News Explorer — Ryder Launches Seed Phraseless Crypto Hardware Wallet, Utilizing Social Recovery and the Shamir Secret Sharing Algorithm

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Oct 19, 4:00 pm

Decrypt

Ryder Launches Seed Phraseless Crypto Hardware Wallet, Utilizing Social Recovery and the Shamir Secret Sharing Algorithm

Seed phrases, which are long multi-word phrases used to access crypto funds, may become obsolete thanks to social recovery. Ryder, a company that has closed a $1.2 million funding round, has launched its Ryder One hardware wallet that replaces seed phrases with its TapSafe recovery feature. This feature utilizes the Shamir Secret Sharing algorithm to distribute private keys among a group, eliminating the need for a single seed phrase.

Seed phrases, which are long multi-word phrases used to access crypto funds, may become obsolete thanks to social recovery. Ryder, a company that has closed a $1.2 million funding round, has launched its Ryder One hardware wallet that replaces seed phrases with its TapSafe recovery feature. This feature utilizes the Shamir Secret Sharing algorithm to distribute private keys among a group, eliminating the need for a single seed phrase.

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