{"id":74458,"date":"2023-10-19T12:23:33","date_gmt":"2023-10-19T16:23:33","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/ryder-reveals-hardware-wallet-that-replaces-seed-phrases-with-novel-recovery-system-and-no-central-entity-raises-1-2-million\/"},"modified":"2023-10-19T12:23:36","modified_gmt":"2023-10-19T16:23:36","slug":"ryder-reveals-hardware-wallet-that-replaces-seed-phrases-with-novel-recovery-system-and-no-central-entity-raises-1-2-million","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=74458","title":{"rendered":"Ryder Reveals Hardware Wallet That ‘Replaces’ Seed Phrases With Novel Recovery System and ‘No Central Entity’, Raises $1.2 Million"},"content":{"rendered":"
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Hardware wallet developer Ryder<\/strong> has announced the close of a $1.2 million raise and revealed the Ryder One<\/strong> hardware wallet featuring a recovery system designed to replace the typical seed-phrase process.<\/p>\n

In a press release shared with Cryptonews<\/i>, Ryder said it raised $1.2 million from “industry heavyweights,” including Oak Grove Ventures<\/strong>, co-founder of Trust Machines<\/strong> Muneeb Ali, SBX Capital<\/strong>, and Bitcoin Frontier Fund<\/strong>.<\/p>\n

Commenting on the freshly revealed wallet, Louise Ivan, co-founder and CEO of Ryder, argued that,<\/p>\n

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“Self-custody is a right, it shouldn\u2019t be a choice as it is the foundation of Web3.”<\/p>\n<\/blockquote>\n

The company claims that its Ryder One hardware wallet introduces “a new standard for Web3 self-custody that eliminates the complicated seed phrase process with novel TapSafe recovery.”<\/p>\n

In the video shared with Cryptonews<\/i>, CTO Marvin Janssen explains that getting a backup for one\u2019s wallet typically includes creating a 12- or 24-word seed phrase during a setup that can take 10-30 minutes. But these phrases can get misplaced, stolen, destroyed, or simply forgotten.<\/p>\n

Ryder TapSafe Recovery is a multilayer recovery method meant to solve this issue: the backup is created through a recovery tag and the mobile app. It is set up via simple device contact, Janssen said, adding:<\/p>\n

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\u201cIt only takes 60 seconds to create and back up your wallet.\u201d<\/p>\n<\/blockquote>\n

Alternatively, one user can have multiple recovery tags stored in different places. Two, at minimum, are needed for a wallet to be recovered.<\/p>\n

‘There is No Central Entity’\u00a0<\/h2>\n

CEO Ivan told Cryptonews<\/i> that the wallet uses the Shamir Secret Sharing Algorithm, which allows private information, aka ‘secrets’, to be distributed securely amongst an untrusted network.<\/p>\n

Instead of offering a typical seed phrase, Ivan said, the wallet is cryptographically split into multiple pieces, which are then spread across recovery tags, a mobile device, and, optionally, the user’s social circle.\u00a0<\/p>\n

Users can create additional pieces and give them to their friends or family.\u00a0<\/p>\n

Collecting enough pieces allows users to recover their wallet, Ivan said, adding:<\/p>\n

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“You need two pieces from yourself or four from your friends to recover [your wallet].”<\/p>\n<\/blockquote>\n

One of the Cryptoverse’s key rules is ‘not your keys, not your coins’. Therefore, wallets often face centralization-related criticism.\u00a0<\/p>\n

Ryder CEO claims that users are “in full control” of their keys. A seed phrase backup is “a single point of failure,” he argues, which is why the company offers TapSafe – for users themselves to decide where to store the wallet pieces.<\/p>\n

Ivan said that,<\/p>\n

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“Your private keys never leave your device. […] There is no central entity, and Ryder the company never receives or stores any of your wallet pieces.”<\/p>\n<\/blockquote>\n

An introductory video shared with Cryptonews<\/i> shows the wallet as an elegant, sleek, sturdy, water-proof, simple-to-use, and secure device.<\/p>\n

It states that in case the wallet is lost, the access can be restored with just the mobile app and two people.\u00a0<\/p>\n

This ensures that even if all recovery tags are lost, the wallet can still be recovered, Janssen said.<\/p>\n

Shipping in April<\/h2>\n

Launched in 2021, Ryder’s team includes individuals from OpenSea<\/strong>, Stacks<\/strong>, Twitter<\/strong>, DGI<\/strong>, NASA<\/strong>, Aston Martin<\/strong>, etc.<\/p>\n

Their wallet has seen two years of extensive development, and Ryder is gearing up for its Q4 debut, the press release said.\u00a0<\/p>\n

The Ryder One wallet will be demo-ed to a global audience for the first time during Solana Breakpoint on November 1 in Amsterdam.\u00a0<\/p>\n

The device will be available exclusively on Kickstarter<\/strong>, shipping in April 2024 for all who pledge.\u00a0<\/p>\n

Per Ivan,<\/p>\n

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“We\u2019re launching a more premium version and an entry version by the end of 2024.”<\/p>\n<\/blockquote>\n

Ryder’s launch partners include Alchemy Pay<\/strong> as its on-ramp and off-ramp partner, the Solana Foundation<\/strong>, BNB Chain<\/strong> (Ryder will integrate its Layer 2 opBNB), and Polygon Labs<\/strong>.<\/p>\n

Collaboration with Polygon will open up “a world of possibilities for digital collectibles in real-world applications,” the press release said.<\/p>\n

Ivan explained that Ryder has NFC capabilities – combining it with digital assets can unlock numerous real-world use cases, he argued, adding that:\u00a0<\/p>\n

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“In the future newer Ryder models can enable POAP, IRL Asset swaps, and more.”<\/p>\n<\/blockquote>\n

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Trust Machines’ Muneeb Ali, also a launch partner, stated that “user experience doesn\u2019t have to suffer in exchange for best-in-class security.”<\/p>\n

____<\/p>\n

Learn more:<\/h3>\n

– Trezor’s New Products Aim to Streamline Crypto for Beginners, Limited Edition Trezor Safe 3 Sold Out in a Day
– Trezor Launches New Wallet, Seed Phrase Store & Limited-edition Trezor Safe 3<\/p>\n

– Crypto Custodian Ledger Lets Users Buy Digital Assets In New PayPal Integration
– Ledger\u2019s CEO Claims New Key Recovery Service Streamlines Crypto Self-Custody Amid Ongoing Controversy<\/p>\n<\/p><\/div>\n