fxs_header_sponsor_anchor

Cardano founder Charles Hoskinson warns Ledger against breaking social contracts, joins Binance, Polygon execs

  • Cardano founder Charles Hoskinson has reacted to Ledger’s controversy, warning them against breaking social contracts.
  • It comes after Ledger’s recent controversial update that allowed the firm to extract user keys.
  • The idea received backlash from community members, with Hoskinson being the latest.

Cardano (ADA) founder Charles Hoskinson is the latest addition to the list of community members who have attacked Ledger for its recent controversy over the Ledger Recover Service, which sparked speculation of a backdoor in its hardware wallets. 

The matter escalated when the security firm dug its own grave, claiming in a tweet (since deleted) that it has always  been possible for the enterprise to extract users’ keys.

Also Read: Ledger fights customers' “betrayal” claims; could restore increased faith in CEXs like Binance

Cardano founder warns Ledger against breaking social contracts

Cardano founder Charles Hoskinson has demonstrated his stance concerning Ledger’s controversial “Recover” update in a tweet.

Hoskinson’s post, intended to enhance security and trust in hard wallets, urged users to go for open-source software instead of closed-source solution like Ledger. In his opinion, developers and contributors perform regular audits on open-source software in an effort to ensure decentralization, maximum security, and utmost transparency.

Further, he echoed the importance of simplicity in security solutions, sharing that simplicity breeds security.

Hoskinson advocates for decentralized update processes to maximize overall security

Hoskinson also highlighted the motivations behind buying hardware wallets, insisting that individuals mainly seek to maximize the security of their funds when what they should be doing is prioritizing daily usage or user experience (UX) like hot wallets. As part of his argument, the hardware wallet industry is a good example of extreme self-custody, underscoring that while alternative methods such as seed phrase encryption and storage in email accounts exist.

Users use hardware wallets to rest easy, knowing that their private keys are protected in a tamper-resistant environment.

The Cardano executive concluded his remarks with assertions of the importance of upholding social contracts, urging Ledger and related companies to honor promises made to customers concerning security and privacy as these reinforced trust within the industry.

Cardano founder among industry leaders against Ledger’s controversy

Cardano’s Hoskinson is not the only crypto executive that has addressed the controversy. Others, including Binance (BNB) CEO Changpeng Zhao and Polygon Labs’ (MATIC) Mudit Gupta also criticized the update strongly.

Also Read: Why Charles Hoskinson believes algorithmic stablecoins are key to realizing Satoshi’s vision of Bitcoin

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.