Ledger has been involved in several updates and developments in the digital asset area with a clear emphasis on providing the best customer experience. This attitude led Ledger to initiate collaborations with many cryptocurrency companies and their corresponding assets.
The latest feature to roll out of the Ledger roster was ‘Tron staking’, a process where holders can earn capital while holding on to their TRX tokens. In general, staking is the process of holding funds in a wallet that will, in turn, support the operation of that particular blockchain network.
With the latest update to Ledger Live, Ledger users will be able to earn rewards while holding on to their TRX tokens directly within the Ledger Live Apps (Mobile & Desktop) without having to use any third parties Wallet. Ledger claims that their mission is to provide an ecosystem where users will be able to enjoy all the possibilities of the Blockchain technology while providing top-notch security for individuals. This also aligns with Ledger’s framework of making the world of crypto more secure while at the same time creating value for all its users.
Ledger has reiterated multiple times in the past that user experience is key, a mantra carried over to the Ledger Live Applications available on both mobile and desktop.
Tron Weekly asked Benjamin A, the Product Manager at Ledger Live to give his two cents on the latest addition. He said:
“The support of more coins in Ledger Live, especially POS coins, is one of our main goals for 2020. Tron has been one of the most downloaded apps of the Manager for a very long time, and has been in the top 20 of the crypto market cap for quite some time now. It was a logical move for us to provide a great user experience to this community, both on desktop and mobile.”
The company knows that simplicity in staking is an important factor in drawing customers to its platform. This has resulted in the creation of a simple 3 step process by which users can earn Tron tokens as part of the staking program.
Step 1: Freezing TRX into Tron Power
The relation is simple: the more tokens a user freezes into Tron Power, the more votes he/she receives. In layman’s terms, “freezing TRX” is just like moving fiat currency from a dynamic current account to a more stable savings bank account. Each frozen TRX token is calculated to be 1 Tron Power.
Step 2: Using Tron Power to vote
One of Tron’s biggest assets is its Super Representatives [SR], a group of users who act as the guardian of the Tron blockchain. Ledger has tapped into this feature by allowing users to vote and choose SR candidates using Tron Power. Just like a frozen TRX token, here too 1 TP counts for 1 vote for a single SR. A user can divide the votes for up to up to 5 SRs and the SR with the maximum votes after a cycle is elected.
Step 3: Earn your rewards
The rewards that each user gets depends on the elected SR and the reward date that they set. Voters are then given the opportunity to claim their rewards during every 24-hour cycle. To make the process more streamlined, Ledger users can also choose to receive their rewards directly to their account.
According to the Tron Voter Rewards Calculator – a powerful tool to help users estimate their Tron voter rewards accurately – the current annual yield on Tron is approximately 7 percent excluding the SR fees.
Ledger claimed that there are several benefits to staking Tron within the Ledger Live apps. One of the biggest advantages is the lack of risk of funds being lost or stolen. Users will also be able to enjoy high transaction rates on the Tron blockchain with parameters in place to enable scaling. Last but certainly not the least, individual users will receive bandwidth from the blockchain that can compensate for the fees of almost 20 transactions.