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Amid the increasing pattern towards self-custody, the CEO of hardware wallet producer Trezor, Matej Zak, has highlighted the most relevant development vector for the company so far — enhancing usability to significantly increase the number of users over the next few years.
Speaking to Cointelegraph at the BTC Prague 2023 conference on June 9, Zak said: “Educate hard and build simply” is Trezor’s most relevant strategy in developing its hardware wallets amid the growing demand for self-custody.
“You need to explain what self-custody is because it’s still a different concept. It’s nothing that existed before Bitcoin, and Bitcoin has only been around since 2009,” he added.
While allowing investors to be their own banks, the concept of self-custody also makes users the sole responsible entity for securing their Bitcoin (BTC). Crucial a part of this duty is protecting your personal key, or seed phrase, safe and secure.
Safety, privateness and usefulness have at all times been key components of self-custody in Trezor’s proposition, Zak stated. “However the usability performs a very necessary half,” the CEO acknowledged, including that Trezor continues to be making an attempt to make its {hardware} wallets as user-friendly as potential. The exec added:
“Usability is the one the place you need to make issues simpler, extra easy to make use of. So all these folks coming from exchanges can really really feel at dwelling and never be scared by dropping their personal keys.”
By growing usability, Trezor hopes to double and even triple the quantity of {hardware} pockets customers all over the world within the subsequent three to 4 years. Citing some estimates, Zak stated that lower than 2% of all 420 million crypto customers globally at present use {hardware} wallets.
Give attention to usability is a part of the rationale Zak believes that difficult self-custody pockets setups, like multisignature or multisig, will not be one of the best resolution for newcomers to the business.
In contrast to normal Bitcoin pockets setups, multisig involves using more than one public key to authorize a transaction, which is designed to extend self-custody safety.
“Safety on the expense of usability, comes on the expense of safety,” Zak stated, referring to a quote by Bounce Safety CEO Avi Douglen.
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Whereas specializing in usability and training, Trezor doesn’t plan to introduce any new built-in options to assist customers get well their personal keys.
In accordance with the CEO, Trezor has achieved every little thing potential to assist its clients safe their seed phrases. Zak talked about implementations just like the Shamir backup, which is commonly used to distribute the personal key phrase amongst totally different places. Launched by Trezor in 2019, the Shamir backup is designed to maintain customers’ Bitcoin protected from theft or accidents.
“There’s nothing we may enhance on on this regard as a result of the usability is nice,” he stated.
The remarks from Trezor’s CEO come a number of weeks after rival {hardware} pockets provider Ledger teased a brand new device permitting customers to get well their personal keys. Following criticism from the crypto neighborhood, the corporate later postponed the launch of Ledger Recover, with its CEO Pascal Gauthier claiming that it was a “humbling expertise” and the results of miscommunication.
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