Ledger Introduces 'Ledger Recover' to Fortify Wallet Security

To bolster the security of its offerings, Ledger has unveiled 'Ledger Recover,' Ledger Recover , an innovative wallet recovery service developed in collaboration with other industry leaders. Coincover While this feature significantly increases the security of crypto assets, it requires user initiation rather than being automatic.

Users of the Ledger Nano X who wish to access this feature need to subscribe to a paid plan. Interested parties can find additional information and sign up for the service on the Ledger website. their official page .

Grasping the Ledger Recover Process

If you're interested in how this new service operates, here's a simple overview:

Identity Verification: Initially, subscribers must validate their identities. This includes providing a government-issued ID along with a photo of themselves.

Backup Generation and Encryption: After connecting their Ledger device, users will be prompted to create a backup for their Secret Recovery Phrase. The device then encrypts the entropy, which consists of a random string of 1s and 0s that forms the basis of the Secret Recovery Phrase.

Importantly, the encryption divides the entropy into three separate pieces, all safeguarded within the Secure Element chip. It’s crucial to understand that Ledger Recover only accesses these encrypted pieces, keeping the Secret Recovery Phrase secure.

Distribution of Backup Pieces: The system sends these fragmented pieces securely, utilizing end-to-end encryption and authentication to ensure safety with the Hardware Security Modules (HSMs) of three different entities: Ledger, Coincover, and EscrowTech. Each fragment on its own holds no intrinsic value, being merely random digits.

Connecting Backup to Identity: In the last step, each fragment ties back to the user’s verified identity, ensuring that only the legitimate owner can request recovery of the backup.

Ledger Recover, offered by Coincover, officially launches today! https://t.co/JRl4cLn2tQ

What are the implications of this initiative, how does the service function, and who is it designed for?

Scroll down for further information and to sign up 👇 pic.twitter.com/Vhdearb5o7

— Ledger (@Ledger) October 24, 2023

Pricing and Availability

The 'Ledger Recover' subscription kicks off with a one-month free trial. Following this introductory period, a monthly fee of 9.99€ will apply. However, users can opt-out at any time. Currently, this service is available exclusively for Ledger Nano X owners, but expansion to other Ledger devices is anticipated in the near future.

The introduction of Ledger Recover emphasizes the company's dedication to enhancing and evolving its security features. As digital assets continue to gain prominence in financial portfolios, innovations like this are vital in fostering user trust and safeguarding assets.