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IOTA announced compatibility with popular hardware wallet Ledger. That means that IOTA coin holders will now be able to store their coins (MIOTA) on the ledger Nano S device.
The Ledger hardware wallets integrate with the IOTA Trinity (which they introduced in May), and Romeo Wallets and isolate user’s seeds (the key for their account) from their computer or smartphone, providing another layer of security from hackers.
Users will be able to validate transactions on their Ledger hardware wallet as part of the security protocol. The Ledger Nano S hardware wallet will enable users to protect the private keys giving access to their IOTA tokens in a state-of-the-art secure chip.
Ledger CEO Eric Larchevêque explained that:
“Providing the highest level of security and quality is a major focus at both Ledger and IOTA. The collaboration between the teams created an immediate synergy focused on developing a compatibility feature that allows users to access, store and manage IOTA tokens on Ledger devices.”
He also assured that they are committed to offering the most secure and usable standalone virtual wallet, and that Trinity will fulfill such commitment. Larchevêque welcomed IOTA to the Ledger platform and emphasized that both Ledger and IOTA are focused on offering their users the highest level of quality and security possible.
IOTA is said to aim for scalability and free transactions, as well as Internet of Things (IoT) application. Just for the reminder, there are some 31 billion devices that rely on the Internet of Things (IoT) in the world and that number is growing exponentially, with millions of more new sensors added every week, as the planet becomes ever-more connected. MIOTA was among a top twenty cryptocurrency in terms of market cap, via coinmarketcap.com.
In June they launched on Bitfinex Exchange and hit the record breaking $1.8 billion market cap. It was memorable because the first two hours of IOTA trading was more than double the USD volume and ten times greater than the BTC volume of the last token we released, Ripple, over the course of its full trading day.
Co-founder of the IOTA Foundation David Sønstebø confirmed that hardware wallets are regarded as the safest way to store cryptocurrencies.
“At IOTA, we made a commitment to delivering the safest and most usable standalone cryptocurrency wallet. The Trinity wallet is well on its way to fulfilling that commitment, and today we are proud to announce the next step on the journey,” he said. “Ledger has earned a strong reputation for security and reliability, and this made it a natural choice for integration with Trinity. We are proud of how our community, the IOTA developers and the Ledger team have worked together to make this possible.”
Last month, the company announced its expansion to Hong Kong and the appointment of Benjamin Soong as the Head of Asia Pacific (APAC).
Eric Larchevêque, CEO at Ledger then said:
“Providing the highest level of security and quality is a major focus at both Ledger and IOTA. The collaboration between the teams created an immediate synergy concentrated on developing a compatibility feature allowing users to access, store and manage IOTA tokens on Ledger devices. We are thrilled to welcome IOTA onto the Ledger platform.”
Ledger was founded in 2014 and has earned a reputation of being a security leader in the crypto industry. The IOTA Foundation is a not-for-profit corporation registered in Germany and is known for supporting the development of the IOTA Tangle, an innovative type DLT designed to cater to the Internet of Things (IoT) industry.
IOTA, currently ranked #12 by market cap, is up 1.5% over the past 24 hours. IOT has a market cap of $1.34B with a 24 hour volume of $6.14M.
Partnering with Three Major Industry Giants
In September, three big multinationals: Bosch, Volkswagen, and Fujitsu said to collaborate with IOTA to use its Tangle Technology to automate their products and services.
To interact with the IOTA Tangle technology, Bosch unveiled its new sensor XDK or Cross Domain Development Kit at the end of 2017. These sensors would instantly update Bosch products with new changes thereby taking automation to a new level.
While describing its vision for the Internet of Things, Bosch said:
“The magic quality of the IoT is the connected world it makes possible: a world that’s getting bigger as the technologies linking devices become smaller, cheaper and faster.”
IOTA then also announced the upcoming release of real-world integration with vehicle manufacturer Volkswagen. The Digital CarPass, set to be released in 2019, will see performance data tracked via IOTA blockchain technology to ensure vehicle data collection is reliable and secure.
With Japanese Fujitsu they announced developing a new blockchain based audit trail system.
The premise of this partnership is to use the IOTA ecosystem as a mode of storage that can enable this nuwave audit trail, in the process, it will be designed to improve transparency for customers, will develop a real trust in data (something that is very important) and will also improve the security of that data too.