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- Ledger recently released an update that sparked controversy.
- The update allegedly allowed the company to extract users’ keys.
- Community members, including influential figures, opposed the idea.
- Charles Hoskinnon took to Twitter to express his concerns.
Arbitrage found itself at the center of unwanted attention, facing intense scrutiny from all corners of the crypto space over its recently launched controversial orbit. Ledger recovery servicewhich prompted speculation of a backdoor in his hardware wallets.
To complicate matters further, the security establishment claimed in Tweet now deleted That it was always possible for the company to mine users’ keys, inadvertently digging its own grave.
Ledger though Best efforts to “recover” from the damage Denying its previous claims, the security solutions provider continues to face fierce opposition from the community, including Polygon Labs’ Mudit Gupta and Binance Changpeng Zhaowho severely criticized the update.
Even self-proclaimed cryptocurrency community spokesperson Charles Hoskinson offered his condolences Arbitrage And share his thoughts.
Hoskinson chimes in
On Friday, May 19th, Cardano Founder Charles Hoskinson took to Twitter To express his position on Ledger’s controversial “recovery” update. Hoskinson emphasized the crucial points aimed at enhancing security and confidence in hard wallets.
encryption influential Urge users to choose open source software instead of closed solutions like Ledger. Hoskinson highlighted that open source software is subject to Regular audits By developers and contributors around the world, ensuring decentralization, high security and transparency.
Hoskinson also stressed the importance of simplicity in security solutions. The founder shared that security came from simplicity and called for decentralized upgrades to further enhance overall security.
Regarding Ledger’s argument, I say the following:
1) Always choose open source software whenever possible that has been audited by many sources on a regular basis
2) Security comes from simplicity – design the smallest possible footprint
3) Not updateable…
– Charles Hoskinson (@IOHK_Charles) May 19, 2023
The 35-year-old addressed the motives behind the purchase Hardware walletsemphasizing that people primarily seek maximum security for their funds rather than prioritizing day-to-day use or user experience like hot wallets.
Hoskinson further highlighted that the hardware wallet industry is an exceptional example of extreme self-guarding. He emphasized that while there are alternative methods such as encrypting seed phrases and storing them in email accounts, users use hardware wallets for convenience, knowing that their private keys are protected in a tamper-proof environment.
In what may have been a subtle warning, the founder concluded his tweet by emphasizing the importance of upholding social contracts. Charles Hoskinson urged companies like Ledger to honor the promises they make to their customers on security and privacy and to build trust in crypto wallet environmental system.
on the flip side
- Trezor took advantage of Ledger’s fall, TwitterDid you know that the “O” in “TREZOR” means “open source.”
- After raising security concerns about Cardano’s EUTXO model, Charles Hoskinson addressed the criticism by calling them “ignorant”.
Why is this important
As Charles Hoskinson suggests, hardware wallets are the highest form of crypto security. As a leader in the industry, Ledger’s mistake could affect confidence in other security providers and the industry in general.
Find crypto hardware wallet alternatives here:
12 of the best crypto hardware wallets to explore
Read more about Cardano:
Cardano is poised to catch Ethereum as it publishes 1K worth of smart contracts in 2023
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