IOTA Foundation Announces Integration With Crypto Wallet Provider Ledgerbr>
IOTA is a distributed ledger designed to record and execute transactions between machines in the Internet of Things (IoT) ecosystem. Its native token, mIOTA, uses a Decentralized Acyclic Graph (DAG) instead of a blockchain used by other, similar systems. The market capitalization of mIOTA is over $1.3 billion, making it the 12th largest cryptocurrency in circulation.
Founded in 2014, Ledger develops solutions for cryptocurrencies and blockchain applications. It currently has two crypto hardware wallets – Ledger Nano S and the touchscreen Ledger Blue – that were built with a distinctive operating system (OS) called BOLOS. The OS enables customers to build source code portable native applications on top of a secure core. BOLOS is integrated into an EAL5+ certified secure chip of each wallet. Ledger claims that hacking an EAL5+ certified secure chip takes a formidable effort, compared to generic micro-controllers which can be easily hacked by amateurs.
As part of the partnership, Ledger hardware wallets will integrate with the IOTA Trinity and Romeo wallets and isolate user’s seeds (the key for their account) from their computer or smartphone to provide another layer of security from hackers. IOTA tokens holders will be able to validate transactions on their Ledger hardware wallet as part of the security protocol.
“At IOTA, we made a commitment to delivering the safest and most usable standalone cryptocurrency wallet,” said David Sønstebø, co-chair and co-founder of IOTA Foundation. “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. 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.”
Eric Larchevêque, CEO at Ledger, said 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 concentrated on developing a compatibility feature allowing users to access, store and manage IOTA tokens on Ledger devices,” said Larchevêque. “We are thrilled to welcome IOTA onto the Ledger platform.”