Once again, Trezor takes charge: What is multi-share backup and why you need to know about it. | Billy Campbell | June 2024

Does the thought of protecting your cryptocurrency make you feel burdened? Do not worry. you are not alone! Whether you’re new to the world of cryptocurrency or already an expert, keeping your digital assets safe can seem like a daunting task. But what if there was a simple and stress-free way to make it? Introducing an enhanced backup standard with multi-shared backup designed to transform the cryptographic security landscape. (PS Did I mention that this standard is called SLIP39 and was designed in-house by our amazing Trezor team?)

Imagine this. Your cryptocurrency wallet is backed up with the new multi-share backup. Life is good and you feel secure. But when disaster strikes, your house catches fire and your hardware wallet and wallet backups are destroyed along with it. Ugh!

If you had a single shared backup, this would be a nightmare. Your wallet cannot be recovered and your assets are lost forever.

But wait, don’t panic. Multi-shared backups allow you to safely store backups of up to 16 wallets in multiple locations around the world. So, all you need to do is collect a threshold number of wallet backups from various locations after a fire. And hello, your wallet and funds are fully recovered! (The threshold is simply the number of shares needed to restore the wallet. For example, you could set 5 shares to 3. This is an option you create when setting up a multi-share backup.)

No more stressing about losing your wallet. Even if you lose some of your wallet backups, you can still recover your assets. Multi-share backups give you peace of mind at all times.

Previously, when setting up a wallet, you could choose: ‘Standard seed backup’ or ‘Advanced Shamir Backup’. A standard seed backup included a single wallet backup. If that wallet backup is lost or corrupted, your assets are at risk. Plus, similar-sounding words can easily lead to mistakes.

While we propose ‘Advanced Shamir Backup’ (old name for multi-share backup), upgrading from single share to multi-share backup was complicated. Now, with improved backup standards, you can set up a single share backup and easily upgrade to a multi-share backup if you feel your crypto funds need additional protection.

How is this possible? Single-share and multi-share backups now use the same standard as SLIP39 mentioned earlier. Because they share the same underlying technology, you can switch from single-share backup to multi-share backup whenever you want.

Why is multi-share backup so amazing? Let’s break it down:

• Increased security with multi-shared backups: Instead of relying on a single wallet backup, the multi-share backup system uses multiple shares to ensure strong protection and easy recovery of your funds.

• Custom redundancy: You can decide how many shares you need to recover your wallet and adjust security as needed.

• Flexible share allocation: To minimize risk, spread your wallet backups across multiple locations or trusted individuals.

How multi-shared backups make your life easier

• Enhanced Security: Splitting your wallet backups into multiple shares makes your wallet more secure than ever.

• User-friendly: The carefully selected words are easy to distinguish, making the wallet backup and recovery process a breeze.

• Advanced protection: Multi-shared backups give you peace of mind knowing there is no single point of failure.

Enhanced multi-share backup is now available for Trezor Safe 5, Trezor Safe 3, and Trezor Model T. Don’t wait, upgrade your cryptocurrency safety now!

Click here to purchase the Trezor hardware wallet and enjoy peace of mind with superior protection.