Ledger Controversy: Ripple CTO Shares 7 Key Strategies to End Current Debacle

The Strategies in Simple Terms

Taking to his official Twitter account, Schwartz said the first step to resolving the controversy is to acknowledge the problem and take responsibility for any mistakes that may have been made. He believes that transparency and accountability are key factors in building trust with stakeholders, including investors, regulators, and customers.  

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Several crypto investors as well as Ledger wallet owners have expressed their discomfort following the plan to release the latest Ledger Feature. The new feature which can expose user’s seed phrase has caused the majority of the users to start transferring their assets to other noncustodial wallet options for safety reasons. 

With all of these displays from Ledger users, Schwartz suggested that the leading crypto hardware wallet manufacturer should not sign or endorse the firmware as concluded, as it will be better for the company.

The Ripple CTO also suggested that the firm can create two firmware streams, one with key recovery service and the other without recovery, and should ship out the one without recovery. 

Considering the fact that many users accused the company of misrepresenting the security of its wallet, Schwartz said Ledger could permit changing streams but wipe away all key materials in a stream change, so as to avoid hackers from getting any information that will aid their theft. 

More Insights from David Schwartz

Likewise, Ledger should openly and clearly commit to not introducing any feature to the existing products that will allow key materials to leave the device anytime other than when it was created. 

In the same vein, he advised that Ledger should also commit to always requiring key wiping when switching streams. Additionally, Ledger should ensure it provides an avenue for users to sign an agreement that will protect its interest in case of future lawsuits.

Recall that as the debate over Ledger’s controversial upgrade continues, Cardano founder Charles Hoskinson also shared his perspective. Hoskinson stressed the importance of open-source software that undergoes regular audits by multiple sources. By opting for audited software, he believes users can benefit from the transparency and collective scrutiny that contribute to robust security measures

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