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Ledger Nano Gen5 debuts affordable hardware security for AI-driven digital identity
Ledger, the most popular cryptocurrency hardware wallet company and one of the oldest in the industry, has announced its newest and most advanced security device, the Ledger Nano.
Gen5. Taking the functionality of previous Ledger devices to the next level, Gen5 also reaches an incredibly low price compared to previous devices.
According to a press release shared with Bitcoin Magazine, Ledger has sold “over 8 million devices in 165 countries, over 10 languages, and over 100 financial institutions and commercial brands.” The company claims that “more than 20% of the world’s crypto assets are secured by Ledger.”
Check out the live stream of the announcement live!
leisure nano Gen5 is 79.40mm high, 53.35mm wide, 8.64mm thick and features a Ledger EAL 6+ certified secure element (ST33K1M5). The E Ink® black and white capacitive touch screen has a resolution of 2.76 inches, 400 pixels x 300 pixels, and 181 ppi. It weighs 46g and features USB-C, Bluetooth® 5.2, and NFC connectivity.
The device ships with a “Ledger Recovery Key,” a high-security smart card designed to back up the 12- to 24-word passphrase the user created when setting up the device. Ledger Recovery Key connects to devices like Gen5 via encrypted NFC to unlock new easy-to-use seeded backup devices that are pin-p.Protected at rest. The name Ledger Recovery Key is a little confusing at first glance, but the smart card arrives blank upon initial purchase and is loaded when the user generates a passphrase at home during hardware wallet setup.
Signers, not hardware wallets
Ledger also decided to rebrand its devices as signers rather than hardware wallets, a move that breaks with more than a decade of tradition in the cryptocurrency industry. This bold move reflects a shift in the industry towards more than crypto wealth: securing a secure digital identity from “a world accelerated by artificial intelligence.” The rebrand also applies to the company’s flagship software wallet, which was previously known as “Ledger Live” and is now called Ledger Wallet.
Subtle changes to the wording could address confusion that new users may experience when entering the cryptocurrency industry, and perhaps align more closely with the functionality of these security devices and interfaces. However, it remains to be seen how users will react. Ledger clarified that Gen5 will only extend its security products into the world of identity and that it will “continue to operate as millions of people know” when it comes to the security of cryptocurrency transactions.
Protect your digital identity
The world is undergoing a transformation when it comes to identity. A physical ID card is no longer enough. Although multiple image generation models have shown sufficient quality to fool identity systems, identities stolen through large-scale data hacks are regularly used to commit identity fraud. The only viable solution to the digital identity problem is strong encryption, and Ledger clearly recognizes that this trend is growing.
To support secure identity and logging features, Gen5 and its ledger security key cards support the FIDO2 passkey standard, which is popular across the web. NFC (Near Field Communication) is a fairly secure short-range antenna that has been used in credit cards for decades. This standard is also rapidly being adopted by cryptocurrency hardware wallets for the same reasons. It is easy to use, such as for logging authorization, and also provides a high degree of security due to its short range and simplicity.
Bluetooth is also integrated into Gen5, giving the device a wide range of features. Bluetooth has become a popular feature among hardware wallets and key signers, but it is also often criticized due to its highly complex code and long range. Some hardware wallet devices choose to skip Bluetooth altogether. The press release did not explicitly mention how Gen5 protects users from the risks posed by Bluetooth, but the industry standard is to not trust the chip, isolate it from other functions, and use it only for encrypted communication between devices.
In terms of interface, Gen5 supports advanced security features such as “Clear Signing” and “Transaction Check”, and its beautiful E Ink® touchscreen offers a supposedly natural and intuitive experience. The press release further explains Gen5’s new identity features, saying, “Users will now be able to connect their Ledger signers directly to popular dapps like 1inch for a seamless and secure experience.” “Ledger has integrated Noah, also known as Cash-To-Stablecoin, allowing users to quickly replenish their wallets with fiat currencies (USD or EUR) and instantly convert them to stablecoins (USDC) at no additional charge.” Noah enables the “effortless” use of stablecoins for on-chain transactions, another fast-growing trend.
High-end technology at an affordable price
When it comes to price, the Ledger Nano Gen5 is much more affordable than its predecessor while retaining the large touchscreen that is a hallmark of new generation Ledger devices. At $179, Gen5 is more than half the price of Ledger Stax, making it very competitive and affordable among modern cryptocurrency hardware wallets.
“The all-new Ledger Nano is built for today’s challenges and opportunities and is ready for tomorrow’s challenges and opportunities. It’s a new signer available to everyone, with the best security and user interface on the market, and at an affordable price. The next generation of Ledger begins today,” Ledger Chairman and CEO Pascal Gauthier proudly said in a press release.
This article, Ledger Nano Gen5 Debuts Affordable Hardware Security for AI-Driven Digital Identity, originally appeared in Bitcoin Magazine and was written by Juan Galt.
