Since initially entering the market in early 2018, Ontology (ONT) has had somewhat of a bumpy ride, climbing to reach almost $9.00 in June, before quickly losing close to 95% of its value in the following six months. However, Ontology appears to be on the road to recovery, having more than tripled in value since February 2019.
Despite it’s worrying 2018, Ontology is still considered one of the most promising projects for the near future. Being built as a backbone for potentially thousands of other blockchain projects, Ontology allows businesses of all shapes and sizes to launch and manage their own custom blockchain solution, greatly reducing the friction usually associated with blockchain development.
As one of the most comprehensive Ontology desktop wallets available, OWallet is one of the very few Ontology wallets to support hardware wallets such as the Ledger Nano S and Trezor wallet. Because of this, combining the Ledger Nano S with OWallet is arguably the most secure way to manage your ONT, while still allowing you to participate in staking.
For the purposes of this tutorial, we will be showing how to connect your Ledger Nano S to OWallet, allowing you to securely manage your ONT through the desktop client.
To complete this tutorial, you will need to have the Ontology app pre-installed on your Ledger device, and will need access to a computer running Ledger Live and OWallet. If you need help starting from scratch, see the following three guides to help you get your Ledger ready for safely storing Ontology (ONT):
Connecting Ledger with OWallet
Step 1: To begin using connecting your Ledger Nano S with OWallet you will first need to plug your Ledger into a computer running Ledger live using an official Ledger USB cable. Once plugged in, unlock your Ledger device by entering your PIN, and open the Ontology app.
Step 2: With the Ontology app loaded on your Ledger, open OWallet on your connected computer, and click the ‘ENTER’ button.
Step 3: When you see the ‘Set File Path’ prompt, press the escape key on your keyboard to close the prompt.
Now, select ‘Ledger’ on the top right, and hover over the large (+) sign to bring up the ‘Connect Ledger’ option. Click this to proceed to the next step.
Step 4: You will now be asked to enter a name for your Ledger wallet. You can set this to whatever you like, but in this example, we have chosen ‘Cryptocoin’.
After entering your wallet name, click the blue ‘Connect’ button.
Step 5: After clicking ‘Connect’ you will be automatically taken to your Ontology wallet. Here, you will be able to send Ontology; participate in ONT staking; manage your ONT ID; and manage your stake by selecting an option using the left-hand panel.
You are now all set, and are ready to securely manage your ONT portfolio on your Ledger! If you’re looking for other cryptocurrencies with staking functionality, check out our range of Tezos tutorials!