Ledger Nano S Adds Monero (XMR) to its Network

Ledger, the French crypto firm in its latest announcement, added Monero (XMR) to its Ledger Nano S blockchain. The move was on the cards for long, and it finally became official on Thursday, through the official Twitter handle of the company.

https://twitter.com/LedgerHQ/status/1068127566752608256

Monero (XMR), considered to be one of the finest privacy based cryptocurrency in the crypto world, got officially compatible on the Ledger network. The French firm Ledger, a self-proclaimed flag bearer of “global leader in security and infrastructure solutions for cryptocurrencies,” announced the news in an Official Release along with the tweet.

From Thursday, the Ledger’s Nano S blockchain would incorporate 0.13 installment/version of Monero’s graphical user interface (GUI). The announcement means a user can now make use of Ledger’s in-house application to store their XMR in a cold storage wallet. The French firm is focusing on creating safe and sound storage on its Nano S Ledger network, which would also have the provision to store private keys.

Eric Larcheveque, CEO of Ledger, wrote

“We are thrilled to welcome another top-ten cryptocurrency to the Ledger platform with Monero. With this addition, Ledger devices now cover 90% of the entire crypto market capitalization. We will continue to support more crypto assets in the future, both through our own developments and with CryptoTuesday, our monthly release of apps developed by our incredible community.”

 

Monero is ‘Bulletproof’ now!

The addition of Monero to the Ledger Nano S came with the newly formed bulletproof protocol. The protocol is being lauded as one of the finest work towards a privacy and security-centric crypto world.

The newly formed bulletproof protocol can reduce the transaction size of the XMR from 13.2 KB to 2.5kB, a considerable 80% reduction. The reduced size of the transaction leads to a lower transaction fee, thanks to the nature of Proof-Of-Work (PoW) on a blockchain network. The activated protocol would mean that people making transactions with XMR would incur a reduction of 97% in transaction fee, which is almost negligible.

Monro (XMR) also made it clear that their preferred choice of the network would still favor GPU miners as it is more decentralized and easily accessible.

 

ZCash is going head-to-head with XMR

Zcash another crypto token focused on privacy based cryptocurrency is giving a fierce competition to XMR. Recently, ZEC the native company behind the ZCash got listed on coinbase Exchange and became the first privacy-focused crypto on the platform. ZCash updated version went live just after days of bulletproof protocol came into being, making it one of the first to include the newly formed protocol.