One of the most popular hardware wallets, apart from Ledger Nano series, is TREZOR. They can sign a cryptocurrency transaction without going online. It delivers robust security of storing your currency offline but still enables you to spend your digital assets whenever you want without having to jump through a lot of hoops.
Introduction to TREZOR One
Just like many other hardware wallets, TREZOR One also features a small footprint just like a flash drive. It’s easy to keep in the pocket and sports a limited USB connection which you can use to connect it to any computer when required. The unique feature of TREZOR One is its ability to deal in bitcoin transactions only which allows the device to be used on any computer, even the compromised ones. Although, we don’t recommend it.
TREZOR One is made by a company established in 2013 called Satoshi Labs. The company has worked on a multitude of bitcoin projects including CoinMap, Slush Pool and of course TREZOR wallets including TREZOR Model T and TREZOR One.
Setting Up TREZOR One
It’s not exactly rocket science to set up the TREZOR One. Connect it to your computer and install a bridge which enables the device to communicate with your PC. Then you will be asked to choose a PIN code that identifies you as the true owner whenever you connect it to a computer.
TREZOR’s software uses a unique way to ask for your PIN on the computer screen where it shows you questions marks instead of digits. On the other hand, the actual digits are visible on your TREZOR One. Moreover, you will have to enter the PIN code twice at the time of setting up the device.
Once you’re done with the PIN, you will need to note down your seed phrase which is basically a combination of words you can use to recover your crypto coins in the event that you lose or damage your TREZOR one. The seed phrase can also work with other popular wallets to recover bitcoins.
Using TREZOR One
After you are finished with setting up the device, all you need to do is connect it to any computer and access the link wallet.trezor.io that will lead you to the wallet’s UI from where you can manage your crypto coins the way you want.
TREZOR One Security
TREZOR One offers high level security for your cryptocurrency keeping it secure against both virtual and physical attacks. Since it uses the seed phrase generated with RNG from computer as well as the device, you can use the 24 word combination to back up the entire wallet. Seed is only visible on the device which isn’t connected to the internet.
PIN Code is also protected against incorrect guesses. For each incorrect guess, the wait time is increased by a power of 2. It means that if someone makes 30 incorrect guesses, they will have to wait for 17 years. You can also include a passphrase for your 24 word seed to add another level of security. The device protects you against brute force and phishing attacks, however, you need to be careful to ensure security.
TREZOR One offers a great level of compatibility with support for more than 1,000 cryptocurrencies as well as ERC-20 tokens which are generally used for Initial Coin Offerings (ICOs). Some of the popular supported coins include Ethereum (ETH), Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), Zcash (ZCH), Stellar (XLM), and Dash (DASH).
There are few coins that TREZOR One doesn’t support which include Monero (XMR), Cardano (ADA), and Ripple (XRP). You should also keep in mind that many cryptocurrencies can’t be managed with TREZOR’s basic wallet and you have to use an external wallet.
TREZOR One is usually available between $75 and $80 on different websites including the official one. At that price, it offers great security and compatibility features that are ideal for anyone just starting out in the cryptocurrency world. In terms of reputation, Ledger and TREZOR are the two leading names that are widely trusted in the community so you can’t go wrong with TREZOR One.