Despite facing significant criticism, hardware cryptocurrency wallet firm Ledger remains optimistic about the upcoming launch of its Ledger Recover tool in Q4 2023.
Leading hardware cryptocurrency wallet provider, Ledger, is making progress towards the launch of its anticipated solution that will enable users to back up and recover the seed of a Ledger device.
On June 21, Ledger’s Chief Technology Officer, Charles Guillemet, utilized Twitter to reveal that the hardware wallet company has made its Ledger Recover white paper open-source.
📰Today, we are publishing the Ledger Recover White Paper, a key step in allowing anyone to audit the cryptographic protocols.
This builds on the over 150 apps and other open-source enablement Ledger has already implemented.
Don’t trust, verify.🧵 pic.twitter.com/SbjDQRYCQM
— Charles Guillemet (@P3b7_) June 21, 2023
Ledger’s CTO, Charles Guillemet, confirmed that the forthcoming service, provided by Coincover, is set to launch in Q4 2023, assuring it to be “100% secure.” The open-source Ledger Recover white paper, available on GitHub, offers a comprehensive 34-page document detailing the technical aspects of Ledger’s seed backup and restoration solution.
Ledger Recover’s repository facilitates three main operational flows: seed backup, restoration on a new device, and secure deletion of backups. The white paper provides insights into the system design and cryptographic protocol of Ledger Recover, including the implementation of Shamir backup for splitting the seed into shares.
The paper emphasizes that having fewer than the required number of shares does not reveal any information about the seed.
The white paper highlights the ability for users to independently run the protocol, emphasizing Ledger’s commitment to self-custody and flexibility.
Ledger’s seed recovery tool, introduced in May 2023 as an optional subscription, has faced notable criticism from the crypto community, as stated by the CTO.
Industry experts, including Mudit Gupta from Polygon Labs, raised concerns about potential vulnerabilities in Ledger Recovery, emphasizing that the encrypted key parts are sent to three corporations, which could reconstruct users’ keys.
Binance founder and CEO, Changpeng Zhao, also questioned the benefits of the tool, highlighting the departure from the principle of “your keys never leave the device” if the seed can now be moved externally.
Ledger’s CTO assures that the new seed recovery solution maintains the security of Ledger devices and encourages developers, researchers, and crypto enthusiasts to examine the white paper and comprehend the wallet’s security mechanisms.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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