No longer need to worry about losing your virtual wallet? Charles Guillemet, chief technical officer of cold wallet company Ledger, announced late on the night of the 17th Ledger's new product "Ledger Recover". Users only need to pass two-factor authentication (passport and ID card) and enter their personal wallet private key to obtain the backup private key. The private key will be split into three fragments and distributed to three companies for independent custody. If the user loses the private key, he can apply to the custody company through Ledger Recover to restore the new private key and log in to his virtual wallet.

What broke Ledger's expectations was that many people in the community raised a massive voice questioning the security of Ledger Recover.

Exciting update, Ledger has a new product, Ledger Recover, that’s launching soon: t.co/nT1VHnnSYz

Here’s what Ledger Recover is and what it isn’t, explained by @P3b7_ & in the thread below. pic.twitter.com/RW1w07H6pK

— Ledger (@Ledger) May 16, 2023

Ledger private key backup software is cool, but the community has questioned its security, privacy and other issues

After Ledger released a promotional video for its own private key backup service "Ledger Recover" via its official Twitter account, it sparked a lot of discussion in the community. In the Ledger Twitter live voice space that night, Charles and CEO Pascal Gauthier went on the line and stated that Ledger will not hold or store anyone’s private keys. The private key fragments created by the user through Ledger Recover will be handed over to Ledger, the digital asset protection and insurance provider Coincover, and an unnamed third-party backup service provider for safekeeping. The user needs to use dual documents to verify their identity. to log in to Ledger Recover.

Some netizens claimed that if Ledger goes bankrupt in the future, does this mean that their private keys may be leaked, or that the backup private keys will become unusable? Gauthier responded that even if Ledger is really gone, these private key fragments and backup private keys can still be used, and the other two companies will continue to serve in place of the failed company. Although there is no direct confirmation, the three companies may have mutual relations with each other. There are safety mechanisms of "sitting together" and "security".

It is currently known that Ledger Recover will adopt a subscription system, but the specific launch time and subscription fee have not yet been announced. However, users of the virtual wallet must accept the handover of their private keys to a company for safekeeping. It does take some time to get used to it, especially how to prove that the security and privacy promised by Ledger are beyond doubt.

1/2

I don't mean to be rude – but do u guys understand how asymmetric encryption works lol

It doesn't matter if encrypted data is shared, no one can read it other than the private key owner (you).

You guys know that your public eth address is also a hash of your private key? t.co/4dATWE0Sjx

— MoneyPrinter0x (@MoneyPrinter0x) May 16, 2023

This article No longer afraid of losing your wallet? Ledger launches identity authentication "Ledger Recover" to recreate new private keys! First appeared in Block Guest.