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With security considerations paramount for blockchain companies and users alike, it’s only natural that the secure offline storage of cryptocurrency funds is a hot issue. While this has been possible with devices such as the Ledger Nano S for some time, a deal just announced in Switzerland this week between open source project Particl and hardware manufacturer Ledger and looks set to further enhance the functionality of this storage solution.
What is Cold Staking?
The partnership between Particl and Ledger has produced a new form of hardware storage: Cold staking. Through cold staking, Particl users can store their coins on their Ledger hardware wallets without losing their staking rights. Essentially, users can enjoy the benefits of staking while having the security of keeping their coins offline.
The Two Partners
In operation for just one year, Particl describes itself as ‘an open source decentralized privacy platform built for global person to person eCommerce’. The Particl platform allows a variety of decentralized apps (Dapps) to be created within a secure, highly scalable environment. The Dapps can be integrated directly into Particl Desktop, the company’s cryptocurrency wallet. Particl claims to be the only Bitcoin-based project to facilitate the untraceable sending and receiving of PART coins. Particl is currently developing Particl Marketplace, a confidential eCommerce trading solution.
Founded in 2014 and based in Paris, Ledger develops security and infrastructure solutions for cryptocurrencies, in addition to creating blockchain applications for individuals and companies with its proprietary technology. It now has over 130 employees in Paris, Vierzon, and San Franciso. Ledger claims to have clients in 165 countries, with over 1,000,000 of its two crypto wallets, the Nano S and Ledger Blue, sold so far.
What the Partnership Means for Users
The newly-announced deal means that Ledger Nano S and Ledger Live, the companion application for the hardware devices, are now both compatible with PART, the first Proof of Stake (PoS) cryptocurrency to offer cold storage staking.
Particl Cold Staking is fully supported by the Ledger Nano S, which allows up to 18 currencies to be stored on the wallet simultaneously. This means that a user’s PART coins are securely stored offline, with the user still able to participate in voting governance and provide consensus for stake rewards. In addition, the Ledger Live app provides a convenient way to manage the currencies on either of the two Ledger devices, and this naturally includes the Particl (PART) coin.
Due to the way the Ledger Nano S has been coded, the device and the client (Particl-Qt) don’t exchange a private key, thereby enhancing security and enabling users to earn passive income from a cold (offline) wallet.
Looking to the Future
The demand for secure offline storage for cryptocurrency funds seems only likely to increase in the foreseeable future. If Particl and Ledger continue to refine their software and hardware technologies and provide effective and appealing solutions for both existing users and new converts, the partnership has the potential to be a game-changer, not simply for both partners but for users and the wider blockchain world as a whole.