Ledger
Ripple CTO seeks community consensus for XRPL AMM feature adoption
Published
9 months agoon
By
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Ripple chief technology officer David Schwartz has advocated for XRP Ledger (XRPL) validators to support an automated market maker (AMM) feature, but only if there is consensus within the community.
On X (formerly Twitter), Schwartz discussed the XRPL’s AMM feature. In his initial post, Schwartz referred to AMMs as an intriguing part of decentralized finance.
The XRP Ledger is a decentralized blockchain with XRP (XRP) as its native asset. It is known for its speed and scalability, making it suitable for various financial applications, including cross-border payments and remittances.
In response to a community member’s question about the timeline for AMMs going live on the XRPL after governance voting, Schwartz stated that if the majority supports the amendment, the changes could be implemented in as little as two weeks.
In general though, validators shouldn’t vote YES individually. The community should make a decision and then validators should nearly all vote YES when they believe the community is on board and enough nodes support the change.
The amendment voting process is intended to…
— David “JoelKatz” Schwartz (@JoelKatz) October 6, 2023
Expanding on the significance of a majority vote, Schwartz emphasized that no validators currently endorse the vote to the best of his knowledge. The introduction of the AMM feature occurred with the release of rippled version 1.12.0, which also brought the potential clawback feature. Adding an AMM is not limited to introducing a new trading engine; it will also enable integration with the XRPL decentralized exchange.
Despite the significance attributed to this feature, Schwartz advised validators against voting independently to promote these modifications. Instead, he emphasized that “the community should reach a consensus first, and then validators should overwhelmingly vote YES when they perceive that the community is in agreement and sufficient nodes endorse the adjustment.“
In addition to his prominent role in Ripple, Schwartz is renowned for his informative articles and commitment to championing decentralization.
Related: Lawyers debate over Ripple case after rejection of SEC’s motion for appeal
Lately, he dispelled misunderstandings concerning the clawback feature, often seen as an intrusion on XRPL users. He clarified that the feature aims to safeguard developers from potential legal liabilities within the ecosystem.
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Ledger Commits To Full Restitution For Victims Of $600,000 ConnectKit Attack
Published
7 months agoon
December 20, 2023By
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Hardware wallet manufacturer Ledger has responded to a recent security breach resulting in the theft of $600,000 worth of user assets.
The company has pledged to enhance its security protocols by eliminating Blind Signing, a process where transactions are displayed in code rather than plain language, by June 2024.
Ledger Takes Responsibility For ConnectKit Attack
In a statement, Ledger emphasized its focus on addressing the recent security incident and preventing similar occurrences in the future.
The company acknowledged the approximately $600,000 in assets that were impacted by the ConnectKit attack, particularly affecting users blind signing on Ethereum Virtual Machine (EVM) decentralized applications (dApps).
Furthermore, Ledger pledged to make sure affected victims are fully compensated, including non-Ledger customers, with CEO & Chairman Pascal Gauthier personally overseeing the restitution process.
According to the statement, Ledger has already initiated contact with affected users and is actively working with them to resolve their specific cases.
In addition, by June 2024, blind signing will no longer be supported on Ledger devices, contributing to a “new standard of user protection” and advocating for “Clear Signing,” which refers to a process that allows users to verify transactions on their Ledger devices before signing them across dApps.
On this matter, Ledger’s CEO Pascal Gauthier stated:
My personal commitment: Ledger will dedicate as much internal and external resources as possible to help the affected individuals recover their assets.
Heightened dApp Security Measures
According to an incident report released by the hardware wallet manufacturer, the attack exploited the Ledger Connect Kit, injecting malicious code into dApps utilizing the kit.
This malicious code redirected assets to the attacker’s wallets, tricking EVM dApp users into “unknowingly signing transactions” that drained their wallets.
Ledger addressed the attack by deploying a genuine fix for the Connect Kit within 40 minutes of detection. The compromised code remained accessible for a limited time due to the nature of content delivery networks (CDNs) and caching mechanisms.
Ledger acknowledged the risks faced by the entire industry in safeguarding users and emphasized the need to continually raise the bar for security in dApps.
The company plans to strengthen its access controls, conduct audits of internal and external tools, reinforce code signing, and improve infrastructure monitoring and alerting systems.
Additionally, Ledger will educate users on the importance of Clear Signing and the potential risks associated with blind signing transactions without a secure display.
