Ryder Introduces Social Recovery Feature to Replace Seed Phrases
A company called Ryder is aiming to eliminate the need for seed phrases in crypto wallets by introducing a more user-friendly approach called social recovery. Instead of relying on a long multi-word phrase, users can now find five trusted friends or family members who can help them recover access to their wallet if they lose their seed phrase.
Ryder has closed a $1.2 million funding round and launched its flagship hardware wallet, Ryder One, which incorporates the TapSafe recovery feature. The wallet utilizes the Shamir Secret Sharing (SSS) algorithm to distribute private keys among a group of devices, ensuring that no single user can access the private key alone.
The company claims that its onboarding process takes less than a minute with TapSafe, making it a user-friendly option without compromising security. Louise Ivan, Ryder’s CEO, stated that the goal was to build a product that addresses the core issues faced by users.
Challenges and Competition
While Ryder is not the first to implement SSS in hardware wallets, it aims to differentiate itself through its human-centered design and the team’s extensive experience in the crypto industry. Ledger, despite its controversial key recovery service, is considered Ryder’s main competitor.
The hardware wallet market is expected to reach $1.2 billion by 2030 but has seen limited innovation in recent years. Self-custody using seed phrases remains popular, and Ryder will need to overcome existing incumbents in the market.
Ryder One Wallet Launch and Investor Support
The Ryder One wallet will be launched on November 1st through Kickstarter and will initially support blue-chip tokens such as Bitcoin, Ethereum, Polygon, and Solana.
Investors, including Oak Grove Ventures, the Bitcoin Frontier Fund, Muneeb Ali from Trust Machines, and SBX Capital, have shown support for Ryder’s innovative approach to hardware wallets. Muneeb Ali believes that bringing innovation to the hardware wallet space will benefit the entire industry.
Hot Take: Improving Accessibility and Security in Crypto Wallets
Ryder’s introduction of the social recovery feature represents a significant step towards improving accessibility and security in crypto wallets. By replacing seed phrases with trusted contacts, users no longer need to worry about memorizing or storing complex phrases. The use of the Shamir Secret Sharing algorithm ensures that private keys are distributed among multiple devices, enhancing security.
Ryder’s focus on user experience and its team’s industry expertise position it as a strong contender in the hardware wallet market. With the launch of Ryder One, users can expect a more streamlined onboarding process without compromising security. This innovation is crucial for driving further adoption of self-custody solutions and advancing the overall crypto industry.
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