How to Secure Your Crypt for Centuries to Come
Cryptocurrency Expert - Mark
With the price to buy cryptocurrency rising in recent months, learning how to keep private keys secure has never been more essential.
We've all heard the nightmare stories that occur when all-important seeds of regeneration are misplaced, ruined, made inaccessible or, worse, stolen by a dishonest actor. The effects can be catastrophic, with life savings potentially disappearing in seconds.
But Trezor says it doesn't have to be this way and they have come up with a comprehensive and secure way to buy crypto for generations to follow. With protections in order to reduce the possibility of being breached by a hacker.
How Shamir Backup Works
Shamir Backup breaks the seed into several pieces defined as recovery shares like the Horcruxes used in the Harry Potter series. Users will build up to 16 recovery shares and each give 20-word sequences. After this, they need to determine how many recovery shares they have to merge to gain access to crypto.
For instance, one user can require two of their three recovery shares to be pooled to produce their keys. Others might prefer to meet the threshold of three out of five recovery shares, while others might require five out of eight. The only interesting thing to remember is that wallets cannot be retrieved if the appropriate threshold cannot be reached.
Trezor states that this strategy removes a single point of failure and, crucially, resources can still be restored if any of these recovery shares are lost. Users have the right to transfer these shares in several safe places such as through attorneys and loved ones, including in safes and storage facilities.
Insights from Trezor Here
Shamir Backup's convincing benefit lies in how it will allow crypto investors to get an inheritance plan when they die. The position of the recovery shares must be revealed in a will to ensure the digital properties will be passed on to their next parent.
Recovery shares are expected to be larger than single backups, which happen to be 12, 18 or 24 words long. Even learning only a few words from the standard 12-word seed expression makes it easy to brutalise the re-stand as per Trezor, breaking a 24-word seed into several bits can be too risky. Shamir Backup is actually the unique feature of Trezor Model T, a hardware wallet that embraces more than 1,000 coins. So, you can buy Bitcoin, or even buy Ethereum and Litecoin.
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