What are Hierarchical Deterministic (HD) Wallets?

Securing your cryptocurrency is an essential factor of participating in blockchain technology networks. This Ask an Expert reviews HD wallets, which created a greater security for your crypto tokens. Taylor explains it below and some of the important aspects of HD wallets. You can read the script from the video below! Be sure to like this video if you enjoyed it, and subscribe to our YouTube channel for more Ask an Experts!

What are HD wallets?

Hierarchical Deterministic (or HD for short) is way of automatically generating new payment addresses based a series of special calculations.

Ledger Nano S Hardware Wallet Review

Ledger Nano S Hardware Wallet Review

Ledger Nano S Review

If you’ve considered a cryptocurrency hardware wallet, then you’ve probably already come across the Ledger Nano S. And for good reason! The Nano S is the result of success of the original Ledger Nano. A screen and pair of buttons helps the user enter information on the device directly. But perhaps the most sought-after aspect of the Ledger Nano S is its multiple token support and attractive price. It is only $69 USD (about 58 euros) to top competitor Trezor’s $117 USD (about 99 euros).

Multiple token support

Ledger app management softwareIn the beginning, hardware wallets were primarily designed solely for use with Bitcoin. Even as alternative cryptocurrencies such as Litecoin started popping up, no hardware wallets were made to support this. Part of the problem is differing cryptographic algorithms. Ledger decided to solve with this with Ledger Blue and Ledger Nano S devices, which support apps. That’s right, the app model is now prevalent on our security devices!