Trezor Model T Versus Trezor One
The Trezor Model T and Trezor One are hardware wallets that are designed by SatoshiLabs. The company’s two hardware wallets are praised for their security, usability, and support for a wide range of cryptoassets. The Trezor Model T is the newer, updated hardware wallet. The Model T has more features and is more expensive than the Trezor One. This article will help you make an informed decision on whether to buy the Trezor Model T or Trezor One or whether to upgrade to the Trezor Model T if you already have another hardware wallet.For a higher price, the Trezor Model T has the following advantages over the Trezor One:
- Supports more cryptocurrencies
- Features new RGB color touchscreen
- New hardware features such as an SD card slot and built in mobile connectivity
Supports more cryptocurrencies
When choosing a hardware wallet, the first thing you should always check is whether the hardware wallet supports the specific cryptocurrencies that you have invested in or are planning to invest in. The Trezor Model T supports all the coins that the Trezor One supports plus additional coins that are only supported by the Model T. Both the Model T and the Trezor One support most of the major cryptocurrencies such as Bitcoin, Litecoin, Vertcoin, Ethereum and all of the ERC20 tokens. SatoshiLabs and third party wallet developers are continuously adding support for more cryptocurrencies for both Trezor devices.
The most notable difference between the Trezor Model T and Trezor One is that the Model T has a touchscreen and the Trezor One has two push buttons. The touchscreen’s main advantage is accessibility, but it also provides a security advantage during the recovery seed process. With the Model T you can easily enter in a recovery phrase exclusively through the device’s touchscreen. This protects your recovery seed from being entered in on your computer and potentially being compromised by malicious software containing keyloggers.
The touchscreen of the Model T is more accessible than the two push buttons of the Trezor One (or Ledger Nano S). Not only is entering recovery seeds more easy and secure, but so is entering passphrases, PIN codes and configurations for the device.
The Model T touchscreen is also a larger display, which makes it easier to see and verify the public address during transactions.
New Hardware and Compatibility
The hardware of the Trezor Model T has been upgraded for the next generation. The Model T has a USB-C connector and a MicroSD card slot. The device also has a new, faster processor and operating system. The USB-C connector is compatible with any computer or android mobile device. The MicroSD features are not yet functional but Trezor plans to use the card slot for data encryption, password management and signing offline transactions. The Trezor Model T was built with expandability in mind.
Trezor Model T and Trezor OneBoth of the Trezor hardware wallets offer the same top-notch, sophisticated security and if used correctly should protect you from any type of hacking. The following are the features that both Trezor hardware wallets include:
Native support for ERC20 tokens
Password Manager and U2F
Hardware wallets are based on the principal of cold storage. Cold storage means that your private keys remain completely offline. With a Trezor hardware wallet, the private keys are stored in the device’s secure microprocessor and when you plug in the device to your computer, the private keys will still remain isolated from the computer that is connected to the internet. This means that even if you plug in your Trezor hardware wallet to a computer infected with malware or a public computer, your private keys and therefore cryptoassets will remain completely secure. Hardware wallets are the only way to keep your private keys completely offline, because even with paper wallets you will have to enter your private keys into a computer when you are ready to make a transaction.
Native support for ERC20 Tokens
Trezor allows native support for ERC20 Tokens. This means that you can use the Trezor web wallet interface to send and receive ERC20 Tokens, instead of third party interfaces such as MyEtherWallet or MyCryptoWallet.
Trezor wallets use hierarchical deterministic recovery seeds. This method secures all of your private keys, public keys and addresses with a 12,18 or 24 word recovery seed. You will write down this recovery seed on paper and store it completely offline. If the Trezor physical device is lost or stolen you will be able to recover all of your cryptoassets by entering in the recovery seed into another Trezor wallet or into any other compatible wallet.
The Trezor One generates a 24 word recovery seed, but can also take in a 12, 18 or 24 word recovery seed from other compatible wallets. The Trezor Model T generates a 12 word recovery seed, but can take in 12, 18 or 24 word recovery seeds from other compatible wallets. The Trezor Model T only needs 12 words as opposed to the Trezor One, because the recovery seed of the Model T is exclusively entered on the touchscreen and not on the computer. If you have a 24 word seed that you were using with a Trezor One, then you will be able to import that recovery seed and all of the associated cryptoassets onto the Trezor Model T.
If an unauthorized person gets access to your Trezor wallet, they will still not be able to gain access to your cryptoassets because of the PIN Code. The PIN code is 4-9 digits long and gets reset after multiple failed attempts. If you forget your PIN Code, you can reset the device and recover all of your cryptoassets with the recovery seed.
When you are sending or receiving cryptoassets you will confirm the address on the screen of the Trezor wallet. This protects you from accidentally entering in the wrong address and from malware that changes the address at the last second. The address is easier to read on the Trezor Model T than on the Trezor One, because of the larger screen.
Password Manager and U2F
Trezor hardware wallets can be used as password managers and two factor authentication devices (U2F).
In today’s age, it can be difficult to remember all the various complex passwords for each of your online accounts. The Trezor Model T can remember all of you login, URL and password information. When you are logging into an account, you can confirm on your Trezor device and the device will enter your password in for you. The Trezor Password Manager works with Google Drive or Dropbox to store passwords in an encrypted form. If your Trezor device gets lost or stolen, you can still recover all of your password information with your recovery seed.
Trezor hardware wallets also have the option to serve as a two factor authentication device for any of your online accounts. Two factor authentication is when you use a device to confirm your login, in addition to your password and username. The Trezor wallet uses Universal Second Factor (U2F) authentication which is a superior method than the commonly used Time-based One-time Password (TOTP) authentication.
For users who want even more security for their cryptoassets, Trezor has an advanced passphrase option. The Trezor Model T allows you to enter the passphrase exclusively on the devices’ touchscreen and not into the computer. The advanced passphrase is a word or passphrase in addition to the 12,18 or 24 words from the recovery seed. The additional passphrase will protect your cryptoassets in the event that your recovery seed is compromised. The advanced passphrase works by giving you multiple accounts. For example, you could have one main account that stores a small amount of cryptoassets and corresponds to the recovery seed, and then you could also have a hidden account with the bulk of your cryptoassets that is unlocked with the additional passphrase.
Both of the Trezor Wallets give your cryptocurrencies great security, while allowing transactions to be efficient. As long as you buy your Trezor hardware wallet from an authorized seller and use the wallet properly, then your cryptocurrencies will be safe from any remote hacking methods.
If you are only interested in investing in some of the most popular coins and you are not making frequent transactions, then the Trezor One will be sufficient. However, if you want your hardware wallet to support the widest range of coins, especially new coins, then the Trezor Model T is worth it. If you are also making frequent transactions, then the Trezor Model T has the advantage of the touchscreen, which makes transactions more accessible.You can purchase a Trezor hardware wallet here:
Trezor Model T