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Ledger Sync: Effortlessly Sync Your Accounts in Ledger Live
— Safely, Securely, and with Complete Privacy
October 30, 2024
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KEY TAKEAWAYS:
  • Decentralized applications are secure due to their lack of third-party control. However, they face challenges when required to securely share data with other applications or other instances of the same application.
  • Due to that, the only way to Sync your Ledger Live™ applications on both your smartphone and your laptop previously, was to scan a QR code—an inconvenient method for our increasingly digital lives.
  • Ledger Sync, an optional feature built upon Ledger Key Ring Protocol, allows you to effortlessly sync your accounts in Ledger Live—safely, securely, and with complete privacy.

There’s a good chance that you already use a few online applications with account synchronization. Whether it’s for listening to your favorite music streamer, logging onto social media, or answering your emails, the experience of using all our favorite applications on all our different devices is one we’ve come to take for granted

While the data sharing that makes this account synchronization possible is commonplace in Web2 applications, implementing a similar solution for decentralized apps while maintaining the same privacy is more challenging. 

This is also true for Ledger Live, meaning synchronization of your data on both your phone and laptop was previously inconvenient. 

But we solved the problem!

Thanks to Ledger Sync, a feature that relies on Ledger Key Ring Protocol, Ledger Live users can enjoy a seamless experience, with easy access to all their Ledger Live data across multiple devices. 

With Ledger Sync you can effortlessly sync your accounts in Ledger Live—safely, securely, and with complete privacy.

Let’s see how it works.

What is Ledger Sync

Ledger Sync is an optional service that provides a simple and secure way for Ledger Live users to sync instances of Ledger Live across multiple devices. In other words, you can now activate the feature to synchronize the Ledger Live application on your desktop and the Ledger Live app on your mobile device every 10 seconds. This allows for a more user-friendly experience, perfect for those who use Ledger Live on multiple devices such as a smartphone and laptop.

Besides that, Ledger Sync also lets you backup account data. In fact, it’s the world’s first secure and private backup solution that doesn’t require an email and password! This offers peace of mind if your laptop or smartphone gets lost or damaged. Simply set up your Ledger Live on your new device and connect your wallet to access your Ledger Live data immediately.

How Ledger Sync Works

Maintaining privacy on decentralized networks is an inherent challenge. This is particularly apparent in the case of data sharing, which is necessary for a service like Ledger Sync to operate.

To combat this challenge, Ledger Sync uses the Ledger Key Ring Protocol to generate encryption keys from the security of your device, and it’s these keys that encrypt your Ledger Live data. Once the data is encrypted, it’s safe to be sent via public channels. Absolutely no one except the owner of the hardware wallet can encrypt that information — not even Ledger! 

The only way to restore the encryption keys—and the data they encrypt—is via a device set up with the same secret recovery phrase as the one you initiated the Sync from. 

Ledger Key Ring Protocol: How it enables Ledger Sync

Ledger Key Ring protocol enables multiple applications or multiple instances of the same application to access shared information, using your Ledger hardware wallet as a central point for end-to-end encryption. It’s a protocol Ledger developed for use in multiple applications far beyond the Ledger Ecosystem. To learn more about Ledger Key Ring Protocol, make sure you read Ledger CTO Charles Guillemet’s blog post and the Ledger Key Ring Protocol whitepaper.

However, in the case of Ledger Sync, the Ledger Key Ring Protocol enables multiple instances of the same application: Ledger Live. Essentially, it allows separate instances of Ledger Live (for example, Ledger Live on your desktop and Ledger Live on your mobile device) to share data without revealing it to other parties—even when it’s shared over public networks. This means your Ledger Live data stays private and within your control.

Ledger Sync: An Improved User Experience for Ledger Live

Ledger Key Ring Protocol is a major development that promises increased functionality and ease of use, not just for Ledger users, but for Web3 users as a whole. And Ledger Sync is just the first service to benefit from that.

Thanks to Ledger Sync, Ledger Live is more convenient than ever. No matter which device you use, either your smartphone or laptop, your Ledger Live will show the same information, making it secure, efficient, and easy to use — without compromising your privacy.

So what are you waiting for? Join the Ledger ecosystem today and take advantage of everything that the world of secure crypto self-custody has to offer.

 

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Join this Now! YOU have what it takes!

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Officialdom is clueless.

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The Great Onboarding: US Government Anchors Global Economy into Web3 via Pyth Network

For years, the crypto world speculated that the next major cycle would be driven by institutional adoption, with Wall Street finally legitimizing Bitcoin through vehicles like ETFs. While that prediction has indeed materialized, a recent development signifies a far more profound integration of Web3 into the global economic fabric, moving beyond mere financial products to the very infrastructure of data itself. The U.S. government has taken a monumental step, cementing Web3's role as a foundational layer for modern data distribution. This door, once opened, is poised to remain so indefinitely.

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Specifically, Pyth Network has been selected to publish Gross Domestic Product (GDP) data, starting with quarterly releases going back five years, with plans to expand to a broader range of economic datasets. Chainlink, the other key partner, will provide data feeds from the Bureau of Economic Analysis (BEA), including Real Gross Domestic Product (GDP) and the Personal Consumption Expenditures (PCE) Price Index. This crucial economic information will be made available across a multitude of blockchain networks, including major ecosystems like Ethereum, Avalanche, Base, Bitcoin, Solana, Tron, Stellar, Arbitrum One, Polygon PoS, and Optimism.

This development is closer to science fiction than traditional finance. The same oracle network, Pyth, that secures data for over 350 decentralized applications (dApps) across more than 50 blockchains, processing over $2.5 trillion in total trading volume through its oracles, is now the system of record for the United States' core economic indicators. Pyth's extensive infrastructure, spanning over 107 blockchains and supporting more than 600 applications, positions it as a trusted source for on-chain data. This is not about speculative assets; it's about leveraging proven, robust technology for critical public services.

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US Dept of Commerce to publish GDP data on blockchain

On Tuesday during a televised White House cabinet meeting, Commerce Secretary Howard Lutnick announced the intention to publish GDP statistics on blockchains. Today Chainlink and Pyth said they were selected as the decentralized oracles to distribute the data.

Lutnick said, “The Department of Commerce is going to start issuing its statistics on the blockchain because you are the crypto President. And we are going to put out GDP on the blockchain, so people can use the blockchain for data distribution. And then we’re going to make that available to the entire government. So, all of you can do it. We’re just ironing out all the details.”

The data includes Real GDP and the PCE Price Index, which reflects changes in the prices of domestic consumer goods and services. The statistics are released monthly and quarterly. The biggest initial use will likely be by on-chain prediction markets. But as more data comes online, such as broader inflation data or interest rates from the Federal Reserve, it could be used to automate various financial instruments. Apart from using the data in smart contracts, sources of tamperproof data 👉will become increasingly important for generative AI.

While it would be possible to procure the data from third parties, it is always ideal to get it from the source to ensure its accuracy. Getting data directly from government sources makes it tamperproof, provided the original data feed has not been manipulated before it reaches the oracle.

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