Charles Hoskinson, Cardano founder, prefers open-source software for security, while Ledger co-founder Eric Larchevêque argues it poses elevated security risks. Larchevêque believes closed-source wallets with secure elements offer higher security levels and states that security always involves trade-offs and requires trust in hardware wallets.
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Ledger Recover Debate: Trust vs Trustlessness in Crypto Hardware Wallets
The launch of Ledger Recover, a service enabling Ledger hardware wallet users to back up their secret recovery phrases, has faced pushback from the crypto community due to concerns about seed phrase security. Ledger’s co-founder Éric Larchevêque responded stating that the wallet was never meant to be trustless and trust is necessary to use the product.
Ledger’s Deleted Tweet Controversy: Balancing Trust and Security in Crypto Wallets
Ledger CTO Charles Guillemet clarified that the wallet’s OS requires user consent before accessing private keys, dispelling concerns after a controversial tweet about firmware capable of extracting users’ private keys. The controversy highlights the delicate trust balance and the importance of transparency between wallet providers and users.
Ledger’s Firmware Fiasco: Trust, Transparency, and the Push for Open-Source Crypto Wallets
Hardware wallets play a pivotal role in securing private keys and ensuring the safe storage of valuable digital assets. Recent concerns about Ledger’s controversial firmware update led competitor GridPlus to announce open-sourcing its firmware, promoting transparency and urging other manufacturers to follow suit. The debate highlights the importance of striking a balance between privacy, security, and trust in the cryptocurrency industry.