Hello,
I downloaded the universal client version and installed it on my computer. I am able to login using my Trezor and have a balance in my account. The problem is that I cannot backup my wallet since I do not have an option to select wallet from local storage. How can I solve this problem and backup my Trezor Nanowallet?
You backup your Trezor, not the nanowallet, if you are using the trezor to login.
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So by having the Trezor Wallets Seed Words, PIN, the Nano Wallet’s contents are also backed up? Thank you for your answer, I am still trying to figure it out. Is the Trezor backup automatic or does something have to be done by the user?
Hey , i was just coming to ask the same question!
I see the account page in the nanowallet says "It is very important that you have backups of your wallets to log in with or your XEM will be lost.”
It seems to me that just having the wallet on the Trezor (and having backups of recovery seed for the Trezor) is the best way to back it up and that creating more backup wallets/papers/files/keys wouldn’t help bc i’m putting it on Trezor , but I want to be safe and make sure that I’m not assuming anything incorrectly. Should I still backup my wallet/keys with files, phone app, and/or on paper as advised in the guide when I use a trezor?
Also, another thing that i’m wondering:
Is the wallet integration with Trezor completely stable and trustable? I see that was just released in the past few days and I know sometimes software has bugs when first released… should I completely trust in the Nanowallet working well with Trezor now or is there any risk of losing funds by using it now?
TREZOR does not show the secret key to the NanoWallet.
So it is impossible to back up the secret key with NanoWallet.
In this case, you will back up the TREZOR word password.
If TREZOR fails, you can access the same address by entering a word password in the new TREZOR.
For now, I will present the current problem.
- In addition to TREZOR, there is no hardware wallet that supports NEM.
- There is no software to generate NEM’s private key from word password.
If one of them is not resolved, if the TREZOR company is gone, you will not be able to access the funds.
The current situation is when I am asking for software creation.
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I thought that the code for Trezor was open source so that, if trezor company went down, then you could build still build one and be able to access funds?
Many of the other currencies have a lot of currencies already prepared, so you can easily test them.
I do not think I want to use it unless such an environment is prepared.
Thanks for you reply. I did not enter a word password when installing my trezor. Only my PIN, could you please explain more detail about the word password?
A word password consists of a series of words like the following image.
The initial setting of TREZOR is 24 words.
https://en.bitcoin.it/w/images/en/6/60/Mnemonic-seed-still-life.jpg (This is 12 word)
If TREZOR does not have this word password it can not be recovered in case of failure.
If you do not have a backup now, please start by resetting TREZOR once and taking notes of word passwords.
This will set a new word password randomly.
At this time, please be aware that all certifications currently used in TREZOR will not be usable.
For PIN, if you make a mistake more than a certain amount of input, TREZOR is initialized and the private key also disappears (for security).
For this reason, backup words are required.
Yes I did not know that the password word was the 24 seed words. I did write them down and have them stored. Is that good enough for the backup of the nanowallet as well? If I take my trezor to another computer and install the universal client, will my XEM’s be available?
TREZOR does not pass the secret key to the NanoWallet. So, backup of NanoWallet is unnecessary.
Also, if you connect with another PC, you can access the same address.
@danielj @Mason
Official trezor post about xem integration (if you don’t already saw this):
https://blog.trezor.io/announcement-trezor-integration-nanowallet-nem-xem-cryptocurrency-feature-803e7ffbf023
There is also @tongokongo video:
https://youtu.be/HB5qBAqjxqg
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Yes, I stated it in my tutorial. There is no way of backing up private key generated from Trezor. Private key derives from Trezor SEED, which you should have backed up and securely stored. I am super happy about this move to introduce NEM on mainstream Hardware Wallet!
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Thanks. What do you mean by this? Other currencies have currencies prepared on the wallet and you’re saying NEM/Trezor environment isn’t prepared?
NEM’s TREZOR wallet can not move funds now without TREZOR.
But other currencies on the Trezor can move funds without the Trezor?
I was under the impression that, if the Trezor company disolved, then you would be able to continue accessing the funds from any currency stored on the Trezor as long as the device is still working. And if the Trezor company was dissolved and the device stopped working, then me or some other company could make more “Trezors” (because the Trezor code is open source) and still be able to access funds. I thought that this was the same for all currencies on the Trezor, including XEM. So no matter what happens to the Trezor company, i would still have access to my XEM stored on nanowallet via trezor.
