Despite popular vindictiveness, Ledger stays the course. Its “Revover” service will see the light of day very soon.
The service of discord
As a reminder, Ledger hit the headlines in May by announcing the much-maligned “Recover” service.
Indeed, many were disappointed to learn that Ledger was building a “back door”. The extraction of the seed is certainly done in an encrypted manner to three entities located in three distinct jurisdictions. But that was not enough to reassure.
Convinced that the masses are ready to pay a monthly subscription to recover their seed in the event of loss, Ledger CEO Pascal Gauthier refuses to change strategy. He came back in a THREAD on the ” Why “.
Excerpts from the thread:
“Many people have lost their digital assets because they lost their recovery passphrase (seed). This risk slows down adoption [du bitcoin] and does not encourage you to take control yourself.
The numbers are revealing. Six million bitcoins (30% of the total!) were lost phasr forgetting or losing its seed. […] Unless we develop secure ways for people to recover their assets, crypto will not go mainstream.
That’s why we created Ledger Recover. […] This solution encrypts and divides the entropy of your seed. The encrypted entropy is then fragmented into three pieces which become the backup of your seed, giving you peace of mind and allowing you to no longer worry about losing access to your Ledger. »
This figure of 30% should be taken with a pinch of salt. Nobody can be sure. This is an estimate based on the principle that bitcoins that have not moved for x years are lost.
Furthermore, it would be necessary to withdraw the million bitcoins mined by Satoshi Nakamoto. Without forgetting that a good part of the supposedly lost bitcoins were lost before the immense simplifications made in 2012 and 2013.
The first (BIP 32) is the HD wallet which allows you to rebuild your wallet from a single seed. The second (BIP 39), created by its competitor Trezor, allows this seed to be expressed in the form of twelve easily memorized words.
In any case, let us note that Ledger customers will obviously have a choice. “Ledger Recover is 100% optional. If you prefer to keep your seed on paper, titanium or in your mind, you can always do so and never interact with this service. Nothing can happen without your explicit consent”assures Pascal Gauthier.
Let’s hope this is the right strategy for Ledger which just parted ways with 12% of its workforce a few weeks ago.
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