In the wake of the recent controversy surrounding Ledger, a renowned hardware wallet specialist, and their contentious new service, Ledger Recover, some competitors are seizing this as an opportunity to draw attention to their own offerings. Among these competitors is hardware producer Trezor, which hopes to capitalize on Ledger’s turbulence by offering customers a 15% discount until May 21.
“Achieve open-source security you can verify,” proclaims Trezor’s website. The company currently provides two hardware products, the Trezor Model One and the Trezor Model T. Until the discount ends, the former is priced at $58 while the latter is available for $186.
Ledger Recover, a wallet recovery service, sparked significant debate due to its claim of allowing users to “create an encrypted backup for your Secret Recovery Phrase that only you can access, anytime, anywhere.” This ID-based key recovery service provides a backup for customers’ Secret Recovery Phrases, enabling them to securely restore their private keys using a Ledger device if they lose access. However, many users have expressed concerns about the implications of this service.
Charles Guillemet, Ledger’s chief technology officer, attempted to address these doubts in a recent video. He emphasized that the new wallet feature will be entirely optional and that customers can still manage their secret recovery phrases independently, without activating Ledger Recover through future firmware updates. Guillemet also stressed that neither Ledger nor their trusted providers will have access to users’ secret recovery phrases.
Despite these assurances, some members of the cryptocurrency community have accused Ledger of compromising the crypto ethos and possibly jeopardizing the security of their digital assets. Others, however, are relishing the discounts offered by competitors in response to the controversy.
One Reddit user, omg_its_dan, commented, “Lol serves them right. Cold card is having a sale too,” making reference to the reduced prices by Canadian hardware maker Coldcard.
Trezor, launched in 2013 and owned by SatoshiLabs, is based in Prague, Czech Republic. To date, the company has sold over 300,000 units of the Trezor Model T and more than 750,000 units of the Trezor Model One. With the current buzz around hardware wallet security, this rivalry between leading producers may ultimately benefit the end-users by raising the bar for quality, features, and user experience.
Source: Cryptonews
