GridPlus Bets on Open Source Amid Ledger’s Controversy
Amid a growing wave of concern surrounding Ledger’s controversial firmware update, crypto wallet competitor, GridPlus, has taken a step towards greater transparency by announcing the decision to open-source the firmware of its hardware wallets.
Trust and Transparency In The Spotlight
On May 17, GridPlus made the announcement to its 17,500 Twitter followers that it plans to open source the firmware of all its crypto devices in Q3 of 2023. This move, they claim, is in the interest of greater transparency.
In a follow-up tweet, GridPlus emphasized the importance of trust and high standards in the industry: “This week’s hardware wallet discussions laid bare trust assumptions taken for granted. We as an industry must hold ourselves to the highest standards and we call on all other hardware wallet manufacturers to open-source their firmware as well for the benefit of our ecosystem.”
The Ledger Controversy
The recent controversy surrounding Ledger’s firmware has ignited serious debate within the crypto community. The French hardware wallet manufacturer updated its firmware to potentially allow for the extraction of a user’s private key from their cold storage device. This was in contrast to previous assurances given to users regarding the privacy and security of their assets.
Being closed source, Ledger’s firmware can only be examined for potential flaws by its own developers. This level of exclusivity has led to concerns around transparency and security, especially in the aftermath of the controversial update.
In contrast, open-source code allows any programmer to review, improve, and check the code for potential errors, providing an added level of transparency and community involvement.
Competitor Reaction
Competing hardware wallet manufacturers seem to have seized the moment to appeal to disillusioned Ledger customers. Brands such as Trezor, Blockstream’s Jade, and BitBox have reportedly begun offering discounts on their products, capitalizing on the controversy surrounding Ledger’s latest update.
As the crypto industry navigates these new developments, the question of security and transparency continues to remain at the forefront, with GridPlus positioning itself as a champion of open source in this regard.
