Key Points:
- Ledger plans to make changes after backlash over crypto wallet recovery tool.
- The company will increase transparency and accelerate its open-source roadmap.
- The Ledger Recover protocol will be open-sourced, giving users more control over their self-custody.
Hardware wallet maker Ledger recently announced a new service called Ledger Recover, which would help users recover their private keys.
The announcement was met with backlash from the crypto community, with concerns over the security of user’s private keys. In response to these concerns, Ledger CEO Pascal Gauthier wrote a blog post stating that Ledger would work to increase transparency and accelerate its open source roadmap to address these concerns. He acknowledged that Ledger’s unintentional communication mistake took everyone by surprise and affected customer’s ability to understand Ledger Recover’s role for the growing crypto community and for Ledger’s future offering.
The service works by splitting a user’s seed phase into 3 pieces, which would then be shared with Ledger and an unnamed entity to be combined in the event of a user losing access to their keys. However, the company had struggled to explain how it would safeguard users’ private keys, especially against the risk of hypothetical government subpoenas.
Ledger CTO Charles Guillemet had previously said that the perceived security tradeoff of the new product was acceptable. Gauthier tried to ease fears about possible subpoenas earlier this week when he said that it was not something that typically affects the average user. However, the concerns still persisted.
Gauthier said that the vast majority of Ledger’s codebase was already open source, and the acceleration would include as much of the Ledger operating system as possible, including core components of the operating system. He also announced that they would open source the Ledger Recover protocol, enabling the community to have as much choice as possible over self-custody. This, he said, would provide more transparency going forward and would not change the security of the device.
Moreover, users who want increased security can enable a passphrase feature that is not included in the Ledger Recover and can be “a fully trustless feature,” he added. While there were still concerns over the security of users’ private keys, Ledger’s efforts to address these concerns through increased transparency and open sourcing their codebase provides a promising outlook for the future of Ledger Recover and its role in the growing crypto community.
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