Switcheo, a cryptocurrency exchange that’s based on NEO, announced that they have integrated Ledger devices for use with their exchange platform. Hardware wallet integration has been one the most frequently requested feature for Switcheo to adopt. This is due to the fact that hardware devices are inherently safer options among wallets. The internal testing showed no issues with either the TestNet or the MainNet.
According to the Switcheo team:
” using the Ledger hardware wallets will require the updated NEO app from Ledger, and are awaiting approval for merging the new code into the LedgerHQ repo for the NEO app. Once this is done, all browser-based NEO dApps will also be able to use Ledger devices. “
NEO, often referred to as “China’s Ethereum”, was founded as a community-driven and community funded project. It is a Chinese smart contracts platform that is Ethereum’s direct competitor, with Switcheo its own exchange platform. Switcheo was launched on March 31st, and it has its own token, SWH, which is used as a base pair. The purpose of the coin SWH is to be used in cross-coin exchanges.
The NEO app is awaiting approval, and therefore it is yet to be out. Once it is, ledger device integration may continue completion.
To people wondering what the dApps are, it stands for a decentralized app. There is no one single definition for dApps, but there are some features they possess. They are open source software and any changes to them are decided upon by consensus. As they are decentralized, all records of the app’s operation are stored publicly on a blockchain, open for all to examine.
Validators of this blockchain should be incentivized to maintain the blockchain- this incentive is cryptographic tokens. A cryptographic algorithm must be decided upon, to show proof of value [PoW-proof of work, or PoS-proof of stake].
The ledger wallet support team have released instructions on how to use the NEO app on your ledger device. This requires the Ledger Manager. Once the updated NEO app is out, the user’s Ledger device can exchange tokens on Switcheo.