What’s the role of open-source design in Trezor Wallet?
Trezor Wallet is a hardware crypto wallet that is used to store wallet funds and data in a secure environment. To make it a secure wallet for users it is designed by involving a lot of security parameters that ensure that the user’s wallet funds are secure and cannot be accessed by any unauthorized person.
Open-Source design is also one such technique that was included while preparing the layout of this wallet. Through this short read, we will try to understand this feature that is included in designing this hardware wallet.
What is Open-Source design?
Trezor Wallet aims to facilitate users with top-notch security for their wallets and the funds or data stored in them. To ensure this, the wallet enlist some security principles that they decided to involve in their wallet. The core security principles listed by the wallet team are:
- Simple wallet recovery
- PIN and Passphrase
- Hands-on Confirmation, and
- Open-Source Design
Open-Source Design is a feature that allows security experts and researchers to perform an audit of every process that is supported by that wallet. This feature is found effective and gaining trust of the wallet users and helped in making the intact process of funds management more transparent. The audit that is performed by the experts helps in keeping the device updated against any threats be they practical or theoretical. When put in other words, it discovers the upcoming threats or malicious activities that might take place on the down road and cautions about the same.
This lineament helps in assuring that even if the company runs insolvent, the funds stored in the wallet are safe and completely free from any danger. The security practices that are incorporated by this wallet are not limited to here only, rather it has also launched a Trezor app that provides users with a handy and secure approach to their funds and wallet data.
The Trezor app and the Trezor hardware wallet go hand in hand. Both of them are used simultaneously to build a secure connection between them. Once the connection is built, users without any hesitation can start performing the transactions of their choice for carrying out the trade activities securely.
Trezor Suite- a mobile app
When discussing the security feature of this wallet, how can we skip focusing on the wallet app launched by the team?
Yeah… With this wallet app, users can now manage their wallet funds at just their fingertips with secure and easy access to a mobile app - Trezor Suite. This app carries amazing features that help investors to focus on their crypto trade, by leaving behind the worry of wallet security. Have a glance at the highlighted features of this wallet, and they are:
- Supports confirmation of ownership of specific addresses with “Sign & Verify”
- Coinjoin- a feature to enhance the security level
- Build anonymous communication with the “Tor” feature
- Improve network security and privacy with the “Taproot” feature
- Enable “Discreet Mode” to hide sensitive information
- Give names to your wallet, accounts, and transactions with its “Labelling” feature
Final Lines
From this brief read, you might have got an idea of the security attribute that the Trezor Wallet holds. Users can pick up any of the model that is launched by this wallet, depending upon their convenience and trading requirements. People can have an once over the summarized comparison table that is provided on the official page of the wallet. This quick comparison made by the team helps people to jump to conclusions easily.