Ledger Supports Cryptocurrency Aimed at Eliminating the Need for Cash or Gold Reserves

Ledger Supports Cryptocurrency Aimed at Eliminating the Need for Cash or Gold Reserves

Ledger, a popular hardware wallet offering cold storage for cryptocurrencies, is supporting Kowala, a dual-token blockchain.

Built on the Kowala protocol, the kUSD is a price-pegged cryptocurrency designed to maintain a stable value equal to the US dollar. As the first stablecoin publicly supported by Ledger, it’s designed to bring the full impact of cryptocurrencies to the mainstream via more than one million Ledger users. The goal is to eliminate the need for cash or gold reserves, using decentralization to rewrite how money is created, valued, distributed and stored.

“On one level, this move is a huge signal for industry confidence in our price-stabilizing mechanisms, which employ unique money supply minting and burning features to eliminate the need for cash or gold reserves. More importantly, this support also increases access to a stable and consumer-friendly cryptocurrency for millions of people around the globe,” said Kowala CEO and founder, Eiland Glover.

Ledger, a Paris-based startup offering several different cold storage hardware devices that keep investors’ crypto securely unplugged from the internet, has grown in popularity. The company sold its one millionth Nano S hardware wallet in January. It sold 30,000 wallets in 2016 when its first product was released in June of that year.

Nano Ledger S or Ledger Blue users can also store mUSD, the Kowala protocol token that allocates mining rights on the Kowala network.

As a dual-token protocol, the Kowala blockchain mints and burns kUSD automatically, with the total circulating supply expanding and contracting based on real-time market conditions.

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Glover says, “The full potential of this technology is tied to consumers’ ability to make actual use of it in their daily lives. As the most decentralized stablecoin project on the market, it is our hope that this hardware accessibility will increase crypto inclusion for those living in highly inflationary economies who require usable currency, rather than speculative investments.”

Kowala joins PoA, Icon, VeChain, WanChain, Ontology,  particl and RSK as part of Ledger’s initial third-party application rollout, which will allow users to manage their virtual assets via Ledger Live, a Windows, Mac and Linux compatible desktop app.

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