The Ledger Controversy: How GridPlus is Pioneering New Standards in Wallet Security

Amidst the backlash directed at Ledger following its contentious firmware update, a hardware wallet brand has taken the proactive step of releasing its firmware as open source. Others are utilizing this moment as a marketing chance.

GridPlus In a move indicative of transparency, a competitor in the cold storage market has confirmed that it will release the source code for the firmware of its GridPlus wallets, rather than retrieve private keys from their devices.

On May 17, GridPlus announced via Twitter that the firmware for all its crypto devices will be made open source in the third quarter of this year, citing a desire for increased transparency in the industry.

In a recent discussion about hardware wallets, GridPlus emphasized the importance of transparency by stating that its firmware will be open sourced in Q3. They noted that the level of trust placed in these products often goes overlooked. They called for all hardware wallet manufacturers to follow suit to strengthen the entire ecosystem.

The sharp criticism aimed at Ledger can be attributed to an update that allowed users' private keys to be extracted from their hardware devices, contradicting prior assurances about user privacy. cold storage As a result of the update, only Ledger employees have access to the company's firmware code to identify vulnerabilities, while open-source code is accessible for inspection by anyone.

During a Q&A session on Twitter on May 17, the Ledger support team confirmed that the ability to write code for key extraction had always existed, implying users have been placing their trust in Ledger not to implement such firmware.

Ledger answers

While Ledger's announcement has shaken many users' perceptions of their privacy safeguards, some observers feel that the outrage is somewhat exaggerated. Ledger .

Ledger's innovative cryptocurrency hardware wallet, Ledger Stax, features a sleek, curved EInk touchscreen, customizable options, and a groundbreaking design that has been developed in collaboration with Tony Fadell, the original iPod creator.

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