Crypto Wallet Ledger Adds Support For Tezos (XTZ) Staking On Its Ledger Live Platform
Ledger, one of the leading hardware crypto wallet manufacturers released the latest updated version of it's Ledger Live platform which can be used by a hardware wallet users on their smartphones or computers to manage their digital assets. The platform also announced the listing of Tezos(XTZ) token along with staking services.
The Ledger Live platform was launched last year as a medium for hardware wallet users to keep a track of their digital assets, check their balance and also send and receive cryptocurrencies. The CEO of Ledger, Pascal Gauthier, said that the addition of Tezos staking services on the platform will help the users to earn passive staking rewards and also promote the adoption of the wallet. He said,
“Ledger aims to combine security with seamless user experience. The announcement with Tezos is exactly part of this mission. Ledger Live makes it easy to use crypto, while Ledger hardware wallets provide a high level of security. Ledger Live users can now create or import Tezos accounts, stake XTZ and passively earn rewards.”
Adding Staking services make the Network more Secure
Ledger Live was launched to ensure a seamless digital asset management experience for the user, and the introduction of staking services would not only lure new customers but also ensure an added layer of security to the platform.
Tezos make use of Proof-of-stake (PoS) protocol unlike Proof-of-work(PoW) used by the likes of Bitcoin. In PoW consensus, all the miners on the platform compete against each other for mining the next block, while in PoS based consensus all miners work together to secure and maintain the network. While PoW based consensus rewards the miners based on their contribution of hash power in mining the next block, the PoS based consensus reward users through a process called staking.
These staking services where the user locks their digital asset using a smart contract for a particular time and in reward they receive an interest rate on the amount of staked tokens. The staking services are available through crypto exchanges, but the level of security on these exchanges has been under question after every major mishap or a hack.
Users can do both stakes their XTZ tokens or delegate those tokens to others who can stake it for them known as “Bakers” on the Tezos platform. A user must have a minimum of 8,000 XTZ tokens to participate in the staking services and earn rewards based on the time they have staked it. However, exchanges that offer these services charge a hefty commission fee and Ledger is looking to remove that third-party commission to give added benefit to customers.
Ledger promises to provide the highest level of security and its Ledger live platform makes using the hardware wallet much more interactive. Gauthier explained the benefits of staking on Ledger,
“Hardware will always be important. Our customers like being able to store their crypto on a Nano, which remains the most secure hardware wallet on the market. But we have to think about where the industry is growing and going – and offering Tezos staking on Ledger Live is a signal that we are moving in a direction where strong UX coupled with less friction, allows customers to interact and transact with their crypto easily, quickly and still securely.”
Ledger is looking to leverage its Ledger Live platform to expand its service base and integrate more such new services to the platform.