Ledger CTO on Recover software's access to private keys: 'The tradeoff, I think, is acceptable'
Now, the original tweet has been deleted. The support account said it did so because"we don't want people to continue to be confused by this, and are replacing it with Tweet threads which address all frequently asked questions and concerns in the most understandable and accurate way possible.
Rather, he said, “most crypto owners are using exchanges to custody their assets or are using software wallets. The reality is that self-custody seems a little bit complex, maybe is a little bit complex for newcomers, and people can be afraid of it. … When you are not tech savvy this thing can be frightening.”Guillemet went on to say that “in self-custody there are different shades of grey, different levels of trust.
It “gets one step closer to self-custody and self-sovereignty,” Guillemet said."When you use this feature, I agree you are doing a small tradeoff where you are saying, ‘I am not completely self-sovereign, I am not the only one able to manage my backup’. But the tradeoff, I think, is acceptable because … you have to have at least two out of the three shards to be able to combine the secret. … So this is the tradeoff you have.
Guillemet also added that the cryptographic element only operates inside the secure element of the wallet so that extraction of the seed never has to leave the device if users do not want to use the Recover feature. “This part is really, really important and it never changed.” © 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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