Trezor one

Trezor One and SatoshiLabs have come a long way in the 5 years they have been in business. This year marks 5 years since the creation of SatoshiLabs. On August 30th, Trezor released the new 1.6.3 firmware update for their cryptocurrency wallets. This new firmware features security updates among many other improvements, expanding upon the application of the 1.6.1 update. The new security updates fix the physical attack vectors seen in the aforementioned Trezor firmware update.

Trezor One is the most trusted and ubiquitous hardware wallet in the world. It offers unmatched security for cryptocurrencies, password management, Second Factor, while maintaining an absolute ease-of-use, whether you are a security expert or a brand new user.

If you’re looking to store your bitcoins, now is a great time.

Trezor Model T

With Bitcoin Cash updating their standard address format while also keeping all old address formats compatible, Trezor have released an update supporting these new addresses. Trezor Model T devices now use the new BCH address format exclusively. If you have an old BCH address, you will need to convert it to a new one.

The latest firmware update for the Model T also provides support for NEM. Code was rewritten from the source as it was originally developed for the Trezor One, and adapted to the new model. In order to use the NEM blockchain, you will have to pen the universal NanoWallet, then connect your Trezor device via their API.

Finally, the Model T has now got added support for several new cryptocurrencies. These are

  • Bitcoin Private, Lisk, Fujicoin, Zcoin, Viacoin, Vertcoin
  • EOS Classic, Ellaism, EtherGem, Wanchain, Ethereum Social
  • 500+ new Ethereum tokens

Trezor One

The latest Trezor One update is an expansion on the scope of the 1.6.1 firmware update, addressing the same issue. This fault mainly affected the supply chain of Trezor One wallets. If your Trezor One is already set up correctly you shouldn’t have a problem. But if you’ve just purchased your Trezor One device, make sure that it is updated to the latest version before you attempt to use it. Though there is a risk of physical attack due to the vulnerability found in 1.6.1, there has been no evidence that it has been used in practice as of yet.

Trezor devices come with anti-tamper seals, these ensure that you are the first and only person to open the package once you receive it. If you have purchased your Trezor device from either Trezor directly, or any retailers, if your package is untouched and no seals are broken, your Trezor device is good to go and you can start your update.

The new 1.6.3 firmware update focuses on verifying the authenticity of the bootloader in the device. This bootloader checks the signature of the Trezor firmware before installing it. If it is genuine, your device won’t display any warning signs, meaning your Trezor is ready to use and store coins.

The Vulnerability

In August, an anonymous cybersecurity researcher known only by the alias “Sunny”, kindly disclosed the potential problem to the developers at Trezor. Working together with Sunny, Trezor created a fix for the issue, releasing it in the 1.6.3 update.

Sunny found that the security update released in the 1.6.1 update could expand in order to cover for another attack vector of the same type. Trezor then acted on his suggestions, then implemented his improvements.

Consequently, Trezor has made the MPU rules stricter in this update in an attempt to prevent another class of potential vulnerabilities. In order to fully implement these improvements, this firmware update will update your device’s bootloader as well.

How do I update my bootloader and Trezor firmware?

Before you do anything, be sure that you have your recovery seed with you when you initiate the update. (Link to manual)

Once you’ve got your recovery seed, go to Trezor Wallet and follow the update instruction prompts on the screen. You will see a prompt to replug your Trezor One device with both buttons pressed to start your device in bootloader mode. After that, confirm the update procedure, and you will begin installing the Trezor firmware.

If you are running firmware 1.6.1 on your Trezor One, the device memory will be wiped during the update process. Always make sure you have the correct recovery seed ready

When first booting firmware 1.6.3, your system will begin to verify the hash of the bootloader, checking it’s authenticity. If the bootloader is genuine, the firmware will begin updating the bootloader to the latest version – 1.5.1. After this process has finished, your device will prompt you to reconnect it.

In total, you will reconnect your device twice during this update; once when the Trezor firmware update has finished, and the other when the bootloader has finished updating. You will see prompts on your screen instructing you what to do throughout the update.

Trezor One also now supports RSKIP-60 Ethereum checksum encoding, as well as a vast set of Ethereum networks: AKA, ESN, MUSI, ETHO, PIRL, ATH, GO

Also, The Trezor One is now able to recognize 80 More new Ethereum Tokens. For the full list of supported cryptocurrencies, refer to trezor.io/coins

A new era for Trezor One?

Expect great things! SatoshiLabs and Trezor are celebrating SatoshiLabs’ five year anniversary this year. In light of the #SL5Y milestone, Trezor is announcing a new price for the Trezor One. Get yours today for only EUR 69!

Trezor’s mission is to bring intuitive and confidence-inspiring security and cryptography to the masses. This may not have been possible in the beginning. At launch, Trezor had to go through rounds of development, as well as grow in the market. However thanks to optimizations and organic growth, Trezor is able to achieve their goals this year.

This means the Trezor One is transforming into an affordable, battle-tested cryptocurrency wallet for everyone to enjoy. All while Trezor continues to develop the continuously growing feature set. The Trezor One is your key to the world of digital independence.

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Disclaimer Notice:

This article is intended to educate and should in no way be seen as investment advice or an enticement to use the ice3x.com platform. Bitcoin is highly volatile with big profit opportunities but you should also remember that you could lose part or all of your investment whenever you take part in any high risk investment. Bitcoin trading is not a regulated industry in South Africa, which in itself carries additional risks. IF YOU ARE NOT AN ASTUTE BITCOIN TRADER, SEEK INDEPENDENT FINANCIAL ADVICE BEFORE MAKING ANY INVESTMENTS.