Ledger Shifts Recovery Strategy, Trust Restored Through Open Source

Ledger Shifts Recovery Strategy, Trust Restored Through Open Source

Ledger CEO Pascal Gauthier apologizes for the confusion caused by the launch of Ledger Recover, stating that the company’s mission is to make crypto secure and easy to use, and emphasizes the importance of self-custody over digital assets.

Ledger CEO Pascal Gauthier has announced an open letter addressing the past few notice of Ledger Recover and how it was communicated to customers. In the letter, Gauthier acknowledged that the company’s communication mistake had caused concern among the cryptocurrency community and influenced customers’ capacity to comprehend the product’s role in future of the Ledger’s offerings.

Ledger Recover

The hardware wallet provider company recently announced the launch of its new service, was known Ledger Recover, which intends to provide users an extra layer of safety by allowing them to store encrypted backups of their seed phrases with 3 custodians.

The opt-in feature will must have 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. 

Although 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 indicated that Ledger never compromises on security and that their Donjon security team is committed to reviewing not only Ledger’s firmware and hardware updates but likewise the entire ecosystem.

Ledger Puts Launch Of Recover Service On Hold

Along with security, Ledger is likewise committed to increasing transparency. Most of Ledger’s codebase is indeed open source, and the company intends to accelerate its open-sourcing roadmap. They will include as much of the company operating system as possible, beginning with core components of the open source and Ledger Recover, which will not released until this work is complete, reports by Gauthier.

Furthermore, the company’s CTO, Charles Guillemet, stated that open sourcing has always been a core part of the firm’s 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 digital currency community members have raised.

The 1st step in this 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, reports 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. On the other side , the other parts will take longer since they need be refactored to abstract the chip-specific characteristics under Non-Disclosure Agreement (NDA) from the company’s open-source. 

Featured image from iStock, chart from TradingView.com


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