Now that you know you need a hardware wallet, it’s time for the next step. Are you researching to learn which hardware wallet is right for you? One major factor you should take into account is the reputation of the company you plan to purchase from.
What have they accomplished? Are they offering new ideas? Setting new standards for what a hardware wallet should be? These things aren’t requirements; of course you can find adequate hardware wallets from perfectly ordinary, white bread companies. But why not go beyond? Why not look for a company at the forefront of its field?
One that offers a proven product, one that has been developing and improving since day one, one that is — as a side note — more focused on user experience than on profit.
Gee, who could that be?
You guessed it: this whole introduction is leading up to an article where we introduce ourselves (Hi, welcome to SatoshiLabs) and talk a bit about our own reputation as pioneers of the industry. Luckily, you don’t have to take our word for it. Our reputation comes from our long history of innovating brand new security standards and contributing to the whole industry.
Here are just a few of the most commonly implemented standards created or co-authored by our team.
BIP-0044: Multi-Account Hierarchy for Deterministic Wallets
Yikes, that sounds pretty vague and technical.
Let’s start with the word BIP. It stands for “Bitcoin improvement proposal.” You can take that literally; BIPs are documents for adding new features and standards to Bitcoin.
This standard, authored by the CEO and CTO of SatoshiLabs, makes it possible to have multiple accounts within one wallet. It decides which paths are used to obtain different cryptocurrency addresses and private keys.
You can find this implemented by dozens of hardware and software wallets like Ledger, KeepKey, Coinomi, and Mycelium.
SLIP-0044: Registered coin types for BIP-0044
SLIP stands for “SatoshiLabs improvement proposal,” and are created entirely by Satoshilabs. Usually they extend or improve upon a BIP, like in this case. SLIP-0044 makes it possible for multiple types of coins to be used. It sets the derivation path for every coin available to be supported by a hardware wallet.
If you go the GitHub page linked above, you’ll see a LONG list of coins and corresponding numbers. When someone wants to add their altcoin, they send a request to register on that list.
BIP-0039: Mnemonic code for generating deterministic keys
Classic. The recovery seed proposal. You’d be hard pressed to find a secure wallet that doesn’t use private keys and/or a recovery seed in some form.
We had a hand in this one too (four hands, actually). Nowadays it’s one of the most widely implemented BIPs.
SLIP-0039: Shamir’s Secret-Sharing for Mnemonic Codes
There’s always room for improvement. This SLIP makes it possible for anyone to implement Shamir’s Secret Sharing in their wallet. If you want to know how it works, you can head over to GitHub; otherwise stay tuned to Trezor Blog, subscribe to Trezor News, and follow us on Twitter so you can be among the first to find out when this feature is officially released.
You can find a complete list of SLIPs on GitHub.