In an update from SatoshiLabs, the makers of Trezor hardware wallet, they have released several new firmware changes to support new features including GPG signing, SSH login updates, and advanced transaction features for SegWit.
Trezor is a hardware wallet which signs bitcoin transactions made through a desktop or web wallet. It makes transactions completely safe even on a compromised or vulnerable computer. It exists along with several hardware wallets on the market. Since keeping your bitcoin safe and secure is always top of mind, hardware wallets have always been held in high regard in the bitcoin community.
In the update in preparation for the implementation of Segregated Witness (SegWit), Trezor has added support for advanced transaction features such as replace-by-fee (RBF) and CHECKLOCKTIMEVERIFY (CLTV).
SegWit is a soft-fork of the bitcoin network which includes a variety of features. The main purpose for SegWit is to fix transaction malleability, but one of the side benefits (among others) is that SegWit provides the bitcoin network with an optimization by moving bitcoin transaction signatures to a new witness section of a transaction, thereby freeing up space in the transaction.
This extra free space allows for more transaction throughput effectively allowing for a larger data set to be sent on the bitcoin network. Unfortunately, the change is a one-time fix which doesn’t scale bitcoin to larger levels needed for bitcoin to grow on a greater magnitude. Due to this, there has been a“block size debate” going on now for well over a year.
Other firmware updates
In addition to the SegWit changes, Trezor has also added the ability for users to securely generate GPG keys for cryptographic signing. Currently, this update does not allow for GPG decryption, a feature planned for next firmware update. Also, Trezor has added SSH Login updates, stating “Ed25519 curve can now be used for SSH login now, alongside the NIST256P1.”
How to update your firmware
When you visit myTrezor.com you should see a banner informing you about the available Trezor firmware update. Without closing the website tab, unplug your Trezor and plug it back again while holding both buttons pressed. Finally, confirm the update by pressing the button of your Trezor device.