The new service enables users to store and manage their password in a secure fashion. SatoshiLabs says they are bringing the great attributes of advanced cryptography to users regardless if they have savvy technical skills or not.
Password Manager Brings ‘Advanced Cryptography’
Currently, the Chrome extension is available for public beta testing for anyone who owns a Trezor device.
SatoshiLabs says the interface is quite simple, and users can encrypt passwords with their hardware wallet. Password Manager then uploads the encrypted information to the owner’s cloud storage where they can be worry free from the troubles of leaks, keyloggers, phishers, and hackers.
The company says traditional password managers have a critical flaw of a master password that can enable an attack vector that showcases the entire database. Companies such as LastPass have suffered from this issue and typically login information can be sold on the black market. Worse, after having full access to your online data, your identity and certain information can also be sold or manipulated.
SatoshiLabs says two-factor authentication is good practice but is still not enough. The company explains in the announcement:
Authentication using biometrics can be dangerous — a fingerprint for example, once compromised, can be used by a bad actor again and again without the possibility of change.
With the Trezor hardware wallet, the device is the two-factor authentication, allowing owners to unlock their passwords without third-parties, applications, SMS or email.
Rather than relying on the master password scenario, the user simply “unlocks” the device with their PIN and keeps passwords safe from keyloggers and physical attacks. With Trezor’s cloud security, the company says getting compromised is virtually impossible. This is due to the Trezor platform securing each password entry on a “one-by-one basis with a unique encryption key,” which is derived directly from the Trezor device.
The Czech Republic-based company explains:
Trezor Password Manager is a great showcase on how to approach cloud storage security for individuals. The Trezor Password Manager auto-syncs every password entry to the user’s private Dropbox account, providing superb availability from any online computer. Gradually, more options for cloud storage will be added.
With its new feature service, SatoshiLabs states the platform is “simple, private, and secure.” The company believes it has a solid reputation when it comes to cold storage and securing Bitcoin since 2010 as the Trezor device has always been a benchmark for reliable security.
“The Trezor is both an encryption device and a secure login token with visual and physical verification,” the company states.
The Bitcoin-based business explains that after initial tests are complete with the beta release an Import/Export feature will be added to the equation.
SatoshiLabs says they look forward to the next few weeks of testing this new feature service with the community and, if the platform gains more popularity, it will design an Android application as well.
What do you think about the Password Manager from SatoshiLabs? Let us know in the comments below.
Images via Trezor, Shutterstock.