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Are you feeling overwhelmed by the thought of securing your crypto? Don’t worry, you’re not alone! Whether you’re new to the world of crypto or already a pro, keeping your digital assets safe can seem daunting. But what if there was a way to make it simple and stress-free? Introducing our enhanced backup standard with Multi-share Backup, designed to transform your crypto security experience. (P.S. Did we mention this standard is called SLIP39 and it was designed in-house by our amazing Trezor team?)
Imagine this: You’ve got your crypto wallet backed up with our new Multi-share Backup. Life is good, and you’re feeling secure. But then, disaster strikes — your home catches fire, and along with it, your hardware wallet and a wallet backup are destroyed. Eeeek!
If you were using a Single-share Backup, this would be a nightmare. Your wallet would be unrecoverable, and your assets lost forever.
But wait, don’t panic. With Multi-share Backup, you can have up to 16 wallet backups stored safely in different places around the world. So, after the fire, you simply collect your threshold number of wallet backups from those various locations. And hey presto, your wallet and funds are fully recovered! (The threshold number is simply how many shares you need to restore your wallet. For example, you could set 3 shares of 5; this is an option you create when setting up Multi-share Backup).
No more stress about losing your wallet — even if some wallet backups are lost, you can still recover your assets. With Multi-share Backup, peace of mind is always within reach.
From Single-share to Multi-share Backup: A Big Step Forward
Previously, when setting up your wallet, you could choose ‘Standard seed backup’ or ‘Advanced Shamir Backup’. Our Standard seed backup involved a single wallet backup. If that wallet backup was lost or compromised, your assets were at risk. Plus, similar-sounding words could easily lead to mistakes.
While we offered ‘Advanced Shamir Backup’ (an old name for Multi-share Backup), it was complex to upgrade from a Single-share to a Multi-share backup. Now, our enhanced backup standard allows you to set up with Single-share Backup and easily upgrade to Multi-share Backup if you feel your crypto funds need extra protection.
How is this possible? Now our Single-share and Multi-share Backups use the same standard — that SLIP39 we mentioned earlier. Because they share the same underlying technology, you can switch from a Single-share Backup to a Multi-share Backup whenever you please.
Why Multi-share Backup is a Game-Changer
What makes Multi-share Backup so amazing? Let’s break it down:
• Enhanced Security with Multi-share Backup: Instead of relying on one wallet backup, our Multi-share Backup system uses multiple shares to ensure robust protection and easy recovery of your funds.
• Customizable Redundancy: You can decide how many shares are needed to recover your wallet, tailoring the security to your needs.
• Flexible Share Allocation: Spread your wallet backups across different locations or trusted individuals to minimize risk.
How Multi-share Backup Makes Your Life Easier
• Enhanced Security: By splitting your wallet backup into multiple shares, your wallet is more secure than ever.
• User-Friendly: Our carefully selected words are easy to distinguish, making the wallet backup and recovery process a breeze.
• Advanced Protection: Multi-share Backup ensures there’s no single point of failure, giving you peace of mind.
Experience Ultimate Security with Trezor
The enhanced Multi-share Backup is now available in Trezor Safe 5, Trezor Safe 3, and the Trezor Model T. Don’t wait — upgrade your crypto safety today!
Thanks for reading! If you enjoyed this article, give it a clap (or a few!) and drop a comment below — we’d love to hear your thoughts. Don’t forget to follow for more insights and updates on the exciting world of crypto security.
Stay secure, and see you next time!
Once Again Trezor Leads the Charge: What is Multi-share Backup and Why You Need to Know About It. was originally published in Trezor Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.