Particl (PART) and Ledger’s newfound partnership has advanced the capabilities of blockchain, with the Nano S and Ledger Live hardware wallets now able to support cold staking.
The security of private keys
Passwords are one of the most valued entities in the security concentric system, and no matter how secure your passwords are, being connected to the internet exposes you to a greater risk of being hacked. And with their huge success in recent years, cryptocurrencies are now targets of such hack-attempts. With even a high level of complexity employed to secure your digital assets, the safest measure is not to be connected to the internet. But then, your coins will at some point need to interact with the outside world – hence be ‘unfrozen’ from the cold storage. An even more threatening scenario is having to expose your private key while staking using the Proof of Stake consensus.
Particl has been able to address this problem by creating a decentralized, privacy-focused marketplace. It is one of the first blockchain products to successfully achieve what it calls ‘Cold Staking’. Thus far, its greatest achievement is the development of this cold staking system, which happens to be one that offers its user-base a true value for PoS staking with utmost security.
Ledger, now partnering with Particl, is a cold storage wallet provider with a focus on crypto security. Providing both hardware and software wallet options, Ledger serves a market encompassing 165 countries and supports 18 different cryptocurrencies.
The combo-system emerging from this partnership allows Ledger users to secure their PART offline while keeping their staking rights. The Nano S contributes its core advantage of not having to expose the private key of its asset holder to the client (Particl-Qt). This comes in handy by allowing users to store their funds on a hardware device and still have the ability to delegate the hardware wallet’s staking powers to a cold staking node.
With this feature in place, Particl claims that it is the first of its kind do achieve cold staking with a fully-deployed mainnet. This feature will empower users to have all the flexibility needed as they use their cold storage in the staking of their assets and with a rest assured confidence in the security of the platform.
The future looks brighter
Moving forward, the Particl team says it will add more security updates to the cold staking mechanism in the future. As the platform continues to develop, more useful applications of their PART asset should be revealed soon.
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