Ledger's CTO urges investors to get familiar with how Ledger Recovery's system works.
In a significant move, Ledger, a prominent provider of hardware cryptocurrency wallets, is making strides toward offering users a novel solution for their device's seed backup and recovery.
Announcing via Twitter on June 21st, Ledger's Chief Technology Officer, Charles Guillemet, disclosed that the firm open-sourced the Whitepaper for their upcoming Ledger Recover tool.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
How to Use Crypto? 5 Rewarding Strategies Explained (Animated)
The CTO expressed anticipation for the tool's release in the fourth quarter of 2023, brought by the partnership with digital asset security company Coincover.
When talking about the launch of the Whitepaper, Charles Guillemet addressed the Ledger user by noting:
You can learn precisely how it works technically and examine the service yourself.
The Ledger Recover Whitepaper is a 34-page document detailing the technical workings of Ledger's seed backup and restoration solution. It provides insight into the software's principal operation flows—seed backup, restoration on a new device, and secure deletion of backups.
The paper also sheds light on the design of Ledger Recover's system and its cryptographic protocol. The document highlights the tool's user-centric design, noting that the protocol can be independently operated from Ledger, reflecting the company's commitment to self-custody.
A standout feature includes splitting the seed into parts utilizing the existing private key distribution technology, known as Shamir backup. According to the Whitepaper:
Having less than the required number of shares does not give any information on the seed.
The unveiling of Ledger's seed recovery tool has drawn a mixed response from the crypto community.
Initially presented in May 2023, Ledger Recovery has faced a wave of criticism from industry leaders and investors. Changpeng Zhao, founder and CEO of Binance, raised concerns over the new tool's approach.
In response to the worries, Guillemet insisted that the innovative seed recovery solution "does not change the security" of Ledger devices.
The forthcoming Ledger Recover tool represents a significant step forward in the self-custody of digital assets, promising a secure and reliable solution for hardware wallet seed recovery.
