Categories: News

Coinprism Enables TREZOR Functonality To Secure Colored Coin Assets

Over the past few weeks, we have seen several companies, products and services coming together in order to take Bitcoin to the next level. Just a few days ago, Coinprism – a platform for colored coins – has announced their service is now compatible with the popular TREZOR Bitcoin hardware wallet. But what does it actually mean?

Secure Cold Storage

A few weeks ago, TREZOR announced a software upgrade that includes smart property support. However, up until a few days ago, none of the existing “Bitcoin 200 platforms” had implemented this feature as of yet. That is until Coinprism become the first platform to do s, in order to offer an additional layer of cold storage protection for their users.

In doing so, Coinprism users can not only secure Bitcoins, but also colored coin assets in cold storage with their TREZOR hardware wallet. Protecting users’ funds is a key focal point for every Bitcoin-related platform, but that is not the only good news. Coinprism users will also be able to spend Bitcoins and colored coin assets directly from the Coinprism website by using their TREZOR hardware wallet.

And if that wasn’t enough to win you over, additional functionalities will be at your disposal. For instance, storing asset insurance keys on your TREZOR is a new feature added to the Coinprism platform. On the other side of the medallion, you cannot ensure reissuance of assets without having physical access to your TREZOR wallet.  Last but not least, some of the most important aspects of colored coin assets – such as voting, dividends and crowd sales – will be compatible with TREZOR as well.

 

Related Post

Using Coinprism with TREZOR

If you are one of the many TREZOR owners, you don’t have to do many things differently compared to using the Coinprism platform without a hardware wallet. Once your account on the platform has been created, generate an address managed by your TREZOR hardware wallet and label it something like “My Trezor wallet”.

Most of you will be aware of the fact that a TREZOR Bitcoin hardware wallet has 20 slots for unique addresses. Select one of the available slots on your device (after making sure the TREZOR is properly connected to your computer) and click on the “Load from TREZOR” button in your Coinprism account. Once your device has been identified successfully, your public key will be imported from the TREZOR.

Note from the Author: If you are using the Chrome browser to use your TREZOR on the Coinprism platform for the very first time, make sure to “Unblock plugins” when prompted.

Signing transactions on the Coinprism platform with your TREZOR hardware wallet works exactly the same as with a regular transaction. Connect your TREZOR to the computer, press “Sign”, and enter your pin code is applicable. This pin code must be entered by using the matrix on the device display which correlates with the matrix image on the screen. After signing a transaction, it will be broadcasted on the Bitcoin network.

Source: http://blog.coinprism.com/2015/03/09/trezor-with-coinprism/

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

5 Underrated Metaverse Coins With Great Long Term Potential

Metaverse coins are all the hype these days, with coins like Decentraland and Axie Infinity…

38 mins ago

Ankr Price Up 11% Amid Binance Listing and Polkadot Parachain Integration

Ankr price is up over 11% today, making it one of the biggest gainers on…

5 hours ago

Keep Network Price Up 45% Amid Upcoming Threshold Merger

Keep Network price is up over 45% today, making it the biggest gainer on Crypto.com.…

18 hours ago

Nugenesis Patented Gasless NFT Platform Will Bring Mainstream Adoption

NuGenesis has 4 patents pending for its gasless NFT multi-cross chain system. It sees NFTs…

22 hours ago

Top 5 Metaverse Coins With Fully Functional Apps to Watch In 2022

The hottest trends in crypto right now are meme coins and metaverse projects. With Facebook's…

23 hours ago

How to Identify and Report Cryptocurrency Scams

With crypto going mainstream, there are a lot of scams popping out. While buying certain…

1 day ago

This website uses cookies.