Accelerate open sourcing
Ledger, which provides a self-custody solution for crypto assets, announced on the 23rd that it will bring forward its plans to open source. This is a strategy to resolve concerns about the reliability of the company’s new service “Ledger Recover” by increasing transparency.
According to CEO Pascal Gauthier, much of Ledger’s codebase has already been open-sourced, allowing developers and security experts to review the code and verify it for malicious code. Gauthier says:
We are open sourcing the Ledger Recover protocol, allowing the community to have the maximum amount of choice for self-storage, in addition to making the service completely voluntary. This is truly an effort to increase transparency.
This is due to a mistrust of how users’ seed phrases (the human-readable form of private keys) are handled, which was revealed in May when Ledger announced plans to implement “Ledger Recover.”
What is a seed phrase (recovery phrase)?
A human-readable version of the wallet’s private key. Consisting of 12 to 24 English words, the seed phrase is required to unlock the wallet. If you lose your seed phrase, you may lose access to your wallet and lose your stored cryptocurrencies.
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What is Ledger Recover?
“Ledger Recover” is a new service that restores a user’s wallet by verifying their identity if the user loses their seed phrase. The service will split the encrypted seed phrase into three pieces and store each in three different custodians (Ledger, Coincover and EscrowTech).
However, this mechanism increases the risk of unauthorized access through disguise and hacking, and although it is limited to serious crimes, it also makes it possible to respond to government summons, which has been criticized by users.
In response to such criticism, Nicolas Bacca, co-founder of Ledger and head of the Innovation Lab, said, “The service is an entry-level solution for increasing self-custody adoption and is available for $9.99 per month. It’s an optional feature,” he said.
So if you’re a Ledger user and want to keep using Ledger, you have nothing to worry about. Nothing changes.
However, the general sentiment is that such claims cannot be believed. To allay these concerns, CEO Gauthier explained that the company will accelerate its open source roadmap. The plan is to open source as much of the Ledger operating system as possible by the time Ledger Recover is released, starting with the major components of the OS.
Gauthier added that users can enable the passphrase feature as an additional security measure to prevent unauthorized access to their funds.
Passphrase is a feature that creates an entirely new set of accounts by adding additional words of your own choosing to your existing recovery phrase. According to Gauthier, this feature is “not part of Ledger Recover’s backups and is a fully trusted feature.”
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