George Hotz has released the Metldr key for PS3 which is said to the most basic code in the system.GeoHot, who is known for helping crack the iPhone, has not only found the key, which groups have claimed in the past, but he has posted it to the public.At press time, Sony representatives said that they were still awaiting confirmation or a denial from within the company.
The root key lets the PS3 know that a piece of software is legitimate. If other hackers start using it (and it is indeed the real one), the key will let them make custom software or easily use pirated games. It will make it possible to run homebrew without the need for psjailbreak-style USB-devices. It also provides hope for those at firmware version 3.55 that have no way of downgrading.
The key cannot be changed without hardware modifications (firmware updates are not enough), and even doing so would render current software inoperable.
In September, Sony released a firmware update to the PS3, supposedly in response to homebrew teams and other hackers that had worked to crack the console. Soon after, Best Buy announced a $30 service to provide firmware updates to the console.