There are many blockchain projects and tokens circulating the market today but EOS seems to stand out with its features and functionality. Eos is a blockchain-based crypto platform that can be used to develop decentralized business applications or dApps and comes with its own token, EOS.
Like all crypto assets, your EOS tokens should be kept in a suitable cryptocurrency wallet. As hardware wallets provide an extra level of protection since they store your private keys offline, we’ve decided to review one of the most popular wallets of this kind – the Ledger Nano S wallet – and show you how to store your EOS coins on it.
What Is EOS.IO?
EOS is an open-source blockchain platform that is used to develop and host decentralized apps (dApps) and smart contracts. It was launched in 2018 through an ICO (initial coin offering) that raised more than $4 million in crypto for the company behind the project, Block.one.
The EOS mainnet’s core functionality allows users and different companies to create blockchain apps that are similar to web-based apps. EOS enables secure access, identity authentication, permission, data hosting, usage management, and links between dApps and the internet. EOS also comes with a web toolkit that allows for the easy construction and development of apps.
The EOS cryptocurrency network is divided into two separate elements: the EOS.IO software and the EOS token. The EOS.IO software functions similarly to a computer operating system and controls and manages the EOS network. The token, on the other hand, is used as the main payment system on the EOS network. Users can purchase, sell, or trade the token and spend it on purchasing and using blockchain-based apps.
Developers who want to use the EOS network don’t need to spend EOS tokens to use network resources and create apps on the EOS network, they just need to have them in their wallet. Moreover, token holders who are not operating on the network and are not running apps can lend their bandwidth to other developers who might need it.
EOS can be viewed as a direct competitor to Ethereum, only with larger ambitions to become even bigger and faster than its predecessor. The current goal of the EOS platform is to become faster than Ethereum, whose speed is currently clocked at 15 transactions per second. EOS, on the other hand, strives to achieve millions of transactions per second in the future by improving its scalability.
EOS has its own wallet to store EOS tokens but that wallet is a software crypto wallet with a constant online connection. The safest way to store crypto is in a cold storage hardware wallet and our guide will explain the steps into integrating EOS with a personal hardware wallet.
The EOS Wallet
The EOS wallet is a digital wallet application that can be used to store and send EOS digital assets. Another feature of the EOS wallet is that users can easily interact with the applications that are created on the EOS network. There are options for the EOS wallet to be used on different kinds of devices like Android and iOS.
The wallet operates like any other cryptocurrency wallet. It has a public key for initiating transactions and a private key that acts as a password and provides access to the stored crypto assets.
Users can also use the wallet to purchase EOS through cryptocurrency exchanges like Coinbase, Binance, and Huobi. Sometimes EOS is distributed across the network through promotional airdrops but these are rare.
Another way of storing EOS is through the use of Ledger devices like the Ledger Nano S.
The Ledger hardware wallets are cryptocurrency wallets made by the company Ledger. Their headquarters are located in Paris, France. They have offices in the US, based in San Francisco, California. The Ledger company was initially launched in 2014 by former cyber security and cryptocurrency experts and their main drive is to produce secure devices for blockchain-operated apps.
Ledger devices come in the form of hardware wallets. These wallets are offline, cold storage wallets that store the user’s private keys away from the internet. The private keys are one of the most important, if not the most important piece of information used to conduct transactions on any network. The safety of the Ledger devices allows users to easily conduct their business without worrying about hackers or other ill-intent deeds.
Ledger devices support a number of digital coins like Bitcoin (BTC), EOS.IO (EOS), Ethereum (ETH) Cardano (ADA), Ripple (XRP), Neo, and many other ERC-20 tokens and altcoins.
The Ledger hardware wallets use device-based security features. What this means is that they use storage mechanisms or USB devices to store the user’s private keys. Currently, Ledger offers two hardware devices: Ledger Nano S and Ledger Nano X.
For the purpose of this guide, we’ll focus on the Nano S model, which we recommend due to its high functionality and features like cold storage, SHA-256 algorithm, multi-signature access, and many others that have yet to be topped by tight competitors like Trezor and KeepKey. The price of the Ledger Nano S is very affordable, especially for the features that it offers. The wallet comes with an integrated third-party Secure Element chip that guarantees security and allows users to store between three and twenty crypto applications.
Storing EOS on Ledger Nano S
What follows is a full tutorial on how to store EOS on Ledger Nano S. Make sure you follow each step closely as the process is a bit longer and more complex than what you’re used to.
Updating Ledger Firmware
First things first. You should download the latest version of the firmware on your Ledger device. You can do this by downloading the Ledger Live app and connecting your device to the app. You can follow the detailed firmware update instructions on the Ledger website. If you’re a first-time user, just follow the prompts that guide you through the process of connecting your device with the Ledger Live app.
Downloading the EOS Addon
The second step should be initiated only after you’ve updated your firmware. After the process is completed you should head to the Manager tab in the Ledger Live app where the app catalogue is located. Search into the tab and type EOS, download the addon, and add it to the app.
After you’ve downloaded the EOS app, push the two buttons on your Ledger device for the Settings menu to pop up. When the prompt Arbitrary Data is shown on the screen push both buttons again. Make sure that you enable the Yes option on the Arbitrary Data prompt.
- The third step requires you to download the latest version of Scatter and import your Ledger accounts. Download it to your desktop and follow the installation instructions.
- Once the installation has been completed, open Scatter and select: Add Keys – Import existing key – Hardware.
Fill in the blank fields with Ledger, EOSIO, 0, and when this is done click the blue import key prompt to confirm.
This process will load all of your EOS accounts that contain the same Ledger devices’ public keys as proof of your ownership. Put a label on your imported identity and return to the home screen on Scatter. If you followed the steps correctly, you should see your new Ledger ID and all of your linked accounts.
To see your Ledger public key path, just head into the Keys and Blockchains tab that’s located in the identity entry. You can copy the public key and reassign it to other EOS accounts permission. When you change permissions with this key, click on refresh and your other account will be linked in your Ledger identity import.
Linking Scatter with Block.io
Now you should link Scatter with Blocks.io. Visit the blocks.io site and use your login credentials from Scatter. After hitting the login prompt, Scatter will pop up and ask you to select the new Ledger ID and the account you want to use.
After the successful login, select the Wallet tab. Here you will see all of your account details as well as the actions you can undertake like transferring tokens, staking, or unstaking, on the left part of the screen.
To make sure that everything is functioning correctly visit the vote tab on Block.io. Choose up to 30 block producers you wish to vote for and click on the vote button. This should prompt Scatter to pop up and confirm the vote by asking you to allow the action you’re performing.
After you allow Scatter to perform the action you will be asked to check your Ledger device to approve the transaction from there. Click on the checkmark on the Ledger device to finish the process. A green success message should prompt you with your transaction ID.
If you’ve completed the steps correctly, then your Ledger device is successfully connected to your account and to Scatter for the most secure way of signing transactions to the EOS blockchain. The same Allow prompt will appear for linking your Ledger device to Scatter identities for dApps and their transactions. You will be able to enjoy EOS on a secure device without any interference.
A Few Words Before You Go…
You should take great precautions when it comes to the safety and security of your digital assets and nothing can beat the safety of the Ledger devices. This time we’ve touched upon the way in which you can store EOS on your Ledger Nano S. The process might be longer than you’ve expected but the hassle is totally worth it. Now all that remains is for you to fill your wallet with EOS tokens and enjoy the opportunities that the EOS.IO platform offers.