Charles Hoskinson shared 5 main points for a best self-custody crypto wallet by addressing the ledger hardware controversy.
Charles Hoskinson is CEO of Input Output Hong Kong Global (IOG), a firm that is responsible for the development works in the Cardano Blockchain ecosystem. Hoskinson was one of the early contributors in the Ethereum blockchain, as a co-founder. In 2017, Hoskinson founded his separate crypto project, Cardano, as a commercial crypto network.
Recently the popular hardware crypto wallet Ledger faced huge criticism in the crypto sector because of a tweet, in which a Ledger support agent said that a specialised firmware can be used to extract the private key from the Ledger wallet users but the Ledger team will never do the same. Later that tweet was deleted by the Ledger team.
On 19 May 2023, Charles Hoskinson shared his opinion on this controversy and shared his five main points that should be part of any best self-custody crypto wallets.
Open source software
The Cardano founder said that self-custody crypto wallets should use open source software because open source software usually remains less vulnerable, as passed through several audits regulatory & independently.
Simplicity over complexity
According to Hoskinson, self-crypto custody wallets should have a simple design with minimum footprint, so that it remains always easy to maintain the security level healthy.
On the firmware nature, Hoskinson believes that the firmware of the hardware wallet should be non-updatable. If this feature will remain then there will be no chance for any bad actors to design new/suspicious firmware.
Further, the Cardano founder noted that self-crypto custody wallets are not for daily transactions activities and there should be a maximised level of personal security.
Private key safety
According to Hoskinson, crypto hardware wallets are the best choice for crypto investors if they want any self-custody crypto wallet because hardware wallets are a type of guarantee that private keys will remain only there.