August 2018
Beginner to intermediate
94 pages
2h 37m
English
Content preview from Learn Bitcoin and Blockchain
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Workings of a hardware wallet
In order to explain the workings of a hardware wallet, let's look at an example.
We will take as an example the Ledger Nano S wallet, which is a well-known hardware wallet. You can see the diagram or the picture of the wallet that comes with a USB extension and can be connected to laptops or computers. When the ledger device turns on for the very first time, it uses an algorithm to figure out how to use a set of 24 regular words to get a seed. They are usually words with letters, for example, four to five letters, which form one word. Basically, there are words, which will be randomly picked up, and it produces a seed. Keys for wallets are generated from the seed.
It also specifies a way to annex these 24 words ...
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