In response to the crypto community’s concerns about its key phrase retrieval service, Ledger, a leader in cryptocurrency hardware portfolios, has published the white paper for its Ledger Recover service. This document details the company’s solution to securely save and restore key phrases for users who wish to register for the service.
What is Ledger Recover?
Ledger Recover is a service designed to allow users to restore their lost or compromised key phrases to their Ledger hardware portfolio. The service, provided by Coincover, is expected to be launched in Q4 2023 and aims to provide a 100% secure recovery solution.
The main features of the service:
- Publishing the key phrase in a secure and encrypted location
- Fast and secure recovery of key phrases when needed
- Robust cryptographic protocol to ensure data privacy
- Easy integration with Ledger Nano X and S hardware portfolios
Ledger Recover white paper: a step towards greater transparency
By publishing the Ledger Recover white paper, the company wants to demonstrate its commitment to transparency and openness. Available on GitHub, the 34-page document presents the technical specifications and cryptographic protocol used by the service. It thus offers readers a thorough examination of the system design and the mechanisms that guarantee the security and confidentiality of key phrases.
Responses to Crypto Community Criticism
When Ledger announced its recovery service, the company received criticism from the crypto community, questioning the security and decentralization of the service. By publishing the white paper, Ledger wants to reassure its users about the reliability and security of its service.
How does Ledger Recover work?
An advanced cryptographic protocol
The Ledger Recover service is based on a robust cryptographic protocol that allows the key phrase to be divided into several encrypted pieces. These pieces are then stored in different locations to reduce the risk of data loss or theft. In case of need, the user will be able to recover his key phrase by gathering these encrypted pieces and decrypting them with a decryption key.
A secure recovery procedure
Une procédure de récupération sécurisée
- User Authentication
- Recovery of encrypted pieces from different storage locations
- Decrypting the pieces using the decryption key
- Return of the key phrase to the user
This process ensures that only the authorized person can access their key phrase and restore their portfolio.
The Future of Ledger Recover
With the publication of the white paper, Ledger shows its willingness to be transparent about the functioning of its recovery service. The company also wants to invite players in the crypto community to review and audit its protocol to ensure trust in Ledger Recover.
The growing interest in cryptocurrencies and awareness of issues related to the security of funds make this type of service increasingly relevant. Users can now better understand how Ledger Recover works through the white paper, but it remains to be seen how the service will evolve over time and whether it will meet expectations in terms of security and privacy.
