HomeNewsLedger Defies Critics with White Paper for Hardware Wallet Seed Recovery Tool

Ledger Defies Critics with White Paper for Hardware Wallet Seed Recovery Tool

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  • Ledger, the prominent hardware cryptocurrency wallet provider, is moving forward with the development of a seed recovery solution for its devices.
  • The company has released a white paper detailing the technicalities of this upcoming tool, promising 100% security, despite facing criticism from the crypto community.

Leading the charge in hardware cryptocurrency wallet solutions, Ledger is progressively navigating the path towards the launch of its innovative device seed backup and recovery solution. Recently, Ledger’s chief technology officer, Charles Guillemet, announced via Twitter the public release of a comprehensive white paper detailing this tool, known as Ledger Recover.

In anticipation of its Q4 2023 launch in collaboration with digital asset security firm Coincover, the Ledger Recover tool promises to bring a paradigm shift in hardware wallet seed recovery. Guillemet assures that this new service is “100% secure” and invites everyone to explore its technical workings and scrutinize the service themselves.

The Ledger Recover white paper, available on GitHub, is a thorough 34-page document elaborating on the technical aspects of Ledger’s solution for backing up and restoring hardware wallet seeds. It outlines three primary operational flows, including seed backup, restoration on a new device, and secure backup deletion.

A notable feature of this system is the distribution of the seed into shares via the established private key distributing technology, Shamir backup. The white paper emphasizes that without the required number of shares, no information on the seed can be extracted, reinforcing its security feature.

Furthermore, Ledger stresses the independence of the protocol from the company itself, reinforcing its commitment to self-custody and enhancing the tool’s flexibility.

Despite this exciting development, Ledger’s seed recovery tool has attracted considerable controversy. First announced in May 2023, Ledger Recovery faced criticisms for potential vulnerabilities in its security, with critics suggesting that the encrypted keys could be reconstructed by third parties.

Despite the criticisms, Guillemet maintains the new solution does not compromise Ledger device’s security. He encourages developers, researchers, and crypto enthusiasts to examine the white paper to better understand the security mechanisms behind Ledger’s wallets. The seed recovery tool’s launch will signify a new chapter for the company as it continues to prioritize user security and innovation.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628