In the history of Bitcoin, there have been reports of wallets with private keys irrecoverable, a bad that you could have your cure thanks to the latest update of Trezor. The team SatoshiLabs launched, this week, a security standard that mitigates the risk of losing access to a wallet without custody.The new security option is enabled for all wallet Trezor Model T, the team notes of SatoshiLabs in a press release. The mechanism is called Shamir Backup or SLIP-0039 and has the aim of providing a more secure way of autocustodiar private keys.The standard is based on an algorithm of Adi Shamir, cryptographer israeli who published his “system of sharing of secrets” in the year 1979. The theory of Shamir points out that a secret can be shared safely if the information is divided among several parties. In this way, the group of people that possess such fragments can reconstruct the secret without leaking information.Bitcoin and other cryptocurrencies, has the peculiarity of being money autocustodiado. To perform a transfer in this network does not need the help of a third party or a bank. In this way, the user has all the power over your money, avoiding the censorship and increasing your privacy.However, large benefits they bring with them great responsibilities. To eliminate the third parties, the user has to store and protect their private keys at your own risk, as they are the direct access to their criptoactivos. The loss of the seed of recovery is one of the most common risks in the ecosystem. Two years ago a man lost approximately $ 30,000 in bitcoins, then forget the private key of your wallet.
How does it work?
Because the private keys are secret, the standard works under the same maximum of the algorithm of Adi Shamir. The mechanism allows you to split the private key of an address of the cryptocurrencies in several archivos.De this way, when creating a wallet, in the hardware Model T, the users will not have a single seed of recovery, but a group of shared files. The resources have each one with a sequence of more than 20 words. The client can set the number of shared files that are needed to retrieve the wallet.The developers point out that it can generate up to 16 compatible files, although the recommended guideline for a threshold of 2-3, or 3-5 files to recover the portfolio. Users can share the fragmented information with family members or people you trust. Also, keys can be safeguarded on computers, safes, or hiding places at home.The standard Shamir Backup is open-source, as points the team SatoshiLabs. In this way, the developers of the ecosystem will be able to review it and other companies to adopt it for their purses.