Do You Need To Protect Your Decred (DCR)? Use This Guide To Learn How To Do Just That Using the Ledger Nano S/X
Proof-of-work (PoW) to admit transactions and add the blocks to the blockchain, the system used in Bitcoin is quite energy-intensive. As a result, many cryptocurrencies are turning to more sustainable methods whereby the block is added and confirmed by a handful of selected validator nodes in a process called proof-of-stake (PoS). The latter is more ecofriendly and it quickly becomes the method of choice where even Ethereum is transitioning from PoW to PoS.
Decred (DCR) is a community-directed cryptocurrency with built-in governance designed with the goal of making it a superior long-term store of value. This is achieved through Decred’s hybrid PoW/PoS consensus mechanism, transparent proposal, voting system, and continually funded treasury was designed to make it secure, adaptable, and sustainable.
To learn how to protect your digital currency using the Ledger hardware wallet, follow these 5 simple steps. Note, that while this demo uses the Ledger Nano X, the same principle applies to the Ledger Nano S.
Before you begin: You will need to have Ledger Nano X/S hardware wallet, and Ledger Live app installed on your computer or mobile device.
Before you begin: Take a few minutes to update Ledger Live application
Here’s How To Protect Your DCR With the Ledger Nano X/S
(1) Open up Ledger Live and connect your Ledger Nano X to your computer. This can be done either by Bluetooth or a USB cable.
(2) Navigate to the ‘Manager’ area of Ledger Live, choose a PIN code, and write down your recovery phrase. Follow instructions on the Ledger device and press confirm, then confirm the recovery phrase.
(3) Access Ledger’s App catalog, using the search bar type ‘DCR’ then press ‘Install’. The installation may take several seconds. Once installed, click on ‘Add account’ and then hit ‘Continue’.
(4) On the device open the DCR app. You may need to enter the PIN code. Once this is confirmed the device screen will display ‘Application is ready’ and synchronization begins. This may take up to several seconds.
(5) Then press ‘Add account’. This will add the DCR app to your device. To confirm this, navigate to the ‘Accounts’ section on the Ledger Live. There you can see that the device has been synchronized successfully and that your DCR app has been added to your account.
You’re all set! You have now successfully installed DCR on the Ledger Nano X/S. You can go to the ‘Account’ section to add accounts and start using your funds.
