Trezor Wallet Review
Most cryptocurrency holders rely on the freely-available cloud and mobile wallets. However, the recent spate of attacks on online wallets clearly illustrates the need for hack-proof wallets. More than ever, keeping digital assets safe is crucially important. Fortunately, several organizations have stepped up their efforts of finding immutable cryptocurrency storages. Hardware wallets such as the Trezor wallet and Ledger Nano S are among the few hardware products that stand out in the market today. Launched in August 2014 by Czech startup SatoshiLabs, Trezor was the first Bitcoin wallet to offer cold storage. The small key-sized wallet connects to the computer through a USB cable.
Trezor is a hardware wallet whose name translates into ‘vault’ in several Slavic languages. It uses a number of clever tricks to keep your digital tokens safe secure on unsafe machines. Trezor functions as a USB dongle that allows users to set up digital wallets on PDA or PCs. Due to its ‘zero trust approach,’ it is practically impossible for a third party to compromise Trezor. Every setup and transaction requires a pin code.
Design and specification
Trezor is a small, handy and light wallet that’s quite easy to plug into the PC. Though Trezor is not aesthetically gifted like the Ledger Nano S, its tough plastic casing provides sturdy resistance to damage. It features an ARM Cortex M3 processor with a 128X64 pixel OLED screen.
Trezor has a clean and well-designed interface where you can easily browse through transactions. The send and receive tabs are positioned on the top of the wallet. Be sure not to confuse cryptocurrency addresses; use the drop-down menu at the top to switch between different cryptocurrencies.
Cost and package details
The device costs approximately $99; you can buy it from TREZOR’s official website or Amazon. Like the Ledger Nano S, Trazor wallet safely ships in a small box with a safety seal. A black foam encases it. Other box’s contents include a USB cable, Trezor stickers, a user manual and two recovery seed cards.
Setup and Initialization
You can set up your Trezor wallet in three ways, through myTREZOR.com, via a command line or through a Chrome extension. During initialization, you’ll need to set up the device’s name, pin code as well as a password. You can access myTREZOR.com through the web while the chrome extension is downloaded and installed to the browser.
Digital coins supported
Although SatoshiLabs frequently adds support for new digital currencies, Trezor already supports a wide variety of cryptocurrencies. Owing to hardware constraints, however, the wallet may not provide full support for some digital coins. Supported coins include; Bitcoins, Ethereum, Dash, ZCash, Expanse, Nem, Litecoins, Bitcoin Cash, Bitcoin Gold, Ethereum Classic, UBIQ, ERC-20 Tokens, DogeCoin and NameCoin
Trezor Wallet privacy
Trezor outstrips its peers in terms of privacy. Once acquired, the device’s manufacturers cannot even track it due to lack of a serial number. The device’s software is also open source; hence, there is no username or password required during the initial setup.
Trezor can be used with both hand-held devices and desktops. Supported operating systems include Windows, Mac OS, Linux, and Android. It is also compatible with several hardware wallets such as Green address and Electrum on desktops, MutliBit HD, Mycelium and GreenBits on android as well as myTrezor.com
1. Pin protection
Trezor is protected by a pin code that is set during initialization. It has a unique way of protecting its pin code; when a malicious user makes incorrect guesses, the waiting time between subsequent guesses increases by a power of two. Hence, 30 incorrect guesses result in a cumulative waiting time of 17 years!
2. Limited surface of attack
The absence of a battery, Bluetooth or camera minimizes the communication between Trezor and other wallets. When ejected from a computer, the device effectively turns off. Also, users confirm every transaction by manually pressing Trezor’s buttons. This makes it almost impossible for hackers to automatically send your cryptocurrencies.
3. Recovery seed
Trezor generates a 24-word code for recovery in case the wallet gets lost. It is prudent to set a passphrase which protects your coins in case someone steals your recovery key
You may need to restore your wallet if you lost or damaged it. Nonetheless, the restoration process is quite easy and relatively straightforward. Simply find the ‘seed words’ you had created during setup and key them in as instructed. Make sure to store your seed in a very safe place where no one else can access.
Trezor wallet is a great wallet for cryptocurrency investors. It is, in fact, the safest means to store digital tokens today. Due to its numerous advantages over the software wallets and other traditional options, Trezor renders your private keys impervious to many forms of attack. One downside is that it isn’t an on-the-go device for making daily transactions. Rather, Trezer is a niche wallet suitable for people looking to keep their coins safe and top up mobile or web wallets occasional.