Ledger's PR Struggle Reveals Uncomfortable Trade-Offs for Crypto Storage

In addition to that, Ledger will offer additional security feature to the Recover setup: while the encrypted backup will be stored by three custodians, users will have an option to also create a passphrase, so that even if the custodians collude and recover the private key, they still won’t be able to move funds without the passphrase.

“There is always a minimum of trust that you need to have in any hardware wallet that you're going to use. And we are trying to make the part of the operating system as the one that you have to trust as small as possible and open everything else,” he said.The decision to open-source the code came as a response to the critics pointing that it’s impossible to audit Ledger’s new feature because the code is not public.

Guillemet also said that ultimately, even with the open sourced code, users have to trust the wallet manufacturer – Ledger or else – with the safety of their crypto. Otherwise, users would have to build their devices from scratch, including all the physical parts, the code and the compilers turning that code into working apps, Guillemet said, and that’s obviously not an option for the “millions of users” Ledger wants to onboard in the coming years.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Ledger CEO concedes subpoena to access user funds is a concernLedger CEO Pascal Gauthier said that the ability for governments to subpoena user funds if they use the Recover service is the only concern.
Source: TheBlock__ - 🏆 464. / 53 Read more »

Crypto Wallet Provider Ledger Delays Key-Recovery Service After UproarFollowing harsh criticism from the crypto community, hardware wallet provider Ledger will delay releasing a key recovery feature. baidakova writes
Source: CoinDesk - 🏆 291. / 63 Read more »

Ledger plans to accelerate open source work in wake of Recover backlashHardware wallet maker Ledger says it will address concerns about its Recover service by working to accelerate its open sourcing roadmap.
Source: TheBlock__ - 🏆 464. / 53 Read more »

More than half of Americans struggle to cook basic recipesWhile seven out of ten people claim to be naturally gifted in the kitchen, 56% of people surveyed in a recent poll say they struggle with even the most basic recipes. These self-proclaimed ‘failed chefs’ are embarrassed and frustrated by their futile efforts to cook even things like eggs and pancakes.
Source: WashTimes - 🏆 235. / 63 Read more »

S&P500 Futures rebound, yields struggle even as US debt ceiling expiry, PMIs loomRisk profile remains dicey during early Tuesday even as the US policymakers fail to agree on pushing back to looming debt ceiling expiration in their
Source: FXStreetNews - 🏆 14. / 72 Read more »

Logan convenience store worker shot during struggle over video game machine, police sayCustomers were playing with the video game machine inside the store when they got into a violent struggle with the worker, who was then shot, officials say.
Source: FOX29philly - 🏆 570. / 51 Read more »