Cold wallet company Ledger has now published a new white paper on recovery, inviting people to review their logs after the community had severely criticized their recover function.
The white paper exposes the inner workings of Recover after the crypto community derided it last month as violating the principles of decentralization.
Ledger accelerates its open sourcing roadmap
The document is the first step in phase two of Ledger’s accelerated roadmap to open source the code deployed on its hardware crypto wallets.
According to CTO Charles Guillemet, the goal of the whitepaper is for anyone to be able to learn the technical workings of a refreshed Ledger Recover product.
The company has accelerated its open-sourcing roadmap after the community complained about the storage of user seed phrases. Cold wallet providers generate seed phrases that customers can use to access funds in wallets on devices they no longer own or no longer have access to.
Crypto community in high turmoil
Ledger’s recovery secret phrase is encrypted with a fixed key and split before being sent securely to the backup providers. A technique called Shamir Secret Sharing prevents the fragments from being successfully intercepted.
Last month, the crypto community erupted in a major uproar when it was revealed that the previous Recover version of Ledger stored seed phrases centrally.
Then-CEO Éric Larchevêque reminded users that they had to trust Ledger to use the product. It wasn’t totally “trustless”.
A big loss of confidence
In general, for a company that has lost the trust of its users, it is often a challenge to regain that trust.
Restoring trust typically requires transparent communication, quick and effective action to resolve issues, and demonstrated improvements in security and privacy controls.
So it remains to be seen how the company will develop and communicate in the future and whether the trust of users can actually be regained.
Picture Copyright: winst2014
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