Designed to facilitate micropayments between the devices that compromise the ‘Internet-of-Things (IoT)’, IOTA offers fast, feeless transactions that are designed to help power the developing machine economy.
Unlike Bitcoin and most other cryptocurrencies, IOTA is instead based on a new type of distributed ledger known as the ‘Tangle’, which is a type of Directed Acyclic Graph, or DAG. DAGs have the benefit of being hugely scalable and do not require an energy-intensive mining process to ensure the security of the network, making them perfect for large, complex networks such as the IoT.
With the Internet of Things gaining in both size and complexity, platforms like IOTA will be needed to ensure further growth, and should be among the first cryptocurrencies to benefit from the growth of IoT.
If you are somebody who wants to invest in IOTA, it is imperative that you do so in a safe way. One of the best ways to do so is using a cryptocurrency hardware wallet, with the popular browser-based wallet Romeo, offering a simple way to securely manage your IOTA.
To complete this guide you will need Ledger Live installed on your computer, and will need your Ledger Nano S to hand.
Make sure to update your “Ledger Live” App from here:
Installing the IOTA App
Step 1: To begin safely storing IOTA on your Ledger device, you will need to get the IOTA app installed.
To do this, open Ledger Live and head over to the Manager section by clicking the ‘Manager’ select in the left panel.
Step 2: In the Manager section you’ll be asked to connect your device. Here, plug your Ledger into your computer using an official Ledger USB cable, and enter your PIN code when prompted.
Ledger Live will detect the device has now been unlocked.
Step 3: After unlocking your device, you will be automatically taken to the device dashboard. After a few seconds, you should receive a prompt to ‘Allow Ledger manager’, press the right button once to confirm this, and you will be automatically redirected to the app manager in your Ledger Live software.
Step 4: Now, in the app catalog we need to find the IOTA app. To do this, you can either scroll down the list of available apps, or search ‘iota’ in the search box to automatically pull up the correct app.
After finding the IOTA app, click the ‘Install’ button. Ledger Live will then begin installing the app on your device — this should take no more than a minute or so. Note that you may need to unlock your device by entering your PIN before installation will begin.
If you receive a message saying you have insufficient storage, you will need to one or more apps first using this tutorial before retrying this step.
Connecting Ledger and Romeo Wallet
Step 1: After installing the IOTA app, we are now ready to connect the Ledger Nano S to Romeo wallet.
To begin, head over to the Romeo Wallet login page: here. You will need to be using a U2F compatible browser such as Google Chrome or Opera.
Step 2: Now select, the Ledger Nano S option on the top right.
Plug in your Ledger Nano S if it isn’t already connected, unlock your device and open the IOTA app. You may need to skip past a warning screen explaining that IOTA is not like other blockchains before you have fully loaded the IOTA app.
Step 3: Once the app is loaded, click the ‘Login with Ledger’ button.
Romeo Wallet will then begin loading your IOTA wallet, this process can take a while to complete as it needs to sync with the IOTA network.
After it finishes loading, Romeo should generate your addresses on your Ledger device, and you will be able to access your deposit addresses and perform transactions through the Romeo interface. To confirm transactions, you will need your Ledger Nano S connected to your device with the IOTA app active.
You have now set up your hardware-based IOTA wallet, congratulations!