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Ledger Faces Backlash from Web3 Community Over Controversial Firmware Update on Nano X Hardware Wallet

Ledger received criticism from the Web3 community for its firmware update on the Nano X hardware wallet, which would have required users to undergo KYC procedures and rely on third-party services to recover their private keys. The company reversed its decision and pledged to open-source more of its codebase, but the issue of a single point of failure in hardware wallets remains.

Multi-party computation (MPC) wallets offer a potential solution, generating encrypted key shards for multiple parties and eliminating the risk of a single point of failure. However, there are higher costs and performance requirements for MPC nodes hosted on the cloud, and security should be prioritized over user experience. The Ledger incident highlights the importance of decentralization and community in the Web3 space.

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