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.
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.