Trezor's New Backup Protocol: SLIP39 20-Word Backup Explained & Demonstrated 📜

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@TrezorWallet
In this video, I demonstrate how to use the brand new SLIP39 20-word backup phrase on a Trezor Safe 3 device. This innovative backup protocol is also available on the Trezor Safe 5 and Trezor T. I cover the benefits of this new standard, including its specific word list, easier recovery process, stronger checksum, and easy upgrade path. Join me to learn how to enhance your crypto security with this cutting-edge technology!
ONCE AGAIN TREZOR LEADS THE CHARGE: WHAT IS MULTI-SHARE BACKUP AND WHY YOU NEED TO KNOW ABOUT IT.
blog.trezor.io/once-again-tre...
SINGLE-SHARE BACKUP ON TREZOR
trezor.io/learn/a/single-shar...
00:00 Introduction
01:39 Upgrade Trezor Suite
02:09 Upgrade Your Firmware to at least Universal 2.7.2
02:51 Run Integrity Check
04:17 Run Device Tutorial
04:44 Create New Wallet
08:57 Create Backup
09:28 Record Your Backup Words
10:18 Confirm Your Backup
11:36 Set Pin
12:11 Name Device (optional)
12:42 Select Wallet Type
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💡 DISCLAIMER: This video is for educational purposes only and should not be considered financial advice. Always do your own research before investing in cryptocurrencies.

[@CryptoDad]

New SLIP39 Backup on Trezor Safe 3! 🌟 Discover the latest SLIP39 20-word backup protocol available on Trezor Safe 3, Safe 5, and Trezor T. This new standard offers a specific word list for better clarity, an optimized recovery process, a stronger checksum, and an easy upgrade path. Learn how to set it up and secure your crypto assets with this advanced backup scheme. Don't miss out on enhancing your crypto security! #Trezor #CryptoSecurity #SLIP39 #BackupProtocol

[@IdentifyAsMu]

Ah Trezor. My fav wallet...four years ago. Aloha Rex.

[@scriptles]

This is pretty interesting. I like how crypto keeps evolving and getting better.

[@TrezorWallet]

💯

[@reginaldnunez8645]

THIS GOOD ADVICE 😊

[@-joe-davidson]

Looking forward to the keypad on the Safe 5

[@GianlhuSialer95]

Hi CryptoDad. Please make a video on what to do with my AGIX sitting on my ledger in order to be part of the merge to ASI!!

[@RuslanSendecky]

It's not really Tresors thing (as in the title) The protocol is as old as 1979 if I am not mistaken. The protocol is called SSS (Shamir Secret Sharing) and was designed by Adi Shamir who also designed the famous RSA protocol (the letter S in RSA). The entropy is encoded into groups and then groups are split into shares. I personally use three groups with two groups threshold. Of which, two groups with one share threshold and the last group with three shares threshold. This is the best setup to implement inheritance and backup at the same time

[@CryptoDad]

Yes, you're right. It's not really new. But I was under the impression that the SLIP meant it was under the auspices of Satoshi Labs. github.com/satoshilabs/slips/tree/master But definitely is not new. It looks like they've just decided to start using it as their default backup protocol going forward. Even though you still have the option of using 12 and 24. I guess I should have read this learning document a little more closely and I would have seen that it wasn't really something groundbreakingly new. Just something Trezor has decided to focus on. trezor.io/learn/a/multi-share-backup-on-trezor

[@wualli2494]

Are the new 1024 word list a subset of the 2048 or are they a new set of 1024 words?

[@CryptoDad]

Good question. as far as I can tell they are completely different word lists. I don't believe the new slip 39 word list is a subset of bip 39. github.com/satoshilabs/slips/blob/master/slip-0039.md

[@TrezorWallet]

@@CryptoDad It's an upgraded wordlist, with carefully selected words that are easily distinguishable from each other compared to the old standard.

[@bogaming2457]

​@@TrezorWallet Nice! Cool to hear that it's an improved list

[@hellouser5498]

Still bip39 for standard 12 word?

[@TrezorWallet]

Yes and you can choose which one you prefer 👍

[@patriklind545]

The words are still english, wich for some means it could just as well be random letters to be honest. So the change to this word list benefits those who speak english I guess.

[@RuslanSendecky]

Make your own list in your language. The words don't matter. Words are just labels to indexes. What is used in the function to generate the seed are indexes the words are pointing to. You can have colours as labels if you want and can remember them as easily as words. Words are just for human convenience

[@CryptoDad]

Yes, @RuslanSendecky makes a good point. You can record the words in your own language and then just translate as you're doing a restore. I think they mentioned in their blog post that the reason they kept it in English was to avoid confusion and ambiguity. But I understand your plight not being a native English speaker.

[@TheMrwagner1967]

Has your Safe 3 showed as Safe 5 on 14:04 minute?

[@CryptoDad]

I wish. I haven't received my Trezor safe 5 yet. I think you were just noticing the KZbin card that points to my Trezor Safe 5 first look video.

[@TheMrwagner1967]

I guess the SLIP39 isn´t compatible with any other wallets

[@CryptoDad]

Yes, that is correct at this point only the Trezor Safe 3, Trezor Safe 5, and Trezor T support this. I wouldn’t be surprised, though if other companies start adopting the standard because it is much more user-friendly.

[@RuslanSendecky]

​​@@CryptoDadThis is incorrect Keystone supports it as well

[@TrezorWallet]

At the moment SLIP39 is supported by Trezor and three software wallets - Rabby, Electrum and BlueWallet. Other market players such as Wasabi, Sparrow, MEW/Enkrypt, Ambire and NuFi intend to integrate their support by the end of this year (2024). Furthermore we actively encourage enhanced backup support integration into software wallets through a bounty program. This initiative extends financial and expertise support to software wallet providers seeking to implement SLIP39. We were in the same situation back in 2013 with our legacy backup standard, where we were the first who invented it and the rest of the market followed us.