iTrendWorld iTrendWorld

New Products Reviews that are going to be a Trend

Why Use Trezor with Ronin Wallet To Secure Your Assets

13 January 2022

Trezor with Ronin Wallet is a safe secure way to store your XRB. Trezor is a hardware wallet that performs like a standard USB but stores your private keys and never exposes them, making it immune from viruses and trojans. Trezor also doubles as a two-factor authentication device by acting like an OTP generator with random numbers for each login. Their motto is "Bank-grade security without having to hack your own bank" and they appear to be living up to it.


Importance of having Trezor


It's important to always use a hardware wallet when dealing with cryptocurrency. A software wallet of any kind doesn't store your private key and therefore cannot give you access to stolen funds if it gets compromised (i.e: seed phrases and mnemonics do not work on a compromised device). It's like using a checking account vs savings. You want to keep the majority of your holdings in savings if you are worried about getting robbed.


Not to mention, if your Ronin Wallet account is compromised people can easily take all of the funds from your wallet. However, if you have a Trezor then you can simply transfer all of your funds into a new secure wallet within seconds.


Here are some quick steps to using Ronin Wallet with Trezor.


You'll first need to plug your trezor into your computer and open the included dongle manager software(you should see the device light up). Select Use Browser Support, then click "Trust This Computer" on your trezor. Close this window, and you're now ready to use Trezor with your Ronin Wallet.


Now that your trezor is set up, launch the Ronin App, select Tools -> Settings -> Hardware Wallet - > Add Device Enter a label for your trezor device now if you'd like (we named ours "trezor") Select which markets you'd like to use your trezor with (Market orders can only be signed using a hardware device) Hit Save.


Your Trezor will now show up as Hardware Wallet: xxx - (Wallet Label)


Finally, go to the Send page and select "Hardware Wallet." You will first need to connect your trezor to your computer via the USB cable. Once it's connected, click "Use Hardware Wallet" when you get to the "Select Device" step (your trezor should turn on automatically and load up your wallet once it's plugged in). Now, enter any amount of XRB you'd like to send and press Continue. Next, sign in to your trezor by entering the PIN you set when you first went through the setup process. Now, press "Confirm" on your Trezor (you'll see a message that looks like 'Sign the Multisig?'). That's it - your transaction is now signed! You can check its status in Ronin Wallet by looking under "Transactions" -> "Hardware Wallet Transactions."


The Advantages of Using Trezor with Ronin Wallet


Trezor hardware wallets offer several advantages over other wallet types:


Secure transactions - Your private keys cannot be exposed to the outside world, so hackers can't steal them.


Safe storage - Your Trezor cannot be hacked, because it never exposes your private keys. The one-time PIN code prevents any unauthorized access by anyone other than you. Your 24-word backup makes sure that your wallet can always be restored securely.


Secure PIN entry - Each time your Trezor prompts for your PIN code, no one can see which numbers you're pressing. The device's display will never be active until it's physically connected to a computer.


Always up-to-date - Your Trezor is not affected by software bugs or malware that could cause the loss of your coins. It's easy to install the latest software updates - just plug in your device and run the update command on it.


Easy to use - You can easily copy outputs between different wallets, or send payments directly from TREZOR with only two clicks.


Secure development environment - Your private keys never leave the device. A customized Linux distribution is used to ensure that your keystrokes cannot be intercepted by any other software on your computer (even if it's malware with root permissions).


Support for multi-signature wallets - TREZOR supports more than just simple, single-signature wallets. You can also create and use multi-signature wallets, make transactions from 2 or more devices (e.g. a smartphone and a computer), etc.


No possibility to lose money - If you lose your device, you can recover all of your coins within 24 hours using our secret phrase backup. You can create backups of multiple devices too - they will sync automatically.


Transfer your funds - You can move your coins whenever you want, without having to wait for a buyer or seller. Just enter the number of coins and select Market -> Sell. Your coins are always in your full control! It's impossible to steal them unless you reveal your secret PIN code.


How Trezor works with Ronin?


TREZOR works as a signing device, which means it signs transactions made by the Ronin App. Without TREZOR, you can't send any XRB from the app.


To make a transaction from your account over to another wallet's address on the blockchain, you first need to sign that transaction using your Trezor device. An example of this is when you would like to use the app to send some XRB to another wallet's address, or when you'd like to move funds from one account over to another in the same wallet.


Trezor and Ronin Wallet work together seamlessly so you don't need to enter your PIN every time you want to act.


Risk of not securing assets in ronin wallet


Not securing your assets with a hardware wallet is like not locking your door when you leave the house. You'd never do that, right? Well, it's no different with cryptocurrency. If you're only using Ronin Wallet to manage your XRB, then anyone can access your funds until you take action to secure them properly.


The risks are as follows:


Theft of your assets - You could lose your funds if a thief gets access to your login details. You can take measures to reduce this risk by securing your computer with strong antivirus and monitoring it for suspicious activity. The only way that you won't lose any money is by using a hardware wallet like Trezor, which will securely store your private keys for you.


Phishing - Ronin Wallet will never ask you to enter your seed or private key info. If someone tries to represent themselves as a member of the Ronin Dev Team and asks you for seed/private key, it's a scam! Always check for our official [Twitter] account before you trust any links or requests from others.


Malware - A piece of malware may be silently running on your computer, logging all your keystrokes and sending them back to a hacker's server. There is no way for Ronin Wallet to protect you from this kind of attack. The only way that you can secure yourself is by using a hardware wallet like Trezor, which will keep your private keys safe behind a PIN and 2FA.


Not using special wallets for cryptocurrency - If you don't use a dedicated wallet that is exclusively meant for storing cryptocurrency (like Ronin), but instead use it as a general-purpose wallet, then you're just asking to be hacked and robbed! These kinds of wallets (like online web wallets and mobile wallets) are very insecure!


Actions to take in case you lose your Trezor


If you ever misplace or lose your Trezor, then simply recover it using the seed phrase. Whenever you set up a new device, the seed phrase will be required again. You'll need to pick a PIN as well.


Trezor One firmware and pin codes Trezor One firmware version 1.6 or higher have a special security feature that allows you to set a second PIN code for unlocking the device after a certain amount of time has passed since initial boot up. If you were to lose your Trezor device and you set up the PIN like 0000 or 1234, then this security feature can help you. You can use your seed phrase to recover access to your funds with either one of those pins. However, this is not strong protection against key loggers because they could capture your current PIN and later obtain the secondary PIN as well. So it's best to always use complex passwords.


In conclusion, Trezor is the best way to secure your assets on the blockchain. You'll have peace of mind knowing your wallet is protected from thieves if you use Trezor with Ronin Wallet, plus some extra features like PIN protection and 2FA.


©️ iTrendWorld.com ™️