Trezor, a prominent bitcoin hardware manufacturer, officially introduced support for Ethereum users by integrating MyEtherWallet into TREZOR hardware infrastructure.
MyEtherWallet is an open-source and client-side Ether wallet which allows Ethereum users to store the digital currency within a secure and non-custodial platform. Similar to bitcoin wallets like Blockchain and Electrum, MyEtherWallet doesn’t have any control and authority over user accounts, private keys and passwords, providing maximum privacy and security to its users.
The non-custodial nature of MyEtherWallet eliminates the possibility of hackers or cybercriminals breaching the platform to steal user funds or private keys.
Why Trezor Supports Ethereum
Over the past two years, Ethereum has become a highly demanded blockchain network specifically within highly funded blockchain consortia and financial institutions utilizing the Ethereum network to develop smart contract-based platforms applicable in the financial industry and market.
In a relatively short period of time, the market cap of Ethereum grew exponentially to over US$1 billion. Its spin-off chain Ethereum Classic which was created after the execution of a hard fork designed to protect funds of DAO investors is worth over $120 million dollars, which puts the entire Ethereum network at a valuation of $1.12 billion.
Although it is still difficult to categorize Ether as a cryptocurrency, as it demonstrates qualities and attributes of a crypto-asset or a crypto-token, the Trezor development team recognizes the value of Ether as a cryptocurrency and the potential of the Ethereum network shown in various commercial projects led by major technology corporations like Microsoft.
The Trezor team stated:
“Ethereum is currently the cryptocurrency with the second highest market cap and second highest trade volume. We have long recognized the potential of ETH and implemented support for the coin with TREZOR firmware update 1.4.0. Facing limited resources, we are happy we can cooperate with MyEtherWallet to provide an easy and intuitive interface for you, when interacting with ethers.”
Importance of Hardware Wallets For Any Cryptocurrency Users
Hardware wallets are an important technology and products for any cryptocurrency users. In the past, the bitcoin industry and community have seen many investors and traders affected by hacking attacks and data breaches of cryptocurrency exchanges that have led to the loss of hundreds of millions of dollars.
High profile traders and investors who have purchased large sums of cryptocurrencies like Ether and bitcoin need a secure and reliable platform to store their user funds. Non-custodial online platforms like Blockchain are a good start but hardware wallets like Trezor takes user security and privacy to another level. With multiple back-ups and robust infrastructure, hardware wallets like Trezor or Ledger Wallet serve as great alternative to cold wallets or offline wallets.
When hardware wallet manufacturers integrate new cryptocurrencies like Ether, it is fairly easy for users to implement the change and add support for a certain cryptocurrency. In the case of Ether and MyEtherWallet, users can simply log onto MyEtherWallet web-based platform, send Ether to Trezor and connect the Trezor device with MyEtherWallet by providing a PIN and Passphrase.
Once Trezor initializes and synchronizes with MyEtherWallet, users can utilize the hardware wallet to send and receive Ether.
Apart from Trezor, only Ledger Wallet has local support for Ethereum users as of now. Ledger Wallet’s hardware wallet series Ledger Nano also integrated MyEtherWallet into the wallet infrastructure, enabling users to connect the hardware wallet their MyEtherWallet accounts.
Images from Trezor.