Thread by @Ledger

Starting now @NFCsummit - @TheRealMorrow and @batisthas are going to teach us all about security and #Web3 wallets!

Follow along as we live tweet their presentation👇

"Do you truly own the money you have in the bank? Ask yourself - can you withdraw 10k at once from an ATM? Or can you make a transfer to a friend at 2am on Christmas Day?" - @batisthas

The answer, of course, is no.

So, what does it mean to be your own bank and truly own your assets?

#Crypto and #blockchain allow for this - but they're only half of the answer. @batisthas and @TheRealMorrow explain.

The other half is your private keys, which allow you to access your #crypto on the #blockchain. To truly own your crypto, you need to fully own your private keys." - @batisthas

And how do you do that?

With a #crypto wallet! There are several different kinds of crypto wallets - exchanges, software wallets, and hardware wallets.

@TheRealMorrow explains that exchanges are convenient - but hacks are common. "We think it's the type of thing that only happens to other people."

"Now we're going to talk about self custody. Self custody is being your own banker . . . which is different from trusting a company" - @TheRealMorrow

The first type of self-custody wallets are software wallets.

"The private key is going to be stored on your hard drive, which isn't made to keep secrets. The angle of attack is huge - zero day flaws are discovered everyday....which is when hackers sell info on flaws they discover."

@TheRealMorrow explains the issue with software wallets.

"Now, I want to talk about hardware wallets. What the difference between software and hardware wallets? Where the private key is being stored. Hardware wallets are not connected to the Internet all the time...the key never leaves the hardware wallet" - @TheRealMorrow

"This is the ultimate layer of protection - even if your computer is corrupt, you can still sign with your hardware wallet."

"Not all chips are born equal..what we use at Ledger is called a Secure Element. It's made to be military-grade, to ensure that even if someone stole your wallet, they wouldn't be able to get into it" - @TheRealMorrow

More info on the Secure Element: ledger.com/academy/securi…

And if you're used to using @MetaMask no worries - you can use MetaMask with most hardware wallets, including Ledger.

Learn how here: ledger.com/academy/securi…

"We want to make sure everyone can do everything they need from the safety of their hardware wallet" - @TheRealMorrow, talking about our goal of becoming your one-stop shop for all your #crypto needs.

.@TheRealMorrow takes us on a tour of #LedgerLive - including showing us how you can view your Ethereum #NFTs through Ledger Live!

And that's it for our first workshop @NFCsummit - thanks to @TheRealMorrow and @batisthas for those insights!

Let us know what you learned! 👇