Ledger, the maker of the hardware wallet of the same name, has announced that it has integrated support for Cosmos (ATOM).
New integration: @cosmos step 2 🚀🚀
You can now manage and grow your #ATOMOn s on Ledger Live.
Thanks @_zondax_ for helping us in this new integration.
Full details here: https://t.co/YvSvPbgDzd pic.twitter.com/mRrcYj9MrD
– Ledger (@Ledger) June 23, 2020
Before delving into the news, it's worth saying a few words about the Cosmos blockchain and its ATOM token.
How does Cosmos work?
The objective of this project is to create a single hub to connect multiple blockchains and create a network for its interoperability.
For this reason, Cosmos is often referred to as the "Blockchain Internet."
Cosmos has also developed a platform for business and its consensus system, similar to PoS (Proof of Stake) or DPoS (Proof of Delegated Stake) that EOS uses, allows 125 validators to vote, making them responsible for the network.
In the event that a validator misbehaves, a cut occurs, i.e. a punishment mechanism that causes both the validator and the delegate to lose tokens.
Taking into account that in this case, this is a blockchain that allows stakingWe see how the availability offered by Ledger to manage ATOM also opens the possibility of using this token for stakeout.
Blockchains staking and Ledger decentralization
There are several blockchains with which you can perform staking, think for example Tezos (XTZ), EOS and the next Ethereum PoS.
With Ledger Live there are up to 26 cryptocurrencies that can be managed and over 1,500 ERC20 tokens that are based on the Ethereum (ETH) blockchain.
Several exchanges already offer staking services for ATOM and other cryptocurrencies, but the substantial difference to keep in mind is that staking is done through centralized exchanges, where users must comply with the regulations and the risks involved.
In Ledger's case, on the other hand, users have their own private keys and therefore they can manage your own cryptocurrencies in a completely autonomous way.
Finally, it is worth remembering that in Ledger Live it is possible to buy cryptocurrencies directly from the platform.