Ledger Recover Announcement Leads to Massive Crypto Uproar
The Breakdown
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The Benefits of Social Recovery for Cryptocurrencies
Ledger announced a new feature in a thread. Ledger Recover encrypts a version of your private key and splits it into three fragments using Shamir Secret Sharing. Alongside the backup process, users would share personal information with identity verification firm on FEDO. This identity information can then be used to trigger the recovery process at a later date. The feature will be a subscription service costing $9.99 per month. It's worth remembering that the reason a company could be interested in providing this type of service isn't insane.
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