Hardware wallets became a reality in 2014 — most notably by the popular and well-reviewed Trezor. Developed by Prague-based SatoshiLabs, the device stores private keys and uses a USB connection for outgoing transactions. The device gives a seed to the owner with 12-24 words for recovery purposes, and also offers a pin to access funds. The Trezor can be used in any environment, including with malware, and still keep your bitcoins safe.
Sinceits inception, the Trezor has had rave reviews, seemingly one of the most trusted hardware wallets so far. Trezor has recently reached a milestone, expanding its service to 100 countries worldwide. The milestone was an unexpected surprise for the company who envisioned the wallet in late 2012. Alena Vranova, CEO of SatoshiLabs told Bitcoin.com:
“The milestone is something that we had not even imagined when we started to research the concept of a hardware wallet in late 2012. Originally, our goal was to produce a few hundred devices to satisfy the need of the core bitcoin community for excellent security. Trezor reached so many countries because I believe it’s thanks to the fact that Trezor is by far the most secure and easy to use hardware wallet in the world. We managed to embed ultimate security into a device that surprises many people by how comfortable bitcoin security can be.”
The company feels that it is helping the community put bitcoin back in the hands of the user, as most have been using online wallets. Hardware wallets provide unparalleled protection to those who wish to be their own bank.
Bitcoin.com chatted with Alena Vranova about Trezor, and she gave us an idea of the progress SatoshiLabs has made. The company has seen an enormous amount of community support and well-critiqued reviews, and it has continued to thrive since introducing its first hardware wallet. Vranova is proud of the SatoshiLabs team and the services they provide.
Bitcoin.com: Overall how has the Bitcoin community treated your business?
Alena Vranova (AV): We have seen that community support has been extremely strong, and SatoshiLabs values that very much. After all, the most important milestone for Trezor is “0” = zero bitcoins stolen from our users.
“Bitcoin in connection with an ultra-secure hardware wallet can solve the majority of headaches. This is where Trezor comes in: it’s intuitive, easy to set up and the information it stores is easy to recover, just in case of an emergency.”
Bitcoin.com: What can you tell Bitcoin.com readers about the Trezor product?
AV: Trezor as a secure bitcoin vault is a finished product. Besides bitcoins, Trezor protects all major altcoins, handles multisig transactions, smart assets and document time-stamping. All of these capabilities are already embedded in the firmware.
What we see now is more and more great use cases for Trezor cryptography in spheres beyond bitcoin. One can imagine Trezor as a multipurpose device that protects your online identity, privacy, communication, assets or money.
All this can be achieved by applying the already built-in features to new tasks without compromising (or changing) the current security as a bitcoin wallet, which is amazing.
“Centralized databases will always be the main target of hackers and even big companies like Google, Adobe, or big banks around the world have proven that they will fail to protect private data.”
Bitcoin.com: What use cases have you come up with?
AV: Earlier this year we implemented Passwordless login with TREZOR, a program that replaces usernames and passwords with private keys generated in a secure environment of the device. This is an innovative solution to the very old problem of user account protection. Database hacks, keylogger, and weak passwords could be history thanks to TREZOR and Bitcoin technology.
After all, our computers and mobile phones were designed to share data, not to protect it. As a result, anything valuable like money and private data has to go off-line in order to stay safe against malware and security breaches. Centralized databases will always be the main target of hackers and even big companies like Google, Adobe, or big banks around the world have proven that they will fail to protect private data. We also know that average computer users are not proficient enough to keep their computers clean from viruses or keyloggers. Furthermore, even the most advanced antivirus software only recognizes a fraction of the real threats.
Bitcoin.com: How is Trezors User Interface?
AV: Bitcoin in connection with an ultra-secure hardware wallet can solve the majority of headaches. This is where Trezor comes in: it’s intuitive, easy to set up, and the information it stores is easy to recover, just in case of an emergency. With Trezor, you do not need to have advanced knowledge of encryption or computer skills or establish backups.
As a sophisticated, offline hardware wallet, Trezor provides the bitcoin market with an ultra sleek and user-friendly device. The company has led the way in bitcoin security and innovation by providing its first-class service to 100 countries. The company wants to encompass both the casual and serious cryptocurrency user markets, and it aims to redefine Bitcoin security.
What do you think of Hardware Wallets? Let us know in the comments below!
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