Trezor CEO cites usability as top factor for hardware wallet: BTC Prague 2023

Trezor’s Focus on Usability and Education

As the trend of self-custody grows, the CEO of Trezor, a hardware wallet manufacturer, Matej Zak, has identified the most important development focus for the company as of now – improving usability to drastically increase the user base in the upcoming years.

At the BTC Prague 2023 conference on June 9, Zak told Cointelegraph that Trezor’s most pertinent approach to developing its hardware wallets in light of the mounting interest in self-custody is to “Educate hard and build simply”.

“Explaining what self-custody is is essential, as it is a concept that did not exist before Bitcoin, which was only created in 2009,” he stated.

By enabling investors to become their own banks, self-custody also places the onus on users to protect their Bitcoin (BTC). The most critical aspect of this is making sure your private key or seed phrase is safeguarded.

Security, privacy, and ease of use have been a cornerstone of Trezor’s offering, according to Zak. “Usability is particularly critical,” the CEO declared, noting that Trezor is still striving to make their hardware wallets as user-friendly as possible. The executive further commented:

Trezor is aiming to double or even triple the number of hardware wallet users worldwide within the next three to four years by improving its usability. According to some estimates, only a small fraction of the total 420 million crypto users, approximately 2%, are currently utilizing hardware wallets.

Zak thinks that complex self-custody wallet configurations, such as multisignature or multisig, may not be the ideal choice for those new to the crypto space due to their usability.

Unlike regular Bitcoin wallets, multisig requires multiple public keys to validate a transaction, intended to enhance the security of self-custody.

“Zak was referencing a quote by Bounce Security CEO Avi Douglen when he said that sacrificing usability for security ultimately diminishes security,”

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Trezor is dedicated to usability and education, and therefore does not intend to add any new in-built features to assist users in retrieving their private keys.

The CEO of Trezor stated that they have taken all necessary steps to ensure that their customers’ seed phrases are secure. Zak highlighted the use of the Shamir backup, which is a system for dispersing the private key phrase to numerous spots. This system was released by Trezor in 2019 and is intended to protect users’ Bitcoin from robbery or misfortunes.

“We don’t need to do anything to improve the usability since it is already good,” he stated.

The CEO of Trezor made these comments a few weeks after Ledger, another hardware wallet provider, revealed a new utility that would enable users to recover their private keys. This announcement was met with criticism by the crypto community, causing Ledger to delay the launch of their product, Ledger Recover. Pascal Gauthier, the CEO of Ledger, stated that this was a “humbling experience” and the consequence of a miscommunication.

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