Ledger, the company behind the Ledger Nano X and Nano S Plus cryptocurrency hardware wallets has just announced its new product called Ledger Recover. Ledger Recover is an ID-based key recovery service that provides a backup for your Secret Recovery Phrase. If you lose or don’t have access to your Secret Recovery Phrase, the service allows you to securely restore your private keys using a Ledger device.
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What is Ledger Recover?
Ledger Recover is an ID-based key recovery service that provides a backup for your Secret Recovery Phrase. The Secret Recovery Phrase is a 24-word phrase that is used to restore your private keys if you lose access to your Ledger device. With Ledger Recover, if you lose or don’t have access to your Secret Recovery Phrase, the service allows you to securely restore your private keys using a Ledger device.
How to use Ledger Recover?
The process of using Ledger Recover involves several steps. First, your identity is verified using your ID document and a selfie recording. Next, your Ledger Nano X duplicates your Secret Recovery Phrase and encrypts the duplicate. This encrypted duplicate serves as the backup for your Secret Recovery Phrase. The system then links the backup to your verified identity and fragments it into three pieces. Ledger, Coincover, and a third provider independently secure each of the encrypted fragments.
Accessing your wallet with Ledger Recover is seamless: all you need is your ID and your current Ledger Nano X or a new one. You alone can start the recovery process, which is ensured using double ID verification. The service relies on companies with industry-leading encryption and ID verification technology to provide a secure and reliable service.
Who is the Ledger Recover good for?
Ledger says the Ledger Recover is good for those who are new to cryptocurrency and may find it difficult to back up and keep their Secret Recovery Phrase safe. It is also good for those who would like another backup of their Recovery Phrase in another location.
Will the Ledger Recover be available on all Devices?
At present, Ledger Recover only works with the Nano X. Soon, it will also work with the Nano S Plus and Ledger Stax. However, it is not compatible with the Nano S.
Do I have to use Ledger Recover?
No, Ledger Recover is a completely optional service that you must choose to use. To choose to use the service you must subscribe with 2 different partners and create accounts with them. After you sign up, Ledger initiates the cryptographic process and asks you to confirm your agreement to it on your Ledger device.
Is Ledger Recover free?
No, it is a subscription service that will cost $10 per month. To use the service, you must also complete a KYC process with an ID document and a selfie recording.
If you don’t pay the subscription within 7 days, you can’t restore your private keys using Ledger Recover. If you don’t resolve your payment within 3 months, your subscription will be suspended. After suspension, you have 9 months to reactivate your subscription by contacting Ledger Recover Support and paying a 50 EUR fee and any outstanding balance.
How does Ledger Recover Work?
Ledger Recover works through 3 companies: Ledger, Coincover and a third company. You will need to opt-in to use the service. When you opt in for the service, you will be prompted to confirm if you want to use it. If you agree, you will need to sign a transaction on your Ledger device. Afterwards, the system splits your private keys into 3 parts, encrypts them on the device, and sends them through a secure channel to 3rd party providers. The providers will encrypt the parts again before storing them.
If you need to recover your private key, you will have to go through a thorough ID verification process. This is to confirm your identity. Once your identity is verified, the providers will send the encrypted parts of your private key directly to your Ledger device. Your device will then decrypt the parts and you will be able to access your private key again.
Who keeps your private key when you use Ledger Recover?
3 separate companies in 3 countries will store your private key if you subscribe to the service. The companies are Ledger, Coincover and Escrowtech. In particular, Coincover already works with several B2B offerings and also provides a $50k insurance plan. Additionally, two ID verification providers participate in the process.
Is Ledger Recover Safe?
According to Ledger, Ledger devices do not have any backdoors. The Secure Element chip and a paper backup securely store your seed phrase. If you opt to use the service, it creates an additional backup. This is done by splitting your private key into 3 encrypted parts and storing them with 3 different parties.
Ledger also offers an added layer of protection where, subject to investigation, US$50,000 compensation may be available from Coincover in the unlikely event that something goes wrong.
In summary, Ledger Recover is an optional ID-based key recovery service that provides a backup for your Secret Recovery Phrase. It splits your private key into 3 encrypted parts and stores them with 3 different parties. The service is not free and requires a subscription fee of $10 per month. If you’re new to cryptocurrency or would like an additional backup of your Recovery Phrase, Ledger Recover may be a good option for you.
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