Update for Trezor Suite, the main interface for Trezor hardware wallets, and firmware for Trezor Model One (Version 1.10.4) and Trezor Model T (Version 2.4.3), ready to be installed. To download and install these updates, simply open Trezor Suite and continue by following the onscreen instructions.
Not using Trezor Suite yet? From January 31, 2022, the Trezor wallet will no longer be supported. Download or access Trezor Suite for free from https://suite.trezor.io/.
Trezor hardware wallets are now able to support the latest Bitcoin Taproot update. This introduces several changes to how your wallet works, including a file New account type and Taproot addresses.
At the same time, the team at Invity made it possible Trade in a decentralized stock exchange Directly from Trezor Suite, so you can enjoy anonymous swaps without having to use a third party wallet.
Customers who use the Trezor Model T hardware to store and manage Ethereum will be happy to know that it is no longer necessary to scroll through full contract data when signing a transaction and data validation can be skipped if the user prefers.
The Taproot upgrade that took effect in November is now supported by the Trezor Suite. This introduces some major changes to Bitcoin which are based on the 2017 SegWit upgrade, which enabled Lightning Network support. Taproot is expected to have long-term effects on Bitcoin usage and adoption, and it will in turn see further advances in the coming years.
To use Taproot, you will need to add a Taproot account in the Trezor Suite. Once you have updated the Trezor firmware and run the latest version of Trezor Suite, you can Create a new Taproot account By going to the Accounts page and adding a new account by clicking the big green plus sign next to My Accounts in the left sidebar.
Choose Bitcoin As the currency to add a new account, choose root From the drop-down menu, tap Create an account.
Taproot accounts use an address format similar to SegWit, starting with the letters bc1. The difference is the fourth character, where SegWit is followed by bc1q While Taproot uses bc1s.
By default, Trezor will use SegWit accounts to ensure compatibility with services such as exchanges that do not yet support Taproot. In the future, Taproot will likely be widely supported and become the default account type.
Spending coins from Taproot accounts will be cheaper as a result of the change, with savings compounded as transaction complexity increases (by getting more UTXO inputs or using multi-signature schemes, for example). Getting a Taproot account is a little more expensive, but once you’ve funded and started using the account, you’ll likely see savings in the long run.
Soon we will also be featuring a blog covering the future of Bitcoin upgrades after Taproot. In the meantime, you can see what that means for the Trezor hardware portfolio by reading this article earlier this year:
The more people use Taproot accounts and addresses, the more privacy everyone can benefit from. It took a SegWit upgrade over two years to reach a 50% adoption rate, but it was a more controversial proposition at the time. Thanks to a more transparent implementation process, Taproot should become the most popular standard soon. As more Taproot features like CoinJoin begin to appear in the Trezor Suite, it will be beneficial to have Taproot addresses already set up and funded to take advantage of them.
Buying, exchanging and selling cryptocurrencies directly from the Trezor hardware wallet is made easy and secure by Invity, a SatoshiLabs company that allows you to compare prices across verified exchanges to find the most competitive offer.
Now, there is a file New way to exchange cryptocurrency without KYCThanks to the 1-inch integration of Invity, a decentralized exchange built on the Ethereum network. When using a file Commerce Department Under your Ethereum account in the Trezor Suite, you will now see offers from 1-inch decentralized exchanges alongside traditional exchanges.
With Ethereum smart contracts, any token you purchase under the contract will be locked until your payments are processed, meaning that you avoid any counterparty risks associated with having to trust a third-party exchange.
Decentralized finance serves over a million users in the broader crypto space – and it’s growing fast. The integration of DEX into the Trezor Suite allows those interested in DeFi to participate while maintaining the highest security standards for their coins.
Keep in mind that an Ethereum gas fee must be paid to complete any transaction, so this new feature is Best booked for big deals Several thousand dollars, as fees can be high during peak times.
A full overview of firmware changes for both Trezor Model T and Trezor Model One devices is covered in our release notes, which can be viewed on Github via the links below.