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Trezor Safe 3 Review

By Jinia11/24/2023

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Trezor Safe 3 is a new kid on the block in the hardware wallet scene. I’ve seen my fair share of crypto wallets, but this one? It’s a whole different ball game. First, it literally screams Bitcoin (despite boasting support for hundreds of coins)- it’s Bitcoin-only edition is decked out in Bitcoin orange and comes with Bitcoin-only firmware. Talk about a statement piece!

The team at Trezor is not only developing a wallet for your coins but also an entirely unique experience. The Trezor Suite’s got this slick theme going on, with colours ranging from Cosmis Black to Galactic Rose, making the device easy to identify. 

With Trezor Safe 3, you are guaranteed a smooth ride whether you’re a newbie or an old hand like me. And get this – they’re throwing in BIP39 compatibility, meaning if you already own a BIP39 wallet, you can easily migrate your coins to recover funds with ease.

Pros

  • Offers an intuitive solution

  • Self-custody guaranteed

  • Less hefty than its competitors

  • Includes dedicated security chip

  • Optional Shamir backup

  • Easy integration with third-party wallets

Cons

  • Limited support for some networks

  • No touchscreen

Is it Good for Beginners?

Now, let’s talk brass tacks. Whether you’re just getting your feet wet or you’re a seasoned pro counting Satoshi in your sleep, this wallet’s got you covered. 

The interface is a breeze for beginners, but if you’re looking to flex your crypto muscles, there’s plenty under the hood. 

We’re talking about Shamir backup, coinjoin – the works.

What is Shamir’s Backup and Coinjoin?

Shamir’s Secret Sharing, often referred to as Shamir’s Backup in the context of securing data, is an algorithm in cryptography created by Adi Shamir. It’s a form of secret sharing, where a secret is divided into parts, giving each participant its own unique part.

Here’s how it typically works:

1. Division of Secret: The main idea is to divide a secret, like a cryptographic key or any piece of sensitive information, into multiple parts or ‘shares’.

2. Threshold Scheme: The algorithm uses a threshold scheme, which means the secret can only be reconstructed when a sufficient number of shares (threshold) are combined together. For instance, in a (3,5) threshold scheme, there are five shares created and any 3 of them are enough to reconstruct the original secret.

3. Polynomial Interpolation: Mathematically, Shamir’s Secret Sharing is based on polynomial interpolation. The secret is used as the constant term in a polynomial, and shares are points on the graph of this polynomial. The degree of the polynomial is one less than the number of shares required to reconstruct the secret.

4. Security: The beauty of this method is that unless the threshold number of shares is brought together, they reveal no information about the secret. So, having 2 out of 3 necessary shares, for example, doesn’t give you any more information about the secret than having no shares at all.

5. Applications: This method is often used for securing keys in multi-party scenarios, like in cryptocurrency wallets, where you need multiple parties to agree to a transaction, or for backup purposes, where losing one part of the backup doesn’t compromise the entire secret.

Shamir’s Backup is particularly valuable for its balance of security and flexibility. CoinJoin is an additional security method for increasing the privacy of Bitcoin transactions. Combined, these security features allow for a secret to be securely distributed among multiple parties, with the assurance that the secret can be recovered even if some parts are lost, as long as the threshold number of shares is available.

And for the security-obsessed among us (count me in), they’ve upped the ante with a new Secure Element. This thing’s like a vault for your Bitcoin. Even if someone got their mitts on your wallet, good luck to them getting past this fortress. Toss in a strong passphrase, and you’re practically Fort Knox.

Trezor Safe 3 Bitcoin Only Edition 

The Trezor Safe 3 wallet supports hundreds of cryptocurrencies including popular ones such as Ethereum, BNB, LTC and XRP to mention a few. 

However, Safe 3’s special Bitcoin-only edition is a unique product aimed specifically at Bitcoin users. This version is distinguished by its “Bitcoin orange” colour, a choice that reflects its exclusive nature. Only 2,013 of these devices will be available, a number that holds significance as it marks the founding year of SatoshiLabs, the company behind Trezor. This limited availability adds to the allure and exclusivity of the product. 

The Bitcoin-only Safe 3 maintains the high-standard features of the regular Safe 3 model, including a Secure Element, which offers enhanced security for Bitcoin storage, and CoinJoin support, providing an added layer of privacy for Bitcoin transactions. Additionally, it includes the Shamir backup, a sophisticated method of securing the user’s Bitcoin data.

Conclusion: Advanced Security and Ease for Crypto

The Trezor Safe 3 hardware wallet emerges as a robust and reliable solution for anyone looking to secure their cryptocurrency holdings. Its advanced security features, such as the Shamir backup, provide peace of mind by offering enhanced protection against potential cyber threats. The user-friendly interface, coupled with CoinJoin support, ensures both ease of use and added privacy for transactions. 

The introduction of the limited-edition Bitcoin-only version, with its unique “Bitcoin orange” colour and commitment to supporting Bitcoin education in Africa, showcases Trezor’s dedication not only to innovation but also to social responsibility. Whether for seasoned cryptocurrency enthusiasts or newcomers to the digital currency realm, the Trezor Safe 3 stands out as a top-tier choice for securing digital assets. 

Its blend of security, user experience, and philanthropic initiatives positions it as more than a hardware wallet; it’s a statement of commitment to the broader cryptocurrency community and its potential impact on the world.

Article tags

Wallets
Jinia

Author

Jinia is a fintech writer focused on the cryptocurrency market and passionate about blockchain technology. With years of experience, she contributes to some of the most renowned crypto publications such as Cointelegraph, Coinmarketcap and others. She also has experience writing about the iGaming industry.

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