Ledger Nano S


Kai asked 9 months ago

Hello,
Please be patient about my many questions about ledger :0).
Here is the summary how I have understood ledger now, Please check if that right:
You cannot connect your ledger nano s to your existing MyEtherWallet (this becasue ledger nao want to be secur from the beginning)
But when you start the ledger nano he will give you random MyetherWallet addresses, and you can pick one or more from them and those will be your own walltes.
I have a question here: those addresses wil 100% not shown to others on other ledger, I am right? then they can have all my coins, so those addresses are reserved ONLY for you all of them, or how is that?
Thanks

2 Answers
Steven Hay answered 9 months ago

Hi Kai,
 
Sure, no problem. It’s good to get all the info before trusting a wallet with your coins.
 
Well, the first part is correct, you should not import any existing private key into the Nano (unless you’re doing a recovery from your Nano backup).
 
The second part isn’t quite right. What the Nano does is safely generate and store a private key. This privkey is used to make your addresses. You can only spend from those addresses if you have the privkey. The privkey never leaves your Nano.
 
So, after your Nano has generated a privkey, it’ll make some address from that privkey. When you connect your MEW to your Nano and tell MEW to use the Nano to make a new wallet, then MEW will generate the SAME addresses from your Nano… but the important thing is, MEW will never get the privkey from the Nano, just the addresses. There’s no way to go backwards from the addresses to figure out the privkey.
 
Hope that makes sense. It’s safe to share your addresses (you need to, to get paid!) but your private key must always stay secret or otherwise people can take your coins.

Laxy Jon answered 9 months ago

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