Cryptocurrency hardware wallets are of great use to thousands of enthusiasts. They allow for secure storage of digital assets, while still providing comfort and convenience. SatoshiLabs, the team behind the Trezor Wallet, has introduced a new security standard. Shamir Backup is considered to be a revolutionary development which may usher in a new era of hardware wallet security altogether.
Adi Shamir Homage
For those familiar with cryptography, the name Adi Shamir might ring a bell. He is the person responsible for creating a cryptographic algorithm, which is dubbed “Shamir’s Secret Sharing” It allows for different ways to store and protect the backup of one’s private keys. In the cryptocurrency world, private keys are everything. Having control over them at all times is mandatory.
Implementing this solution in a cryptocurrency hardware wallet is no easy feat. Although any concept can effectively be “translated” to suit this particular industry, it often takes a lot of time, money, and effort. As such, the SatoshiLabs team is…