However, keeping your Secret Recovery Phrase can be difficult and risky. You might misplace it, forget it, lose it, or have it stolen or destroyed by fire, water, or other hazards. If that happens, you could lose access to your crypto assets forever. To explain the ethos behind it, Ledger Recover uses ID verification due to Ledger’s belief in self-custody and individual autonomy.
What Is Ledger Recover?
If one of the companies holding a fragment shuts down, you will still be able to restore your keys until another trusted company replaces it. To make the world of digital assets more accessible to newcomers and bring it into the mainstream, we have to get rid of barriers to entry. On your device, after PIN verification, you’ll be asked to initiate a Ledger Recover backup process. This blog post dives into the technical explanation of how this works.
Ledger Recover explained
This service is meant for customers who want to have an encrypted backup for their Secret Recovery Phrase. Subscription to the service is neither automatic nor mandatory. Hopefully, our article helped you understand what Ledger Recover is and which users the service is aimed at. 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.
- If you choose not to update your OS, you will potentially miss out on important security updates.
- With Ledger Stax, Ledger Flex and Ledger Nano X, the service is available on the Ledger Live desktop and mobile app.
- This means that you are the only one who can access and control your crypto assets, without relying on intermediaries or custodians.
- These concerns may be the reason why some users keep their crypto on an exchange, a less secure but more “comfortable” option for them.
- The code will be displayed on the Ledger device that you’re using to recover access to your wallet.
- If you lose or don’t have access to your Secret Recovery Phrase, you can use Ledger Recover to restore your crypto wallet on a new or existing Ledger device.
- Two of the three encrypted fragments will be sent back to your Ledger device, reassembling them to build your private key.
How Does Ledger Recover Stay Secure?
Do you have housemates who you can’t trust around your valuables? In these situations, looking after your seed phrase may be more of a burden than not. You can now sign up for the optional, paid subscription wallet recovery service, Ledger Recover, provided by Coincover. In our opinion, the majority of this backlash was misguided and based on misunderstandings and incorrect assumptions.
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By clicking ”Add to cart”, you agree to accept these terms and the Ledger Recover Redeem Code T&Cs here. 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. Two of the three encrypted fragments will be sent back to your Ledger device, reassembling them to build your private key.
Recovering access to your wallet
ledger recover offline 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.
How are the three fragments of my Secret Recovery Phrase secured?
- Ledger is a great service if you have issues with forgetting to lose your backups.
- Identity verification inherently collects much less information compared to KYC.
- Ensuring the security of your cryptocurrency is a question that every crypto investor must tackle at some point in their investing journey.
- Finish the onboarding to create the digital backup that secures access to your wallet.Redeem the code sent to your inbox to complete activating Ledger Recover.
- Subscription requires a valid passport or national identity card.
- Updating your OS will not automatically sign you up for Ledger Recover.
- Ledger Recover can restore your private keys to your device, but it can’t provide you with your Secret Recovery Phrase.
- To go through Ledger Recover identity verification you need a valid, government-issued document and be the rightful owner of that document.
Ledger Recover is 100% secure – and you don’t have to trust us on that. We have the best security team in the world with our Ledger Donjon, and we’re proud of how they’ve built and tested Ledger Recover with our partners. It is an optional, paid subscription service, and if you do not enable it, there will be no change to your device security or experience. Welcome to the GitHub repository for the Ledger Recover Cryptographic Protocol White Paper! This repository contains the complete text of the technical white paper that delves into the system design, architecture, and operational flows of Ledger Recover.
How Can I Start Using Ledger Recover?
Ledger Recover requires customers to pass an identity verification check. Ledger Recover does not store or access your private keys or your Secret Recovery Phrase. It only creates an encrypted backup of your Secret Recovery Phrase that only you can decrypt with your ID and your Ledger device.
- The identity providers store this ID data in an encrypted form.
- Payments are settled in the currency of your country of residence.
- To restore your keys, you need two out of three fragments that are securely kept by the three independent and trusted companies.
- 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.
- Then, it links your identity to encrypted fragments of your seed phrase.
- 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.
- You can read through the Whitepaper here, and the source-code on Github here.
What Is Ledger Recover?
