I run a Ledger competitor — but I support them in blow-up over keys
It’s counterintuitive for a CEO to defend a competitor, particularly when that competitor is rolling out a feature similar to one we pioneered years ago. But given the debacle around Ledger’s new “Ledger Recover” feature, it’s time to provide a balanced perspective.
The company is under fire for releasing an update to its wallet firmware that allows it to send a version of the wallet seed phrase to third parties. But the outrage feels out of proportion. The perception that Ledger is carelessly “sending seed phrases to a server” is fundamentally misinformed. Let’s be clear: The new system is opt-in only. There is no forced participation or hidden backdoor. The seed is locally split into three encrypted shards using Shamir Secret Sharing, a well-respected cryptographic process, and sent encrypted, a practice the industry has been familiar with for years.
One of the corporations hosting the shards is EscrowTech, a company we brought into the crypto sector four years ago. I’m confident that Ledger, despite our rivalry, can successfully implement a system that matches its claims. They’ve shown commitment and seriousness in the past, and there is no reason to expect otherwise now.
WTF is this real @Ledger ? this is unreal im literally getting sickdo you have any idea how much money your devices secure ???have you been lying all this time saying the seed on the device cannot be accessed in anyway? pic.twitter.com/34txno7koR
In the face of backlash, it’s essential to remember: If you don’t like it, don’t use it. Period.
We have always strived to provide an upgrade to such systems, but for those who choose to stick with seed phrases, Ledger Recover is undeniably a step forward. I’m giving credit to Ledger where it is due: To truly
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