How is the seed phrase secured on the ledger?
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Ledger seed is stored offline with your device // your device is used to create the accounts (and sign transactions mainly)
Like the seed phrase always keep that with you in a safe place.. that holds the accounts on the tokens you have and create accounts for
..Let’s say you have eth you’ll need to create a eth account // then you could use it // along with creating a account on cosmos or bitcoin with the same 24 seed phrase
Ledger doesn’t have any access to seeing your seed phrase that’s why they recommend you to keep it in a safe place, since you can’t contact anyone if your funds go missing (because its your own wallet)
But as for security, Ledger has been good for me 🙂 I’ve used it for 2 years now
The original comment is a misunderstanding of how seed phrases are stored. the seed phrase is stored on the ledger in the form of the encrypted private key. once its on the ledger its encrypted and unlocked via the pin you set up.
The ledger has zero internet connectivity. It is airgapped. The seed is stored on the device itself and encrypted.
All of your tokens are stored on the block chain.
This is why you should NEVER store or input your seed digitally. It defeats the purpose of the ledger. Only ever input your seed onto the ledger device.
The private key that is generated by the seed phrase is stored on the secure chip and stays there, you can’t recover or extract the seed phrase or private key from a ledger so DONT LOSE IT. You can use your seed phrase to recover your wallet on any ledger or other bip39 wallet, so don’t expose it and keep it in a safe place in non digital form…
The computer connects to the ledger, sends a transaction to be signed to the ledger, on the ledger you approve it, the ledger unlocks the secure chip and then the transaction gets signed by the secure chip the ledger then transmits the signed transaction back to the computer, which then transmits the transaction to the network. the private key remains on the ledger and is not exposed to the computer.
You store it offline.
It’s interesting that people don’t seem to be using the phrases public and private keys any more. It was very prevalent in the early days of crypto, but now it seems to be omitted for simplicity.
Interested too.