23 February, 2024

Cardano Founder Charles Hoskinson Issues Strong Warning to Ledger

9 months ago

21 Nov, 2023

Charles Hoskinson, the founder of Cardano, has responded to the controversy surrounding Ledger. He warned the company, cautioning them against violating social contracts. In the Ledger Recover Service controversy, Charles Hoskinson joined the growing list of community members who have criticized Ledger. The controversy raised concerns about a potential backdoor in the hardware wallets of the company.

In the cryptocurrency world, the Ledger controversy has caused a heated discussion among users regarding the significance of security in the hardware wallet arena. Cardano Founder has weighed in on the ongoing controversy, offering insights on the key factors users should consider when selecting a hardware wallet:

Hoskinson has underscored the significance of open-source software that undergoes regular audits by multiple sources. To promote transparency and swift identification of potential vulnerabilities, the software has been designed to undergo rigorous testing and scrutiny.

In further remarks, it has been suggested that the crucial element for security lies in simplicity. In cybersecurity, experts recommend designing hardware wallets with the smallest possible footprint to reduce the attack surface and make it more challenging for hackers to identify vulnerabilities.

In addition, according to Hoskinson, the significance of non-updateable firmware lies in a company’s commitment to its security model. In a move to bolster security measures, it has been reported that the release of the hardware wallet would prevent attackers from exploiting any vulnerabilities that might be discovered post-release. In a recent statement, it was suggested that decentralizing the process of updates could potentially bolster security in the hardware wallet industry.

In a recent tweet, Charles Hoskinson has recently made some noteworthy remarks in response to a Twitter post by the Proof of Work (POW) Summit. His comments have garnered attention and sparked discussion within the cryptocurrency community. The timing of Hoskinson’s remarks has been scrutinized, given ETC’s recent rise in price and prominence.