When a user signs up for ledger recover staking, their seed phrase is encrypted and split into three fragments. This happens within the Secure Element chip inside of a Ledger hardware wallet. Each provider holds a fragment of your encrypted backup, which is useless on its own.
- When you need to recover your crypto account, you will need to verify your identity again with your ID card and connect your Ledger device.
- The identity providers store this ID data in an encrypted form.
- You can read through the Whitepaper here, and the source-code on Github here.
- This repository contains the complete text of the technical white paper that delves into the system design, architecture, and operational flows of Ledger Recover.
- To restore your keys, you need two out of three fragments that are securely kept by the three independent and trusted companies.
- Then, it links your identity to encrypted fragments of your seed phrase.
- The encrypted shards are then sent over these secure channels, bound to your identity and stored encrypted (once more) in the backup provider’s HSM.
- Payments are settled in the currency of your country of residence.
What is Ledger Recover? New Feature Review 2024
The purpose of the Ledger Recover service is to provide an additional backup in case you lose access to your existing seed phrase backup. Ledger Recover can generally be regarded as safe, although it is not risk-free. When you’re using Ledger Recover, encrypted fragments of your private keys are stored on servers that are not under your control, so there is a degree of trust involved. You also need to trust Ledger and Coincover that they will be handling your personal information safely. However, some crypto users may still choose to keep their secret recovery phrase offline and avoid depending on third-party services.
Who is Ledger Recover for?
Ledger Recover uses your ID and a selfie to verify who you are, via its Identity Verification provider, Onfido. Then, it links your identity to encrypted fragments of your seed phrase. The identity providers store this ID data in an encrypted form.
Step 2: Identity Verification
Finally, Ledger Recover has undergone independent security audits to check and test its processes. That means you can rest assured that your wallet backup is in safe hands. Put simply, Ledger Recover is a way to create a backup of your wallet access. Hopefully, you won’t need to use it, but Ledger Recover brings you peace of mind should you ever find yourself in an unfortunate situation. To begin creating the digital backup to access your wallet, you must first set up your Ledger wallet and sync it to the Ledger Live app.
Set up your Ledger wallet with the Ledger Live app
Each fragment is then sent to a separate company—Coincover, Ledger, and Escrowtech. By itself, each fragment does not hold enough information to access your wallet, and at least two fragments are required to recover your wallet. Since cryptocurrency transactions are irreversible, it’s very difficult to recover funds if your crypto wallet gets hacked. This is why ensuring that your crypto remains safe and sound is of the utmost importance. Ledger Recover is a backup service for your Secret Recovery Phrase, which is a series of words that lets you access your crypto wallet.
How Does Ledger Recover Stay Secure?
- This ensures you alone can back up and regain access to your wallet.
- You’ll be asked to provide the code during the identity verification process.
- In fact, your seed phrase is enough to gain full access to your wallet.
- Subscription to the service is neither automatic nor mandatory.
- This is why ensuring that your crypto remains safe and sound is of the utmost importance.
- Ledger Recover is 100% secure – and you don’t have to trust us on that.
- Overall, the service is a welcome addition to the crypto security landscape and will be appreciated by investors who have a substantial portion of their net worth in crypto.
- The company claims that this service can significantly enhance the security of users’ crypto holdings.
- You might misplace it, forget it, lose it, or have it stolen or destroyed by fire, water, or other hazards.
- While this setup makes you enjoy all the benefits of self-custody and complete control over your assets, it also makes you solely responsible for their protection.
As an added layer of protection, subject to investigation, $50,000 compensation may be available from Coincover in the unlikely event that something were to go wrong. If you don’t update your payment info and pay the subscription within 7 days, you won’t be able to restore your private keys using Ledger Recover. If you don’t regularize your payment within 3 months, your subscription will be suspended. After your subscription is suspended, you have 9 months to contact Ledger Recover Support and reactivate your subscription. You will need to pay an administration fee of 50 EUR along with any outstanding balance.
How to Restore Your Crypto Account with Ledger Recover?
I am Amit Chahar, a Crypto and blockchain content creator at Wallet Reviewer. With 3+ years of experience as a SEO content writer, I love talking about blockchain technology, digital assets, DeFi, Smart Contracts, DApps, Digital Wallets, Metaverse, and NFTs. Ledger is a great service if you have issues with forgetting to lose your backups. Remember, History says “Centralized security systems can be breached and hacked“. Your private keys never leave your Ledger device or the Secure Element chip.
