Last week at @EthCC, I had the opportunity to try the @Ledger Recovery Key introduced by its CTO @P3b7_ few days ago ! And honestly I am sold ! Here is why 👇 Reminder : The idea of the recovery key is to be able to store your private key on a pin-protected (very) small local plastic card containing a secure element ! Three missed PIN-tentatives and your key is erased forever ❌ To be fair, I was skeptical of the idea before I had the chance to try it and understand its potential. It felt like another useless gadget to increase Ledger revenue. So what are the advantages of such a device that made me change my mind ? - it allows you to easily store a full seed without getting worried of people reading/stealing your words. No need to split your seed in 2/3/4 pieces (for this purpose at least). - it allows you to give family members access to your seed without giving them DIRECT access to it. The PIN can be given by third party such as a notary after your death, a physical safe (or any other creative idea). It can be very helpful when planning for your succession. - it's very small, thin and discrete. I initially thought it would be the size of a credit card. But it's much smaller and convenient to store/hide. - it's pretty resistant ! Way more than a ledger device (obviously) as there is no electronics per say - you can export/import the seed in a few seconds on any NFC Ledger device. - It should be pretty cheap ! While the price hasn't been announced yet by @Ledger, it should be pretty inexpensive as from my discussion with some employees, Ledger could offer it for free for Stax/Flex buyers. They also plan to sell it in bulk (for example by 3). Of course, all the advantages listed above can be replicated by creative techniques at home, but for most users, this key will drastically simplify their seed storage user experience. Also bear in mind that's the device is COMPLEMENTARY to storing seed phrase on other supports (such as metal plates) as the life expectancy of the device should be 15/20 years. To all Ledger haters out there, remember that NOBODY forces you to buy/use it. It's just nice to have another option.✅ Also most hate around Ledger and hardware wallets in general come from a confusion about the purpose of such objects: there are signing machine, not seed storing machine ! (See @hasufl post on the matter) Let's wait for the official release and price announcement now ! Will keep you posted 🫡
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