I’d like to gauge what others in the community’s thoughts are on DFINITY produced hardware wallet. The idea came about with the recent spike in transactions on the BTC network. One day I saw fees as high as 570 sats/vB. Absolutely insane! We here in the ICP ecosystem know how useful and powerful ckBTC is. On a YouTube channel that regularly discusses Bitcoin, I was telling people about how ckBTC is a solution to the issue of rising fees. However I know a lot Bitcoiners with large stacks will not like the idea of putting their BTC onto a web wallet. This got me thinking: what if DFINITY produced a hardware wallet for ckBTC, ICP, or ckETH? Is this possible? Would it be reasonable for DFINITY to produce such a thing? Just an idea. This could make the prospect of long term HODLing on the IC more attractive to others. Let me know what you guys thoughts are!
I understand your concerns regarding the use of hardware wallets in the context of the ICP ecosystem, especially with the recent spike in BTC transaction fees. While a hardware wallet might seem like a potential solution, it’s important to consider the nature of Chain-Key technology, which operates on canisters and is essentially a web application.
The use of a hardware wallet in our ecosystem could primarily serve as a transaction signer, adding an extra layer of security. However, the trust factor still largely depends on the canister that performs the signing process. In essence, while a hardware wallet can aid in security, the core trust relies on the canister’s integrity.
In this regard, I’d like to mention the B3Wallet project I’m working on. We are planning to integrate hardware wallet support for signing transactions soon. B3Wallet is designed to be a user-owned canister, aligning with the decentralized ethos of the ICP ecosystem. This approach could offer a more user-centric and secure way of handling transactions, which may be an attractive option for those concerned about placing their digital assets in web wallets.
Ultimately, while hardware wallets can’t completely resolve the trust issue, they can complement the security measures when used with reliable canisters like those we’re developing in the B3Wallet project.
This must be something that is in development. Don’t know the exact roadmap or timeline but I suspect that we will be seeing an integration of ICRC-1 into the ICP app on the Ledger Nano at some point. When that happens then you can hold any ICRC-1 token, including ckBTC, directly on the Ledger Nano. There isn’t anything fundamental blocking this, just takes time to get it developed and then accepted by Ledger into their app store.
Hi im brand new on this forum not new to ICP though, bag is still on central exchange (not ICP), will want to send ICP to ledger if possible, have installed ICP account on ledger but the conundrum is,…from which dexchange can i send to a ledger address? any guidance would be gratefully received.
Regards Ritchie
Link your Ledger to your NNS dApp as a hardware wallet, then send there. That is the easiest way
Yeah, I’m not using Ledger lol I don’t trust their security.
That’s fair, to each their own, I was simply replying to @Astroverb . However it is worth noting that if used as a hardware wallet within the NNS as intended by Dfinity , it is a good option. You are not interacting with outside software or ledger the company, but rather using the secure tamperproof chip within the ledger to create a public/private key relationship that is never exposed online in any way and subsequently associated in the NNS. The recent and past security issues with ledger (as a company and when using their software/ wallet connect kit ) are concerning but would not affect a user attaching it in the NNS as a hardware wallet as far as I know.
finally had some time to go over unread messages, again thank you so much for your kind help, i dont have hardware with cameras fingerprints etc. so after your explanation my Ledger is really a good option for me. ( not too mention full custody)
Dude you don’t need a hardware wallet on icp. It’s not the same as what you are used to. Keeping anything ckBTC , ckETC in your nns is as safe as a hardware wallet
Exploring a DFINITY-produced hardware wallet is an intriguing proposal, particularly in addressing the scalability and fee challenges faced by traditional cryptocurrencies like Bitcoin. The integration of ckBTC and ckETH into a secure, tangible device could indeed enhance trust among users wary of web wallets, potentially broadening the appeal of the ICP ecosystem to a larger audience. It raises interesting questions about feasibility, production, and user adoption that merit serious consideration. This could be a significant step towards combining the convenience of digital currencies with the security assurances traditional investors seek.
My thoughts exactly. I’m not sure how much of a priority it would be but I think it would be interesting. Considering that the ICP network has been running 2 years without going offline or being hacked is also promising in regards to security.