The Beginning
Marek "Slush" Palatinus and Pavol "Stick" Rusnák set out to create a simple way for everyone to store crypto. They began developing small, specialized computers dedicated to storing private keys offline and in a localized, secure manner. This method led to the creation of the Trezor Model One, the world's first hardware wallet.
Stick and Slush celebrating the prototype at Brmlab Hackerspace in Prague, also celebrating the moment Bitcoin hit $100.
From Hobby to Global Pioneer
What started as a hobby quickly evolved into a product that set industry standards. On July 29, 2014, the Trezor Model One was officially launched, introducing the concept of a hardware wallet to the world. It wasn't just a device; it was a revolution in crypto security.
Marek "Slush" Palatinus, co-founder of Trezor, stated:
"We wanted to make a couple of hardware wallets for our friends, but we then realized we had found a huge gap in the market. Now we’re one of the most trusted wallets in the world."
Pavol "Stick" Rusnák, co-founder of Trezor, stated:
"We started prototyping Trezor on a Raspberry Pi. So the earliest Trezor prototypes were just an additional board with a display, two buttons, and a USB port to connect to a Raspberry Pi. We used this platform to quickly test our ideas and fine-tune the user experience as much as possible, even before the 'real' Trezor was available."
The Genesis of BIP39
Trezor didn't just create hardware; it created a new industry. Trezor introduced seed recovery protection by developing BIP39 and BIP44, which established industry standards for security and the use of multi-share backup and SLIP39 for enhanced asset recovery.
In late 2013, Trezor was available for pre-order at 1 BTC and 3 BTC, with 1 BTC priced at approximately $100 USD.
When should you replace your Hardware Wallet?
Given that the Trezor Model One has been commercially available for 10 years, the question arises whether this hardware wallet is still viable in 2024.
Matej Zak, CEO of Trezor, stated that as of July 2024, the Trezor Model One remains fully functional and supported within the Trezor software ecosystem.
However, the Trezor Model One isn't the only hardware wallet Trezor has introduced to the market. There are many other hardware wallet manufacturers, such as its competitor Ledger, a French hardware wallet company.
With new hardware wallet models consistently entering the market, users might wonder if it's time to upgrade their old hardware wallet, especially if it cost $1,800 ten years ago.
Lucien Bourdon, an analyst at Trezor, stated that it might be time to upgrade your hardware wallet if the device can no longer update its firmware.
"Without firmware updates, you risk missing critical security fixes and new features. For example, if Bitcoin introduces a new address standard, an outdated device won't support it, which might render your device obsolete.
Upgrading ensures better security and functionality," said Bourdon.
Samson Mow, CEO of Jan3 and a Bitcoin advocate, believes there's no best time to update a hardware wallet unless there are security reasons.
"For instance, if your hardware wallet relies on a security element and it gets compromised. Another reason could be if the manufacturer no longer supports the wallet or has gone out of business," Mow said.
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