One of the most famous hardware wallets available, Trezor, announced a new firmware upgrade. The New 1.6.0 version offers support for new cryptocurrencies like NEM and it will support Bitcoin Gold fork. Segregated Witness addresses will be also supported using the format Bech32 instead of P2SH. Bech32 take less space than P2SH addresses and would potentially allow smaller transactions.
Trezor 1.6.0 Version – What’s New?
“Long, at last, the expected firmware update for TREZOR One has arrived! We managed to pack many different updates into today’s iteration, mainly – but not limited to – an expanded support of cryptocurrencies. We also implemented Bech32 and other useful features,” reads the statement released by the company.
Bech32 does not compromise the security and the address formats are easier to read, making mistakes less frequent. Bech32 free-up space on Bitcoin’s blockchain, something that gives relief for a congested network.
“The Trezor device can sign any arbitrary data you send it. Of course, it will only do so after your physical confirmation. This also means that Op_return transactions can also be signed, even without this firmware update,” reads the statement.
“The update will only make it more straightforward for you, as it allows the device to recognize it is singing an Op_return transaction. Instaed of gibberish letter, the device will ask you correctly if you want to sign the date you entered in Trezor wallet or any other compatible wallet.”
Electrum 3.0 wallet was the first to use Bech32. This wallet allows you to import the private key, send and receive bitcoin just with an email address and allows different wallet types. In order to use it is important that the PC is clean from any malware or virus that could compromise the funds.
“Native Segwit scripts are represented using Bech32 addresses, following BIP173. Please note that BIP173 is still in draft status, and that other wallets/websites may not support it. This, you should keep a non-segwit wallet in order to be able to receive bitcoins during the transition period,” it noted.
Ledger has announced on December the 13th its latest product called Cryptosteel. According to the company, Ledger hardware wallets safeguard private keys and protect the funds. But it is necessary to have a safe (as far as possible), and indestructible, backup of the seed.
“Even if a current Ledger hardware wallet is safeguarding private keys, anything can happen to the device (destruction, theft, malfunction…) and therefore you always need to keep a backup for emergency recovery.”
Image Courtesy of Pixabay
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Tags:bitcoin walletCold Storage WalletCryptosteelDesktop WalletElectrumFirmwareFundsHardware WalletsHD WalletLedgerLitecoin WalletNEM WalletTrezorUbiq WalletWallets