GridPlus, a competitor to Ledger in the cold storage market, has announced plans to open source the firmware of its crypto wallets in Q3 of this year. The announcement comes in the wake of controversy surrounding Ledger’s decision to allow private keys to be “recovered” from its devices, potentially compromising user’s security. GridPlus claims that the move towards open sourcing is necessary to ensure transparency in the industry. While Ledger’s firmware is closed source, only developers from the company have access to it, open source code will be available to any programmer and enables anyone to access and inspect pre-existing code and improve it as well as check it for potential errors. GridPlus called on all hardware wallet manufacturers to follow their lead towards greater transparency. Amidst the fallout, competitors in the market have taken the opportunity to offer discounts on their own products.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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