Bullet Points Summary
• Ledger, a major hardware crypto wallet provider, released a white paper for their upcoming seed recovery tool.
• The service is expected to launch Q4 2023 and is provided by Coincover.
• The white paper outlines the technical overview of Ledger’s solution, its system design and cryptographic protocol.
Ledger Releases White Paper for Seed Recovery Tool
Major hardware cryptocurrency wallet provider Ledger has open-sourced the Ledger Recover white paper and announced they are getting closer to launching their planned solution to allow users to back up and recover a Ledger device seed. The service is expected to be launched in Q4 2023, provided by digital asset security firm Coincover.
Overview of Solution Outlined in White Paper
The white paper provides an overview of Ledger’s solution for the backup and restoration of the hardware wallet’s seed. It includes data on the system design and cryptographic protocol, as well as three primary operational flows: backing up the seed, restoring it on a new device, and securely deleting the backups. It also outlines that seeds are split into shares using private key distributing technology known as Shamir backup .
Criticism from Crypto Community
Ledger’s seed recovery tool has triggered criticism from the crypto community since it was introduced in May 2023. Chief Technology Officer Charles Guillemet noted that it is an optional subscription for users who want to back up their secret recovery phrase.
Despite facing criticism over their seed recovery tool, Ledger expects to launch its offering in Q4 2023 with features such as 100% security and flexibility for self-custody outlined in its recently released white paper.