Notably, with Clear Signing, users are presented with a clear and readable representation of the transaction details, enabling them to review and validate the transaction before providing their signature.
This added layer of transparency and verification helps users mitigate the risks associated with front-end attacks or malicious code injected into decentralized applications
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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business
Ledger lays off 12% of staff, citing ‘macroeconomic headwinds’
Published
9 months agoon
October 5, 2023By
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Pascal Gauthier, CEO and chair of hardware crypto wallet manufacturer Ledger, has announced the firm will be reducing its staff by 12%.
In an Oct. 5 blog post, Gauthier said the staff cuts had been made “for the longevity of the business”, citing the 2022 bear market and the collapse of firms including FTX and Voyager Digital. According to data provided to LinkedIn, Ledger had roughly 734 employees at the time of publication, suggesting that roughly 88 people may have lost their jobs.
“Macroeconomic headwinds are limiting our ability to generate revenue, and in response to the current market conditions and business realities, we must reduce roles across the global business,” said the CEO. “Sadly, this means we are making the difficult decision to reduce 12% of the roles at Ledger.”
The announcement came roughly 7 months after Ledger raised more than $109 million in a funding round, giving the firm a $1.4-billion valuation. In August, Ledger integrated its Live software with PayPal, allowing United States residents with verified accounts on the payment app to buy cryptocurrencies.
Related: Crypto community reacts to Ledger wallet’s secret recovery phrase service
Many crypto firms have announced similar staff cuts amid an uncertain market and changes to the U.S. regulatory environment. In September, Binance.US president and CEO Brian Shroder left the firm amid roughly 100 employees being cut. Companies including Nansen, Coinbase, Huobi and Crypto.com have all said they would have layoffs in 2023.
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crypto
Ledger Users Can Now Buy Crypto Directly Using PayPal
Published
11 months agoon
August 17, 2023By
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PayPal has taken another step in its crypto mission following a team-up with hardware wallet provider Ledger. This time around, the payments giant is making it possible for users to purchase crypto directly without the need for extra verifications.
Ledger Live Integration With Paypal
On August 16, Ledger and PaPal announced an integration to make buying cryptocurrencies easier. This feature will allow users to purchase crypto using PayPal directly from the Ledger Live app.
Chairman and CEO Pascal Gauthier of Ledger made a statement about integrating Ledger Live with Paypal to make crypto transactions easier.
“Both PayPal and Ledger are focused on creating secure, seamless, and fast transactions no matter where you are in the world. PayPal,” Gauthier said. “We’re combining the uncompromising security of Ledger with PayPal’s leadership in protected payments technology to help facilitate a seamless platform for user crypto transactions.”
Ledger Live’s integration with Paypal currently offers four cryptocurrencies in the US, such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC), and this will allow US residents to be able to purchase these cryptocurrencies with their verified Paypal accounts with no extra verification required.
What makes this integration so interesting is that no “withdrawal” process needs to be initiated by a user. All the crypto purchases made through Paypal via Ledger Live are immediately sent to the user’s wallet, according to the announcement.
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Ledger Live’s integration with Paypal is indeed a significant step in the financial tech world, as the two giants share a similar vision of creating fast and seamless transactions on a universal scale.
Ledger is one of the most notable hardware wallet manufacturers, recording over 6 million Ledger Nano hardware wallet sales all around the world since 2016. Also, Ledger launched its Tradelink service in 2023 that will enable “off-exchange trading, enhanced security, distribution of risk, zero transaction fees, and a more efficient and faster trading” for institutional investors.
Paypal’s interest in the crypto world is by no means new. On August 7, Paypal made an announcement to launch its own Ethereum-based stablecoin called PYUSD.
However, nothing was said about PYUSD being listed as one of the coins that will be available on the Ledger Live just yet.
PYUSD’s launch has not been smooth either with regulators calling for more oversight following the launch. Last week, US congresswoman Maxine Waters called for federal oversight and enforcement of PayPal after launching the stablecoin.
PayPal also revealed plans to allow select customers to purchase cryptocurrencies such as Bitcoin and Ethereum using PYUSD. However, amid the new UK regulatory system that will come into play on October 8, Paypal plans to temporarily pause the buying of cryptocurrencies in the country from October 1 to resume crypto services in the Q1 of 2024.
Featured image from iStock, chart from Tradingview.com
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