Particl and Ledger Nano S Crypto Wallet Partner For Secure Cold Staking
The Particl project has announce that the Ledger Nano S hardware wallet is compatible with their token. Moreover, the token will become the world’s pioneering digital currency to allow cold staking which does not entail the disclosure of public keys.
Previously, the Particl team had promised to launch a solution that is unprecedented in the crypto space. By launching the cold staking feature, the team have fulfilled their promise. However, this exciting feature is expected to remain in the shadows until Particl establishes a footing on the crypto world, and the use of digital currencies becomes mainstream.
Cold Staking, which was introduced last year by Particl, is a solution that enables users to sign and stake tokens on cold staking nodes without storing the assets on them. Usually, the process involves the exposure of private keys, an issue that will be fixed thanks to the integration of the Nano S hardware wallet. Obviously, the inclusion of this feature is meant to protect the wallet from malicious attacks. Initially, only user who run the Ledger Nano S wallet on Windows and Linux operating systems will be able to access Particl. The team is currently developing a module for the MAC operating system.
To stake PART tokens into the Nano S wallet, users do not require an active internet connection. Furthermore, the hardware wallet does not prompt the user to provide passwords or other identification information.
This is because cold wallets such as Nano S are immune to hacking attacks, unlike hot wallets which are significantly vulnerable due to their connection to the web. Additionally, hardware wallets require the owner to physically press specific keys on the device before any transaction is initiated.
Soon, the Particl team will allow its users to take part in a decentralized voting process using the Nano S hardware wallet. As of now, the team is focusing on improving the marketplace, compatibility with the Trezor wallet and the development of the voting process mentioned above.
The introduction of unique features such as cold staking is perceived by many crypto enthusiast as the preparation for the impending mainnet launch. While the Particl team is yet to declare a definite date, the inauguration is expected to be in a few months’ time.
The Particl platform regards itself highly concerning privacy and flexibility, labeling its proof-of-stake protocol as the safest standard in the world. Allegedly, this platform is too complex for quantum computers to decrypt. To this end, the company’s Head of Communications, Paul Schmitzer, said that the resistance to quantum decryption depends on the exposure of the public keys that are broadcasted over the network during staking. Quantum computers have the ability to intercept the key and use it to generate private keys, thereby gaining access into the wallet.