They created an official page for their new fascinating feature:
https://www.ledger.com/recoverCan someone explain to me how the following is possible:
What would happen to my Ledger Recover subscription and related data if one of the companies goes out of business?
If one of the companies holding a fragment of the Secret Recovery Phrase shuts down, the other two will maintain the service and eventually replace it with a new company.
How can they reconstruct a seed phrase after losing access to one of the fragments of encrypted secret? What algorithm they use and doesn't it make the whole scheme questionable since they have no plan B for the case when 2 out of 3 companies shut down?
What prevents them from collaborating to steal customer funds and pretending that user himself fucked up with recovery keys?
Why the customer paying for service is not included in this recovery quorum?