7/27/2023 0 Comments Solana ledger liveLedger offers users a smart way to secure, buy, exchange, and grow their crypto assets. Regardless of the outcome, Ledger reiterates its commitment to self-custody as a fundamental principle, allowing users to decide how they manage their assets. While some may welcome the additional backup option, others are calling on Ledger to roll back the feature. The reaction from the crypto community and Ledger's user base will undoubtedly shape the future of Ledger Recover. Gupta has advised users to refrain from enabling the feature, speculating whether it was introduced for financial gain or regulatory compliance purposes. Mudit Gupta, Chief Information Security Officer at Polygon Labs, has voiced concerns about potential risks such as sim jacking and identity theft. This additional layer of protection ensures that user assets remain safeguarded, as the decryption keys are never shared with Ledger or any other party.ĭespite the clear focus on security and user choice, Ledger Recover has faced criticism from industry experts. To restore their keys, users must request the encrypted fragments from two of the three third-party entities, with the decryption process occurring exclusively on Ledger's Secure Element chip. These encrypted fragments are stored separately by three different trusted parties using Hardware Security Modules, guaranteeing enhanced security for the SRP. With Ledger Recover, the private key is encrypted and divided into three fragments using Shamir Secret Sharing, all executed on the Secure Element chip within the device. Ledger follows the industry-standard BIP39 protocol for SRP generation on all its devices, ensuring robust security measures. However, it is important to note that this feature is not enabled automatically through firmware updates, emphasizing user choice and control. With Ledger Recover, users have the option to subscribe to a backup service for their SRP. This is an approach it has taken for Bitcoin and Ethereum with Solana getting a similar treatment down the line.The SRP is a crucial component for securing crypto assets, and Ledger ensures that it is generated securely on the user's device, with no access available to the company. "Now the question is: do we continue to integrate new assets within the top 200 or something? Or do we spend more time on integrating more features and morphing on the main chains?"įor the latest development, the CTO has opted to double down on the latter. "I think now we are supporting the top 100 blockchains on the device," Guillemet said. While Ledger admits there are "plenty of interesting" projects in the space, choosing to support Cosmos now is only a matter of priorities. When staking ATOM Ledger will operate the node itself but for other Cosmos tokens, Ledger has partnered with staking firm Chorus One. "What we have built is mostly the framework allowing the developers to put all this functionality together," Guillemet said.Īll Cosmos tokens will also be staked through the Ledger Live platform. "Ĭalled the Developer Portal, the platform makes adding new Cosmos projects easier, encouraging participation from developers to help expand their product to new chains. “Another thing that is really effective for us is that we have built a platform, like a development platform, allowing third-party developers to bring their own assets and their own blockchain specificity within Ledger Live. We have teams dedicated to that within Ledger,” Ledger’s CTO Charles Guillemet told Decrypt. The team believes Ledger is the first hardware wallet to offer all three functionalities for the Cosmos ecosystem. Ledger Live is an app that enables Ledger users to send, receive, and stake tokens.
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