Ledger's Recovery Tool Is Very Much On Its Way Here

GM Readers!📪 It's BitDegree Insider, and let's bake a Web3 pie.

⭐️Today's selection:

• 🔐Ledger Doubles Down On Seed Recovery Tool
• 😖More Problems For Binance
• 🧩️Thursday Quiz
• 👌Selected Meme of The Day
• 📰Bite-Sized News

The market is feeling alriiight. For those who didn't see… Bitcoin hit $30k again. That's a lovely start of the day.

LEDGER'S SEED RECOVERY TOOL

So, yeah. Not long ago, we wrote about how Ledger, the crypto wallet producer, got under fire for introduction of a new service.

The service in question was… The ability to recover your seed phrase in case you forgot it. It was called "Ledger Recovery."

Even though the service was optional, and it didn't forcefully apply to all users, people were mad.

Because this service… Kinda denies the whole point of decentralization.

Well, Ledger said wait a minute, allow me to explain.

And they did exactly that.

In a significant move, the prominent provider of hardware cryptocurrency simply made this tools' whitepaper available to everyone interested.

Announcing via Twitter on June 21st, Ledger's Chief Technology Officer, Charles Guillemet, excitedly disclosed that the firm has open-sourced the Whitepaper for their upcoming Ledger Recover tool.

Guillemet directly addressed the Ledger user community, noting:

"You can learn precisely how it works technically and examine the service yourself."

Well, you gotta agree. This really gives off… transparency. That can't be bad.

The Ledger Recover Whitepaper is a comprehensive 34-page document that meticulously details the technical aspects of Ledger's seed backup and restoration system.

As a whitepaper should, it provides a deep dive into the software's principal operation flows, including seed backup, restoration on a new device, and secure deletion of backups.

A standout feature of Ledger Recover includes the utilization of Shamir backup, an existing private key distribution technology, to split the seed into parts.

This approach ensures that even having less than the required number of shares does not disclose any information about the seed, adding an extra layer of protection to users' digital assets.

And, for now, Ledger encourages users to dive deeper into the technical part of the service, and make up their minds for themselves.

The document can be found here.

TL;DR: Ledger faced criticism for introducing its "Ledger Recovery" service, which allows users to recover their seed phrase, potentially compromising decentralization. However, Ledger responded by open-sourcing the comprehensive Whitepaper for Ledger Recover, offering transparency and technical details to users. The whitepaper highlights the use of Shamir backup to split the seed and safeguard user assets, empowering users to explore the service's intricacies and form their own opinions.

BINANCE & THEIR PROBLEMS

Misery loves company.

Especially when this "misery" in question is regulatory problems for Binance.

First, SEC sued Binance.

Now, Brazilian authorities got their eye on Binance.

In the midst of a global regulatory crackdown on the exchange, Guilherme Haddad, the director of Binance Brazil, has been summoned to testify before the Brazilian parliament as part of an ongoing investigation into alleged pyramid schemes in the country.

Furthermore, the deputy claimed that Binance was utilized by pyramid schemes in the country to facilitate asset transfers.

The request for Haddad's appearance, made by Deputy Alfredo Gaspar, a member of the Brazilian Chamber of Deputies, will be put to a vote by the Parliamentary Commission of Inquiry (CPI) on June 27.

If approved, Haddad will be expected to face the heat in the Brazilian Chamber of Deputies, further adding to Binance's growing list of international challenges.

In addition to that, the deputy has raised concerns about Binance's alleged involvement in facilitating asset transfers for pyramid schemes operating in Brazil.

To make matters worse, the Securities and Exchange Commission of Brazil has been pressuring Binance to cease offering Bitcoin futures products to Brazilian customers, as reported by Portal do Bitcoin.

With all these developments unfolding, it comes as no surprise that Binance is in the hot seat. And it doesn't look like it's about to get any colder soon.

But… What else, if not Binance, could withstand all of this mess? The crypto world eagerly awaits to see how the things will unfold.

TL;DR: Binance finds itself in regulatory turmoil once again as Brazilian authorities turn their attention to the exchange amidst a global crackdown. Guilherme Haddad, the director of Binance Brazil, faces summons to testify before the Brazilian parliament regarding alleged pyramid schemes, adding to the mounting challenges for Binance on the international stage.

THURSDAY QUIZ

It's that day of the week again. The day of the megaminds!

Here's what we've got for you today:

You know the game, you know the rules! Good luck in piercing through this mind-scratcher!

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Memecoins Flourish as PEPE Jumps 70%, Outshining DOGE, SHIB and FLOKI. It seems that memecoins may be preparing for the second round of the memecoin craze.
• US Federal Reserve Affirms Stablecoins as Money, Advocates for Federal Oversight. Authorities in the US continue to discuss stablecoins and their role in the US economy.
• BRC-20 Tokens Gain Support from Wallet Providers Despite Market Downturn. Despite the slumping market cap, BRC-20 tokens still capture the attention of major crypto wallets.