Trezor Hardware Wallet
Thinking of how to secure your bitcoin?
Drum roll and all the razzmatazz that accompanies great inventions. Let’s applaud the wonderful Slush and Stick who recently brought to market the Trezor Wallet. If you haven’t already heard about the fearsome duo, you’ll be amazed by their resourcefulness and their joint fire power.
Slush’s real-life name is Marek Palatinus. He’s credited with inventing the Bitcoin mining pool and, once worked for a bank. These make him ideally suited for working in the cryptocoinage industry. Stick’s real name is Paul Rusnak. He’s crazy about Bitcoin and interactive art and founded the hacker space in Prague.
Slush and Stick are catering to a widely recognised problem. Since the massive rise in bitcoin’s value, criminals have between them created and released more than 150 versions of malware in cyberspace. Each one is capable of pick-pocketing individual wallets and vaults and wreaking devastation.
For example if you store your bitcoins on a computer without further protection, there’s more than a theoretical risk that some agile keylogger hacker will slip in and run off with your precious store.
Same thing if you carry encryption keys on your mobile. The most likely way to get keys held in a smartphone stolen is by yielding to temptation by using it for other tasks as well. This raises the spectre of installing a malicious app that tracks down your key.
This then is the problem Trezor addresses so successfully. In headline terms, Trezor takes the hard slog out of fending yourself from cyber attacks. Just as a householder who has a mortice lock is less vulnerable to a break-in than his neighbour with a rim key lock, so your average user of Trezor will be able to sleep a lot more safely at night. As they put it – it’s like a bitcoin safe.
Switch on and off you go.
The journey to peace of mind is relatively swift. All you need to do is to connect your TREZOR to the computer and follow the instructions. There are only two buttons, to confirm or to deny the action, making the experience almost stress-free.
The first time you boot up a new Trezor it generates something known as a new seed. Seeds of the non-botanical genre are an essential element of cryptography. In essence they are a snippet of input that enables the generation of random numbers.
Since all of your addresses are generated from this, it’s essential to do this. Without it, you’ll never be able to benefit from the belt-and-braces approach that the two developers have dreamt up.
The next thing to understand about TREZOR ‘s is the conception and technology embedded within the design. Everything pivots on the fact that it is a stand-alone detachable device. This ushers in an external layer of security when moving your bitcoin wealth around. Specifically you can type in away without the fear of some evil eye tracking your every move.
An illustration of this in practice ( one which will have even the most persistent cyber safe-cracker tearing their hair out and grinding their teeth in despair ) is the way in which Slush and Stick cover up your tracks as you sign up for a transaction to take place. They do this by making sure that your private keys never actually pass through the computer itself. It’s as if you are prancing about your computer wearing an invisible suit..
From the user’s perspective here’s what happens when you require a digital signature – traditionally a weak spot in the signing off process as you run the risk of man-in-the-browser jumping in on the act.
When you request it, the LED on your TREZOR signals the numbers that equate to the transaction signature. You start faithfully inputting those digits on your keyboard. Magically, however, the interface screen throws up a tantalizing row of question-marks.
Like this: A third safety mechanism is targeted at the hardware of the fob key. Should some malignant intruder download fake firmware an alert is immediately triggered.This is brilliant because it means that even if your, computer has been interfered with, the outflow of funds cannot take place without TREZOR prompting the user to confirm the transaction. This, of course, renders the threat null and void.
Trezor also now have a 3 for 2 special, check it out here
— Bitcoin Trezor (@BitcoinTrezor) October 27, 2014