Is this true or am i misunderstanding? It seems like you’re saying that this isnt true because XEM works differently with Trezor than other currencies do?
For example, 24 words backed up by TREZOR can be used by inputting to Leger Nano S etc. But Leger Nano S does not support NEM.
Similarly, NEM is not a software that can acquire a secret key from 24 words.
It means that it is impossible to respond immediately when problems occur.
It does not mean that funds can not be permanently taken out.
Let me try to add some insight from my use of Trezor and the NEM wallet versions. First where are the addresses? When you use desktop client or the Universal Client on your computer, you create a NEM address when you “Join”. This address, private key and password are limited life in the chromium environment. When you turn OFF your browser or flush your wallet, more than likely everything will disappear. This means you need to write down your password, the private key, AND backup your account to a file on your disk or elsewhere.
Because the FILE SYSTEM of your computer stores the last file saved with various applications, a register entry will be saved by your system as to where the backup is located. This system backup can be confusing if you were using desktop with one wallet and address and the Universal Client with another and even more confusing if you used Trezor. Personally I copy my backup to a different location then delete the original backup so the SYSTEM loses track of my backup making it harder for a hacker. Ideally, you should store your backup on a different device. Think of your backup as the PRIVATE KEY for your NEM. ALSO make sure you name any backup files with different names to match your wallets.wlt files. PS - If you really want to cause a ruckus, rename the extension from wlt to exe. Just remember to name it back before needing it and DO NOT run it on your system. If you want to destroy the hacker, write a program that tests your computer ID. If it is NOT your ID, it erases the hard drive of the computer running it. Append that code to the front of your wallet and store it as an exe. Name the file something like, “My Top Secret Stuff” to really entice a hacker to steal it.
Now the Trezor. When you use the Universal Client and “Export” to Trezor, you are really creating a NEW account address on Trezor with the private key for that NEM account in the Trezor. You cannot “backup” the NEM private key because it is “in the Trezor”. Your backup IS the Trezor with the 24 seedwords you used, your PIN, and password if used with Trezor.
Trezor is a Deterministic Wallet meaning, if you have your 24 Seed words and password you can put it in any wallet that can read the BIP format and recover your “bitcoin” or other crypto, if you have others in your wallet. This is how you can have other wallets Watch Only or full access to the account in Trezor depending on if you export the keys to the other wallet.
BUT the recovery wallet MUST support the currency such as NEM. Currently there is limited support for the Trezor functions such as recovering your private key or exporting from Trezor but I am sure it will soon be available. Remember, any Trezor can be used with your seed words and password to recover everything in your Trezor. This is why I have more than one just in case I drop one overboard fishing someday. NEM is also deterministic. I do not think you can hold more than one NEM account in Trezor at the moment just because of the interface which gives no option for pulling out a second account, but I am sure it will be available soon.
Here is how I am going to use Trezor with NEM. First I have a main NEM account with the majority of funds stored on any computer and can be created anyplace with my password and backup file. This account is NOT on the Trezor and does not need to be because of the multisignature. This is a multisignature requiring 2 of 3 to spend the funds. Anyone can get ahold of my account, but can only see the money come and go. Now I have THREE Trezors. Each one contains one NEM account as signer for the multisignature. I place one Trezor in a safe recovery place in case I lose one of the other two Trezor. I keep the two Trezor separated but still secure with different seeds, pins and passwords. ALL income flows to the Main multisignature account. Any requests to spend are started from one Trezor and double signed with the other.
For ease of use, you may only want two Trezor. One for the safety backup stored elsewhere. And one for signing along with a computer signing. Even if they get your computer and break that, they still need one of your Trezor with PIN and password to spend the funds.
Trezor for Travel is incredible. Clean it before you leave so it is empty. As long as you memorize your seed word and know your password, you can reload instantly with NO way for anyone to take your funds, even if an agency takes your Trezor at the airport.
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I do not understand English, so please forgive me for rough understanding when I am in a long sentence.
TREZOR can use multiple addresses by NEM with BIP 32.
Example:
· Main account (used by everyone)
· Remote account (used by everyone)
· 2nd account (additional generation is possible, but additional work is required when using again)
· 3rd account (same as above)
· 4th…
· 5…
(coutenued)
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