- 1 Trezor wallet is a well known hardware wallet that provides secure storage for cryptocurrency.
- 2 This wallet supports various cryptocurrencies.
Trezor wallet, created by Satoshi Labs in 2014, is well known for providing security and privacy to cryptocurrency transactions. Trezor is headquartered at Prague, Czech Republic. Matej Zak is the CEO of this hardware wallet, and it comes in two varieties: Model One and Model T.
These wallets are protected against unauthorized access. To enhance the security, users are requested to provide a 50-digit long pin, thus, ensuring robust security. It has encryption and pin protection to safeguard the private keys.
Trezor Wallet Compatibility and Integrations
Trezor has offline storage capability, so it is called a hardware wallet. This feature ensures private keys are stored offline, making them less vulnerable to online threats. Information stored online is hackable. The risks of fraud, and permanent loss of crypto assets is always there online. On the other hand to avoid this, Trezor wallet never exposes digital asset information to an insecure environment and stores information offline.
The Model One supports 1,289 cryptocurrencies, while its advanced Model T version supports 1,456 compatible coins. The open source desktop application allows you to buy, sell and trade the currencies.It needs third party software to manage NFTs, as well as stake coins. Staking is available only with the Model T.
Most crypto wallets provide you with a single seed phrase. Trezor generates 16 recovery shares. In case if one seed phrase is lost somehow, then the additional seed phrase provides an extra layer of protection.
It can be reviewed and tested with third parties to enhance the transparency. The Trezor suit is available as a desktop application or browser extension. But to participate in the NFT marketplace, additional software should be integrated. For staking coins, Model T should be incorporated.
Supported Cryptocurrencies and User Friendly Interface
The Model T costs higher, while the Model One costs about $70. 200 coins are offered with Model T. Trezor has an upcoming Android app, but it is not compatible with Apple’s mobile operating system. It also does not offer Bluetooth connections.
Trezor supports 1400 cryptocurrencies depending on the model. It is a cold wallet connecting with online third party software, including Metamask and Exodus. Like any other wallet, it also generates a seed phrase of 24 words. For added security, additional passphrases can be created. The Model T also uses a PIN phrase to unlock the device, while Model One uses another device such as a phone number or computer for two-factor authentication.
Trezor offers multisignature security through Electrum software which you can set up to require more than one key to authorize a transaction. The wallet not only supports Ethereum, Bitcoin, and other major altcoins, but also unique and lesser known cryptocurrencies.
It has a user-friendly interface, easy setup process, intuitive navigation, and clear display for transaction verification. It can be used in conjunction with popular cryptocurrencies wallets. Trezor regularly releases the firmware updates to improve the security and add new features.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.