Recovering access to your wallet
Payments are settled in the currency of your country of residence. For example, if you’re based in the United States, you will pay in the US dollar. In the event of a rejected payment, please contact your bank directly.
Important things to know about Ledger Recover
You will then be able to restore your crypto wallet using the decrypted Secret Recovery Phrase. You can use this service to securely get back your private keys with a Ledger device and your ID if you ever lose or can’t access your seed phrase. When it launches, you can start using Ledger Recover via your Ledger Live app. Following that, you can rest assured that your backup is safe to retrieve whenever you request it. Ledger Recover is an advanced solution for the backup and restoration of your device seed, built upon a robust and resilient cryptographic protocol. Ledger Recover also isn’t a suitable service for those who insist on controlling their private keys to the fullest extent possible.
Managing Ledger Recover password
Updating your OS will not automatically sign you up for Ledger Recover. While the white paper is primarily an informational document, we welcome any corrections or suggestions for improvement. If you spot a typo, a sentence that could be clearer, or even a significant error in our explanations, please raise an issue.
Why do I need Ledger Recover?
Ledger Recover was developed for those who want to back up their wallet access regardless of wherever they are in the world or whatever they’re doing. It’s a completely paid optional service, designed to help users take custody of their assets, no matter their situation. The crypto space can be daunting, especially when it comes to securing your assets. One of the biggest hurdles blockchain technology faces is its accessibility.
With Ledger Nano S Plus, the service is available on desktop only. Ledger Recover is compatible with all Ledger devices (through the Ledger Live desktop and mobile app) and with Ledger Nano S Plus (through the Ledger Live desktop app only). Ledger OS updates can only be performed if you authorize them manually with your Ledger device. We have created this product for these users to feel confident using our products.
Plus, your Ledger will only allow your seed phrase to leave the wallet as encrypted fragments when you permit it. Setting up Ledger Recover requires you to enter the device PIN and consent to start the process on the device. Without your permission, the device will not (and cannot) fragment or send the encrypted fragments anywhere. That means if someone wants to exploit Ledger Recover to steal your seed phrase, they would need to have your PIN in the first place, which would already give them access to your wallet. To understand the thought behind it, you must first understand who it was made for.
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- This service is meant for customers who want to have an encrypted backup for their Secret Recovery Phrase.
- The purpose of the Ledger Recover service is to provide an additional backup in case you lose access to your existing seed phrase backup.
- Ledger Recover can also help those without a safe place to store their seed phrase.
- When she is not writing reviews or guides about DeFi and other crypto products and services, Emma prefers to spend her time in the company of her friends and family.
- Only you can access your backup by verifying your identity with your ID card and connecting your Ledger device.
- With 3+ years of experience as a SEO content writer, I love talking about blockchain technology, digital assets, DeFi, Smart Contracts, DApps, Digital Wallets, Metaverse, and NFTs.
The encrypted fragments are securely sent to three independent providers – Ledger, Coincover, and EscrowTech – that store them in Hardware Security Modules (HSMs). These are highly secure devices that protect and manage digital keys. As a crypto user, you know how crucial it is to keep your Secret Recovery Phrase in a safe and secure place. This is a 12 to 24-word phrase that lets you restore your private keys and access your crypto wallet if you lose or damage your Ledger device. 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.
In which countries/regions is Ledger Recover available?
For many users who are just entering this space, safeguarding a Secret Recovery Phrase may feel like too large a responsibility, one that they’re not comfortable taking on. Other users are concerned about their Secret Recovery Phrase being destroyed or lost through no fault of their own. These concerns may be the reason why some users keep their crypto on an exchange, a less secure but more “comfortable” option for them. If you want to learn more about crypto security and hardware wallets, make sure to check out our list of the best Ledger alternatives. In fact, your seed phrase is enough to gain full access to your wallet. This is why it’s so important to back it up safely and never share your seed phrase with anyone.
You can read through the Whitepaper here, and the source-code on Github here. Please note that one shard alone, even in the extremely unlikely case of decryption, is useless – you’ll always need at least two of the shards in order to restore your Secret Recovery Phrase. For a complete but less technical dive, you can read our blog series The Genesis of Ledger Recover.