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AZCoinnews

05/19/2023

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Charles Hoskinson Urges Prioritization of Open-Source Software for Hardware Wallet Security

Charles Hoskinson, the founder of IOG, the company behind Cardano blockchain, has once again taken to Twitter to share his thoughts on the recent developments surrounding Ledger, the renowned manufacturer of...

Charles Hoskinson Urges Prioritization of Open-Source Software for Hardware Wallet Security

Charles Hoskinson, the founder of IOG, the company behind Cardano blockchain, has once again taken to Twitter to share his thoughts on the recent developments surrounding Ledger, the renowned manufacturer of hardware wallets. In a series of tweets, Hoskinson outlined his views on the matter, emphasizing key principles related to security and user experience.

Firstly, he urged users to prioritize open-source software that undergoes regular audits by multiple sources. This approach ensures transparency and enhances the credibility of the software’s security features.

With respect to the Ledger controversy, I say the following:

1) always choose open source software whenever possible that has been audited by numerous sources on a regular basis

2) security comes from simplicity- Design the smallest possible footprint

3) non-updateable…

— Charles Hoskinson (@IOHK_Charles) May 19, 2023

Next, Hoskinson stressed the importance of simplicity in designing secure systems. By minimizing the footprint of a system, its attack surface is reduced, making it harder for potential vulnerabilities to be exploited.

Furthermore, he highlighted the significance of non-updateable firmware, particularly when companies make specific security promises. Hoskinson pointed to Yubikey as an example, which follows this concept. While replicating this idea for cryptocurrencies may pose challenges, he suggested that decentralizing the update process could greatly enhance security.

Hoskinson also addressed the purpose of hardware wallets, noting that users acquire them primarily to maximize the security of their funds. Unlike hot wallets, which are designed for daily use and user convenience, hardware wallets serve as the most extreme form of self-custody. Their primary function is to ensure that private keys remain in one secure location on tamper-resistant hardware.

Finally, Hoskinson stressed the importance of not breaking social contracts. While he did not elaborate further on this point, it can be interpreted as a call to uphold the trust and expectations between hardware wallet manufacturers and their users.

The comments from Charles Hoskinson underscore the ongoing debate surrounding the security and user experience offered by hardware wallets. As the cryptocurrency industry continues to evolve, striking the right balance between security, simplicity, and user-friendly features remains crucial.

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