The Ledger Fiasco: How GridPlus is Revolutionizing Wallet Security
In Brief
The firmware of hardware wallet The Ledger is being opened source by others because of the controversy. Others have turned it into a marketing opportunity.
As accusations are hurled at Ledger over a controversial update, one hardware wallet has decided to open source its firmware. Others have turned it into a marketing opportunity.
GridPlus, a cold storage competitor, said today that it will open source its firmware for its GridPlus wallets rather than recover private keys from its devices.
GridPlus tweeted on May 17 that all of its crypto devices will be open sourced in the third quarter of this year, in what it claims is a bid for greater transparency.
GridPlus will open source its firmware in Q3. A hardware wallet discussion this week revealed how much trust is taken for granted, wrote GridPlus in a followup comment. Having ourselves to the highest standards and calling on all other hardware wallet manufacturers to open source their firmware is what we as an industry must do to ensure our ecosystem.
The torrent of criticism directed at Ledger over the last couple of hours is due to its firmware — the technical equivalent of software that’s built into a hardware device — being updated so that it is possible to extract a user’s private key from their cold storage device, despite being assured by the past that the opposite was true.
As a result, only employees from the company itself can view Ledger’s firmware code and inspect it for flaws, meaning that open source code is open for anyone to look at and investigate.
Ledger answers
The Ledger Support team clarified in a May 17 Twitter Q&A that it had always been possible to code key extraction and that users must trust in Ledger.
Despite Ledger’s announcement subverting many users’ understanding of the type of privacy protections its products offered, some have argued that the outrage has been overstated.
Some of Ledger’s poorly received announcements seem to have been quick enough to take advantage of them. For example, BitBox offered a 10% discount on all of its products, including its TREZOR and Jade wallets.
- Ledger’s new cryptocurrency hardware wallet, Ledger Stax, features a curved EInk touchscreen, personalizable features, and the firstofakind design. It is also designed in partnership with the creator of the original iPod, Tony Fadell.
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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.
