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In my last article, I related how a combination of relentless dedication, good timing, and admittedly, a bit of luck, brought me a massive improvement in virtual assets, all within the space of a few hours.
Some assets may match our core objectives, some may need to be disposed of.
Hardware aka ‘Cold’ custodial wallet.
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When I had not too long began to explore the world of Web 3 domains, one of the most popular and user friendly mechanisms used to participate in domain auctions by accessing the Handshake blockchain core developed a fault.
The catastrophic failure of the system left many people with considerable holdings without access to their assets for about two months.
I’ve since managed to get access to a ‘node’ with simpler architecture and features. It has collapsed twice, though it is easier and quicker to recover.
It’s clear to me, that the business can’t keep operating continually on a mix of online node/staking systems, wallets and exchanges to distribute assets. While it removes a single point of failure, something more robust is needed to secure assets whose use is not imminent.
Hence the Ledger Nano X, which was recommended by others in the ‘Community’, though I have also heard Trezor products are also good.
Good to point out that any solution like this is CUSTODIAL. That means that if something goes wrong, the loss is on you. Take great care of the device itself and any keys needed to unlock it. Ultimately this is just a very specialist type of storage media, and any come back against the manufacturer will only indemnify the value of the device itself, not what was stored in it.
It is however leagues ahead compared to online solutions, which in addition to system failure, can also be…
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