Ledger Live adds staking and Tezos support - OhNo "WTF" Crypto

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Ledger Live adds staking and Tezos support

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The Ledger Live product now supports Tezos, allowing users to manage XTZ and grow their assets through staking Tezos.
Ledger Live is an easy-to-use global solution that allows the user to manage their crypto assets in one place. Through Ledger Live users can check your balance, send and receive 23 coins & over 1250 ERC20 tokens in real-time through a single app. Custody of all assets is controlled by the user.
Tezos is the first proof-of-stake protocol for which token holders can delegate tokens to network validators on Ledger Live. While staking on an exchange exposes users to security threats, with Ledger, staking is made possible through a single app without ever compromising control of private keys.

Benefits of staking

Tezos is a unique proof-of-stake blockchain that is pioneering a new kind of governance model. Tezos token holders work together to make decisions that will improve the protocol over time, this is intended to avoid situations like contentious hard forks while speeding up development improvements.
Tezos allows users to earn rewards for contributing to the network’s security, a process known as staking (“baking” in Tezos). Staking is described as a way for holders to earn passive income. The process of staking is similar to the interest paid by a bank over the funds in your bank account.
Proof-of-stake blockchains have powerful investment implications because they offer passive income for completing simple tasks such as voting. Barriers include technical ability and asset storage considerations. Regulated custodians cater to risk-averse institutions seeking exposure to participation focused crypto networks like Tezos, Decred or Augur, without wanting to deal with the storage or participation duties themselves.

Coinbase Custody

In March 2019, Coinbase began offering Tezos baking (staking) to Coinbase Custody’s institutional clients. Coinbase Custody is designed to provide a trusted partner to manage and store crypto assets on behalf of its clients. The Coinbase Tezos solution has gained traction because it offers offline staking and governance participation with the technical functions completed by Coinbase on behalf of the client.
At Coinbase Custody, all XTZ funds are stored offline. The Coinbase team executes the network participation actions required to trigger passive income. Coinbase Custody offers staking services as a non-discretionary fiduciary activity to its clients.
Coinbase Custody clients will have the opportunity to participate in governance decisions offline using the MakerDAO Smartproxy model. Both Maker and Tezos offline governance solutions are offered by Coinbase Custody.

Integration in Ledger Live

While staking Tezos is now available on Coinbase and other major exchanges, users can now manage and earn XTZ rewards through Ledger Live, while still ensuring top security through their Ledger hardware wallet. Ledger offers users more control over staking: Ledger Live allows users to select from a wide list of validators based on user preference.
Earlier this year Ledger announced native support for over 1,250 ERC-20 tokens as they continue to build products that enable users to “be your own bank.”


via https://www.ohnocrypto.com

News, Khareem Sudlow