developed, holders of the seventh most valuable cryptoasset (by market cap) will soon be able to move their holdings off of hot wallets (e.g. crypto exchange account balance, or $ADA-compatible software wallets like Daedalus) and onto the crypto hardware wallet.
For Cardano investors who already own a Ledger Nano S (or Ledger Blue), here is what the hardware wallet company requires you to do before you’re able to store your private keys on their product:
When a new cryptocurrency is added to the Ledger Nano S and Ledger Blue, you will only need to download the last application or update the device’s firmware.”
Highlighting the significance of this milestone for Cardano, the news shared by Charles Hoskinson came on the very day that the crypto community was reminded (yet again) of the dangers involved with keeping virtual currencies holdings in software wallets, after the popular MyEtherWallet (MEW) was compromised. The California-based company has since revealed that a “couple of DNS servers were hijacked to resolve myetherwallet.com users to be redirected to a phishing site.”
Unique Codebase = Complex Integration Process
Like Cardano, the popular privacy-centric coin, Monero (XMR), has recently revealed that they too are extremely close to reaching official Ledger support. Per developer Ricardo Spagni, the fact that Monero was built on its own codebase has meant that hardware wallet integration has been cumbersome.
There is no doubt that Cardano – the first cryptocurrency based on Haskell code – would have incurred similar problems; explaining why it too has taken so long to integrate with Ledger, despite it being one of the most popular cryptoassets available.
Six More Altcoins To Be Integrated
Looking to Ledger’s public roadmap, it can be seen beyond Cardano and Monero, there are an additional six altcoins currently labelled as “in progress” re: becoming compatible with Ledger’s hardware wallet. These are: Decred (DCR), StakeNet (XSN), Lisk (LSK), Rise (RISE), IOTA (MIOTA), Wanchain (WAN).
Image From Shutterstock