What is Ledger Recover? How it secures your Recovery Phrase?

 

• Don’t have a safe place to hide Recovery Phrase, try Ledger Recover.
• It uses Encryption, identity verification, and decryption to secure your recovery phrase.

What is Ledger Recover?

Investors often find it difficult to secure their assets in the crypto world. The newcomers in the crypto space find it difficult to understand the concept of private keys and the Secret Recovery Phrase. And keeping this confidential information safe is another daunting task. Let’s understand these concepts in detail.

Private Keys

The private key is similar to the password of your bank account. With the help of a private key, you can easily have access to all the funds that you have in your wallet. It is like a key to the safe in which your valuable assets are kept. And anyone who has access to this key has access to your account. So keeping it away from the prying eyes is very important.

Secret Recovery Phrase

The secret recovery phrase is a backup of all your private keys. You need to store  all your blockchain addresses. But in case it is lost, the Secret Recovery Phrase comes into action. It recovers all the blockchain addresses. Moreover, you do not even  the original crypto wallet where you stored the private keys.

Now you are already aware of the importance of the private key and the secret recovery phrase. Consider a situation in which you lost both of them. In such cases, Ledger Recover is always there to have your back.

Ledger Recover is the backup of your secret recovery phrase. Ledger Recovery is for those people who do not have a safe place to store their secret recovery phrase.  It is not for those people who already have a very safe place to hide their Secret recovery password or those who do not trust third-party applications to store their Confidential data. 

But if you do  not have a safe place to hide your Recovery Phrase and looking for a perfect solution. Then you must try Ledger Recover to keep your crucial information safe and attain peace of mind. 

How the Ledger Recover Works?

The Ledger Recover works in three integral steps, that are:

Encryption

The first thing which happens with your Secret recovery phrase is encryption.  Then it gets split into three fragments. These fragments are transported with the help of an ephemeral symmetric key. And then they are individually secured by independent companies from different countries. The name of the three independent companies is Coincover, Ledger, and Escrowtech.  By dividing the Phrase into three fragments no single company will have access to the phrase.  This is because only one-third part of the security phrase is completely useless.

Identity Verification

To verify your identity Ledger Recover uses an Identity verification provider called Onfido. This software uses your ID and a selfie to verify it’s you. 

Decryption

Ledger Recover also ensures that you do not need to enter the secret recovery phrase into the new device. This is because your device will handle that for you. All you need to do is initiate the recovery from Ledger Live.

Once you log in to your account and go through the identity verification, you will get the secure element.  This will be sent by the three parties in the same secure way, and you will be able to access your funds again.