Your identity is under your control, as opposed to social Recovery which relies on another party. Then, a government ID is also accessible — most people in the world have one. Finally, ID verifications are less cumbersome than a full KYC process, allowing customers to only reveal the necessary personal information and no more than that. Ledger Recover comprises extensive identity verification processes—performed by Coincover within a secure environment built by Ledger.
Are These “Trusted Parties” Trustworthy?
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.
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You still need to go through the subscription process outlined above to activate your subscription and create a backup for your wallet access. Ledger Recover, provided by Coincover, is an ID-based key recovery service that provides a backup for your Secret Recovery Phrase, and is a dedicated service for individual consumers. Restore access to your crypto wallet in case of a lost or out of reach Secret Recovery Phrase.
- Each fragment is then sent to a separate company—Coincover, Ledger, and Escrowtech.
- Once contained in the secure element, they are decrypted and reconstitute your seed phrase.
- 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).
- You’ll have to log in to your account and then go through 2 independent Identity verification processes.
- In short, this service is all about making self-custody more convenient and less frightening.
- If you sign up for Ledger Recover, it is possible to restore your account on any new Ledger device too.
- Ledger Recover availability depends on the country/region where your identity document is issued.
- Ledger Recover uses your ID and a selfie to verify who you are, via its Identity Verification provider, Onfido.
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.
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.
Firstly, blockchain addresses are hexadecimal addresses, i.e long and complicated. However, one of the most confusing aspects for any newcomer is the concept of private keys and seed phrases and how they can keep that information safe. Ledger Recover can restore your private keys to your device, but it can’t provide you with your Secret Recovery Phrase. If you have any other physical/digital copies of your recovery sheet or Secret Recovery Phrase, it’s your responsibility to secure them. Keep in mind that anyone who obtains your Secret Recovery Phrase can access your wallet. Ledger Recover availability depends on the country/region where your identity document is issued.
Step 4: Decryption
Yes, even if you lose your Ledger device, you can access your crypto wallet again, provided that you have backed up your seed phrase (also known as the recovery phrase). You can either back up your seed phrase on a piece of paper or use a purpose-made metal crypto wallet backup for additional peace of mind. Ledger Recover is a wallet recovery service offered by Ledger in partnership with Coincover. The idea behind this service is that it allows users to access their wallet even in the event that they lose their seed phrase backup. Currently, Ledger Recover is only available to users who have Ledger Nano X or Nano S Plus wallets. In short, these Hardware Security Modules use similar technology to the computer chips in Ledger devices, but they use servers installed in data centers with more computation power.
In which countries/regions is Ledger Recover available?
Ledger Recover is a subscription service that will cost $9.99 per month. To use the service, you must also go through a KYC process with an ID document and a selfie recording. At the end of the episode, you’ll also hear Pascal’s take on the next Bull Market and why Ledger is building solutions for the next 100 millions of crypto users. But for those who want to back up their wallet access, Ledger Recover is the perfect solution.
Who Is Ledger Recover For?
In the end, the choice depends on your personal preference and risk tolerance. These encrypted pieces are worthless by themselves and can only be unlocked by your Ledger device with your ID verification. Ledger also promises to open-source the code for the Recover feature, so users can check the security of the proposed custody mechanism by themselves. Ledger Recover can also help those without a safe place to store their seed phrase.
This way, the service can verify who you are in the event of a Recovery request, but your private information stays private. This ensures you alone can back up and regain access to your wallet. Your device will take care of that for you following the verified identification.
When you want to restore your wallet, you initiate the Recovery from Ledger Live. You’ll have to log in to your account and then go through 2 independent Identity verification processes. At this point, two of the three parties will send back their fragments to your Ledger device using the same Secure Channel mechanism. Once contained in the secure element, they are decrypted and reconstitute your seed phrase. If you sign up for Ledger Recover, it is possible to restore your account on any new Ledger device too. This means you stay protected, even if your device and the seed phrase go up in flames.
Subscription requires a valid passport or national identity card. Valid driver’s licenses also accepted for Canadian and US users. Subscriptions are non-refundable except where statutory refund/cancellation rights apply. Please note that while the redeem code purchase is charged in your local currency, any monthly renewal payment will be processed in EUR (Euros). Due to fluctuating exchange rates, the price in your local currency may vary at the time of each payment and you may incur additional fees from your bank for currency conversion.
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.