As Ledger tries to quell outrage around its proposed key recovery service, it said open source code is “not a silver bullet” for security and, ultimately, users will still have to trust wallet manufacturers to keep their keys safe. baidakova reports.
In addition to that, Ledger will offer additional security feature to the Recover setup: while the encrypted backup will be stored by three custodians, users will have an option to also create a passphrase, so that even if the custodians collude and recover the private key, they still won’t be able to move funds without the passphrase.
“There is always a minimum of trust that you need to have in any hardware wallet that you're going to use. And we are trying to make the part of the operating system as the one that you have to trust as small as possible and open everything else,” he said.The decision to open-source the code came as a response to the critics pointing that it’s impossible to audit Ledger’s new feature because the code is not public.
Guillemet also said that ultimately, even with the open sourced code, users have to trust the wallet manufacturer – Ledger or else – with the safety of their crypto. Otherwise, users would have to build their devices from scratch, including all the physical parts, the code and the compilers turning that code into working apps, Guillemet said, and that’s obviously not an option for the “millions of users” Ledger wants to onboard in the coming years.
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