Ledger CEO Pascal Gauthier has announced an open letter addressing theย pastย few notice of Ledger Recover and how it was communicated to customers. In the letter, Gauthier acknowledged that the companyโs communication mistake had caused concern amongย the cryptocurrency community and influenced customersโ capacity toย comprehend the productโs role in futureย ofย the Ledgerโs offerings.
Ledger Recover
The hardware wallet provider company recently announced the launch of its new service, wasย known Ledger Recover, which intendsย to provide users anย extra layer ofย safety by allowing them to store encrypted backups of their seed phrases with 3 custodians.
The opt-in feature will mustย haveย a know-your-customer (KYC) verification. Nonetheless, this move has been criticized by some cryptocurrency community members concerned about sharing seed phrases with anyone other than the wallet owner.
These concerns have raised questions about the safety of this new feature and have prompted Ledger to apologize for any confusion caused by the launch.ย
Althoughย while this service is not new, how the company announced it caused some confusion. In its open letter, Gauthier acknowledged this and apologized for how it was communicated, stating that they never intended to surprise customers.
Gauthier emphasized that their mission is to make cryptocurrency secure and easy to use. He reiterated that the main pain point for cryptocurrency self-custody adoption is seed phrase recovery and that Ledger Recover is a necessary service to address this issue. He likewise stressed the importance of self-sovereignty and self-custody over digital assets, which is the ethos of crypto.
Furthermore, Gauthier indicatedย that Ledger never compromises on security and that their Donjon security team is committed to reviewing not only Ledgerโs firmware and hardware updates but likewise the entire ecosystem.
Ledger Puts Launch Of Recover Service On Hold
Alongย with security, Ledger is likewise committed to increasing transparency. Most of Ledgerโs codebase isย indeed open source, and the company intendsย to accelerate its open-sourcing roadmap. They will include as much of the company operating system as possible, beginningย with core components of the open source and Ledger Recover, which willย not released until this work is complete, reportsย by Gauthier.
Furthermore, the companyโs CTO, Charles Guillemet, stated that open sourcing has always been a core part of the firmโs roadmap and that recent events have only emphasized the importance of accelerating this initiative. By making the cryptographic protocols auditable, the company hopes to address concerns about the safety and security of its products, which some digitalย currency community members have raised.
Weโll gradually open source most of our Operating System, beginningย with Ledger Recover, to make it fully auditable.Weโll release Ledger Recover Product as soon as this firmware part of the code will be published.
โ Charles Guillemet (@P3b7_) May 23, 2023
The 1st step in thisย procedure will be the release of the whitepaper for Ledger Recover, which will allow for auditing the cryptographic protocols used in the firmware. This will be followed by the release of the Recover product as soon as the firmware is published.
Furthermore, reportsย by Guillemet, The delay in the launch of the Recover program is a necessary step to prioritize transparency and security. The company will release the product as soon as the firmware part of the code is published. Onย theย otherย sideย , the other parts will take longer since theyย need be refactored to abstract the chip-specific characteristics under Non-Disclosure Agreement (NDA) from the companyโs open-source.ย
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