Ledger Unveils “Ledger Recover” for Enhanced Wallet Security
In Brief
Ledger Recover offers an ID-linked key recovery service, ensuring a backup for your Secret Recovery Phrase.
In a bid to enhance the security of its offerings, Ledger has introduced “Ledger Recover,” a state-of-the-art wallet recovery solution in collaboration with Coincover. While the feature augments the safety net for crypto holdings, it isn’t an automatic feature.
Ledger Nano X users eager to avail of this solution must opt in through a paid subscription. Those interested can find more details and register for the service on their official page.
Understanding the Ledger Recover Mechanism
For users curious about the workings of this new service, here’s a succinct breakdown:
Identity Confirmation: Firstly, subscribers are required to confirm their identities. This involves presenting a valid ID alongside a selfie recording.
Backup Creation and Encryption: Upon connecting the company device, users are prompted to endorse the generation of a backup for their Secret Recovery Phrase. Following this, the device encrypts the entropy—a series of randomized 1s and 0s which lays the foundation for the Secret Recovery Phrase.
Significantly, the encryption fragments the entropy into three segments, all stored within the Secure Element chip. It’s noteworthy that Ledger Recover only accesses these encrypted fragments, ensuring the Secret Recovery Phrase remains uncompromised.
Backup Fragment Distribution: The system then channels these fragmented pieces securely, providing end-to-end encryption and authentication, to the Hardware Security Modules (HSMs) of three distinct companies: Ledger, Coincover, and EscrowTech. On its own, each fragment is merely a set of random digits with no value.
Linkage of Backup to Identity: In the final step, each fragment links directly to the user’s verified identity, ensuring that only the rightful owner can request a backup retrieval.
Ledger Recover, provided by Coincover, is launching today! https://t.co/JRl4cLn2tQ
— Ledger (@Ledger) October 24, 2023
What does this mean, how does the service work, and who is it for?
Scroll down to learn more and sign up👇 pic.twitter.com/Vhdearb5o7
Pricing and Availability
The subscription to “Ledger Recover” commences with a free one-month trial. After this period, a monthly fee of 9,99€ applies. However, users have the flexibility to unsubscribe whenever they choose. For now, the service is exclusive to Ledger Nano X owners, but there’s a hint of its expansion to other Ledger devices in the near future.
With the launch of Ledger Recover, company underscores its commitment to evolving and fortifying its security features. As digital assets become an increasingly prevalent part of financial portfolios, innovations like these play a pivotal role in ensuring user confidence and asset safety.
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
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Nik is an accomplished analyst and writer at Metaverse Post, specializing in delivering cutting-edge insights into the fast-paced world of technology, with a particular emphasis on AI/ML, XR, VR, on-chain analytics, and blockchain development. His articles engage and inform a diverse audience, helping them stay ahead of the technological curve. Possessing a Master's degree in Economics and Management, Nik has a solid grasp of the nuances of the business world and its intersection with emergent technologies.
