Trezoro: Trezor for Monero - The basics
I created a tutorial video for installing, configuring and managing Monero on Trezor:
http://bit.ly/trezoro (Youtube video)
You can buy a Trezor here: https://buytrezor.com/?a=2c001ae7165c
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The Monero core team member NoodleDoodle recently released Firmware for Monero integration with a Trezor hardware wallet. It's still a beta so it’s not recommended to store large amounts of moneroj on it. I decided to give it a try so I could help to test this awesome piece of software.
First some background on what a Bitcoin Trezor is and why it is useful:
What a Trezor does is making it safe to use cryptocurrencies.
A lot of bitcoins are lost because people are hacked. When a hacker gets access to you private keys, he can steal your money. Some people don’t want to take the risk to store their crypto themselves, so they leave it on the exchange. But that is also a big risk (do I need to remind you about Mt. Gox?)
This is the reason why in 2014 the guys from Satoshi Labs started selling the first ever Bitcoin hardware wallets. A Trezor locks your private keys inside the device. After initialization, it’s impossible to extract the private keys from the Trezor, so your bitcoins are stored securely. They designed a protocol that makes it possible to communicate with your Trezor device securely.
When you create a bitcoin transaction in your Trezor compatible Bitcoin client (for example Electrum or MyTrezor.com) you send an unsigned (“raw”) transaction to your Trezor device. The Trezor will show the transaction details on his screen and you need to manually approve your transaction by pressing a button on your Trezor. When you confirmed the transaction by pressing the button, your transaction is signed by the private key that is locked away in your Trezor and then is sent back to you client. The client then broadcasts your signed transaction to the Bitcoin network.
You can read more on the Trezor for Monero in my blog article:
http://weuse.cash/2016/03/07/trezor-for-monero-first-impressions/
PS: @steemit devs, please fix the embedded Youtube video's. I wasn't able to post this article when I tried to post the youtube video directly. I got the error "Missing posting authority"
Definitely appreciate the post, I'm a trezor fan and this is quite useful, can you store multiple types of crypto on it? Also, maybe next time you can embed the video here? Good work!
I tried embedding it, but steemit has a bug that prevented me from doing so.
I will release a second video soon where I will also show that you can store BTC (and other crypto's) alongside monero on the same device :)
make that a tutorial and you'll have a hit ;)
check back in a few days ;)
i have monero xmr, this is a good idea to safeguard my coins.
Thanks for the information
I use Trezor (not with Monero) and very glad with it
make sure everyone participates in the first steemit lottery
https://steemit.com/money/@nabilov/the-first-steem-lottery-hosted-by-member-nabilov#comments
This is awesome. But I'm scared. I see some Monero devs have upvoted this post. It would be super awesome if at least one of them would say something like:
"I've taken a look at the code from this firmware, and you beta users can feel confident that your private keys for Bitcoin - and all other cryptos protected by your Trezor - are still perfectly safe. The modifications in this firmware do not affect the existing functionality at all. The modifications in this firmware are only an extension of the software which allows for creating and protecting a Monero simplewallet with the Trezor."
As kick-ass as a reply like that would be, it would also be great to hear:
"We (a) absolutely plan to integrate Trezor functionality into the upcoming GUI, (b) hope that functionality will be ready in X months, and (c) at that point, will submit the firmware to Satoshi Labs for them to integrate into the native Trezor firmware."
Fingers double crossed over here. Maybe I'm asking too much. I guy can dream...
Article says "still a beta so it’s not recommended to store large amounts of moneroj " if you own enough moneroj to need a hardware wallet you really do not want to risk using beta software do you?