Some interesting developments are happening with IOTA Foundation, which is a non-profit organization, aligning with Parris-based security and infrastructure solutions provider for digital coins, Ledger. The two have come together to integrate IOTA’s digital coins with security firms for cryptocurrency’s hardware wallets. This is a crucial development considering that hackers have stolen more than $1 billion in the current year itself from the virtual assets market.
Protect Private Keys
In a blog post, the foundation said that the Nano S hardware wallet from the Parris-firm would allow users to protect private keys. Ledger will provide access to the digital coins in a secure high-tech chip by integrating with the wallets of IOTA Trinity and Romeo. This will also detach the key of the user’s account from their smartphone, as well as, computer. This is done by offering an additional security layer thus preventing hackers to hack the users’ accounts.
As far as users are concerned, they would have to authorize transactions on their Nano S hardware wallet. This comes as part of the procedure for heightened security as customers attach much importance to the issue. This is also quite evident when Ledger CEO, Eric Larcheveque, pointed out that its primary focus centered on offering not only the highest quality but also the security levels in both the enterprises. He believes that the collaboration between the two has established synergy immediately on creating compatibility features.
IOTA CEO indicated that the feature enables users to get access for storing, as well as, managing its digital currencies on the Parris-based firm’s devices. The Nano S wallets are created through a unique operating system. This is treated as BOLOS and is combined with a security chip. The company disclosed that the chip, which is an EAL5+ certified one, is being used in the wallet is much similar to the one used for passports or credit cards.
The wallet is not only a tamper-resistant platform but also have the capability of hosting data and apps securely in line with the pre-authorized security and rule requirements. Therefore, it would not be an easy task for anyone to hack due to the secure chip. However, even amateurs could access if it is generic miscontrollers. IOTA is known as an open-source distributed ledger technology (DLT). The foundation is keen to look beyond the blockchain technology.
IOTA is also scalable without any additional cost transaction fees. Similarly, it could scale data integrity to drive the Internet of Things (IoT) future. The foundation’s co-founder and co-chair, David Sonstebo, said
“Hardware wallets are regarded as the safest way to store cryptocurrencies. At IOTA, we committed to delivering the safest and most good 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.”
Pointing out that Ledger has earned a reputation; he said that reliability and security have made it a perfect choice for integration with IOTA’s Trinity. He added that without the contribution from developers and Ledger team, it would not have been possible.