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05/19/2023

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Cardano Founder Puts Forth His View on Ledger Controversy

42 mins ago | 2 mins read Altcoin News Hoskinson highlighted the value of regularly audited open-source software.  The founder recommended decentralizing the update process to...

Cardano Founder Puts Forth His View on Ledger Controversy

42 mins ago | 2 mins read google-news

Cardano Founder Puts Forth His View on Ledger Controversy Altcoin News
  • Hoskinson highlighted the value of regularly audited open-source software. 
  • The founder recommended decentralizing the update process to increase overall security.

The well-known founder of Cardano, Charles Hoskinson, has spoken out in the midst of the heated debate surrounding Ledger, a prominent hardware wallet manufacturer. And its controversial firmware update, which offers a feature allowing users to back up their seed phrases by sending encrypted key fragments to third-party firms.

Hoskinson has provided insightful commentary on the recent debate surrounding Ledger’s latest firmware upgrade. Tweeting about the importance of trust and security in the hardware wallet business and providing essential concepts for improving both.

Higher Level of Security

In his briefing, Hoskinson highlighted the value of regularly audited open-source software. Hoskinson thinks that by using audited software, end users may take advantage of the openness and community inspection that lead to strong security protocols.

Hoskinson has also emphasized the importance of simplicity. Noting that a system’s security may be improved by making it as small and straightforward as possible. Hardware wallet security may be improved by making them more compact in design.

When organizations make specific security pledges, the 35-year-old entrepreneur said, non-updateable firmware becomes critical.

He used Yubikey to illustrate a device that adheres to this idea by emphasizing the need for immutable firmware in maintaining its security architecture. Hoskinson recommended decentralizing the update process to increase overall security, which might be difficult to do in the crypto realm.

Hoskinson emphasized that customers buy hardware wallets to increase the safety of their funds. Not because they want to use them every day or because they want an experience on par with hot wallets. This is because private keys may be stored in an unalterable location inside a hardware wallet. Thus, providing a higher level of security.

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