Ledger Introduces an Offline ‘Recovery Key’ to Improve Access to Wallets
Ledger, a hardware wallet provider based in Paris, has come up with a new offline recovery solution. The solution is designed to allow access to crypto wallets without the need for cloud or personal identification.
The company claims that its latest offering, named the Ledger Recovery Key, is functional only for its Flex and Stax devices. A recently released Ledger announcement discloses that this tool also uses a smart card that enables users to recover their assets by tapping the card to the wallet and providing a PIN using encrypted NFC technology.
Recovery Without Compromise
The new offering is offline and self-contained, unlike Ledger’s previously released cloud-based recovery product, Ledger Recover. The Ledger Recovery Key is designed for people who want full self-custody without interference, as it does not require identity verification, internet, or any cloud fragments.
“According to Ledger’s Chief Technology Officer Charles Guillemet, Ledger Recovery Key enables users to avoid sharing personal information and relying on third parties.”
“It was designed to maximize privacy and control.”
How It Works
- The Recovery Key is a physical NFC smart card that keeps a copy of your private key or backup encrypted.
- You can tap on a Ledger-compatible device and enter a specific PIN to activate it.
- The recovery process does not require any middlemen or internet connections.
- Users have options: they could use it, Ledger Recover, or the conventional 24-word seed phrase.
- The Secure Element chip is a high-assurance piece of hardware that can be found in the majority of Ledger wallets.
Tested and Transparent
Ledger has open-sourced the application code of the Recovery Key and published a detailed whitepaper to enhance trust and transparency. Donjon is Ledger’s elite white hat hacker team. This tool has gone through extensive internal testing at Donjon. Additionally, it was audited by Synacktiv, an external cybersecurity firm.
“We already have strong endorsements from industry experts and security researchers,” said Guillemet.
“Now, we are looking forward to receiving broader community feedback as we near launch.”
Adapting to a Changing Crypto Landscape
The arrival of the Ledger Recovery Key comes amid growing concerns over crypto security and self-custody solutions. As more users enter the crypto space, the demand for simple and secure recovery methods has never been greater.
Self-custody means complete control by the user but puts the responsibility of securing private keys on the user as well. Losing access typically results in permanent loss of funds. Some people are using the cloud to keep data backed up. Others are using waterproof metal plates. But some fear data breaches and will steal the plate itself if it’s not in the cloud.
With the option of a hardware wallet and identity-based recovery, Ledger’s approach aims to address the needs of every crypto user possible.
More Control, More Options
It allows users to create several offline keys that come with PINs and encrypted chips and save them in secure places. The setup can only be initiated and confirmed using a user’s Ledger wallet, ensuring remote threats cannot compromise its security.
