Bitrabo Editorial
The CEO of Ledger, Pascal Gauthier, has issued an open letter addressing the company’s recent announcement of Ledger Recover and how it was communicated to customers. Gauthier acknowledged that the company’s communication mistakes had caused concern among the crypto community and affected customers’ ability to understand the product’s role in the future of Ledger’s offerings.
Ledger Recover
Ledger recently launched Ledger Recover, a new service that provides users with an additional layer of security by allowing them to store encrypted backups of their seed phrases with three custodians. The opt-in feature requires a know-your-customer (KYC) verification, but this has been criticized by some crypto community members who are 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 prompted Ledger to apologize for any confusion caused by the launch. Gauthier stressed the importance of self-sovereignty and self-custody over digital assets, which is the ethos of crypto.
Ledger Puts Recover Service Launch On Hold
In addition to security, Ledger is committed to increasing transparency. Most of Ledger’s codebase is already open source, and the firm plans to accelerate its open-sourcing roadmap. They will include as much of the company operating system as possible, starting with core components of the open source and Ledger Recover, which won’t be released until this work is complete, according to Gauthier.
The first step in this process 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.
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, and other parts will take longer since they must be refactored to abstract the chip-specific characteristics under Non-Disclosure Agreement (NDA) from the company’s open-source.
In conclusion, Ledger is committed to increasing transparency and open-sourcing its codebase while prioritizing the security and self-sovereignty of its customers’ digital assets.