Coinprism, in a recent blog post, has announced the support of cold storage for TREZOR on its platform. Coinprism is the first Bitcoin 2.0 platform to integrate cold storage. This launch brings new things to both Bitcoin 2.0 applications as well as the Coinprism wallet itself. First, users will now be able to store colored assets in cold storage. Second, users will be able to link their spending to their TREZOR devices. Users of Coinprism and TREZOR will also be able to create and issue tokens for IPOs. Creation of an IPO in Coinprism will be incredibly secure, as the shares can only be issued with TREZOR devices. Dividends, voting, and crowd sales will all be compatible with TREZOR hardware as well.
Why this matters
This launch has significant meaning for Colored Coins and the security of storing assets on the blockchain through Coinprism. Before this announcement, the Colored Coin protocol lacked the means to store any asset in cold storage. Users will now be able to have the confidence in the protocol needed to store assets such as real estate, car titles, stocks, etc., knowing that they are secured by an incredibly strong means of storage. TREZOR wallets are very secure as they are a hardware wallet. Without physical access to your TREZOR device, your funds cannot be moved.
It is important to note that the TREZOR device itself is not color aware, it is only made aware through connection with Coinprism. With the announcement, Coinprism has become one of the only third party wallets able to interact with TREZOR, a great improvement in the hardware’s versatility. I recently wrote an in-depth article on Colored Coins, if you are interested in learning more about the protocol and why this announcement is so significant, I advise you read it. Colored Coins will likely play an important role in Bitcoin’s future. The blockchain can be used for so much more than just transacting Bitcoin, it can be used to store valuable information securely and indefinitely. TREZOR compatibility with Coinprism is a significant advancement in Colored Coin technology and will likely aid in the further development and growth of the protocol itself. The ability to store assets in cold storage is huge.
While Colored Coins have a long way to go, TREZOR compatibility will be significant in the growth of Coinprism and the Colored Coin protocol. You can learn how to pair Coinprism with TREZOR here.
What do you think about the announcement? Comment below!
Images: Coinprism and TREZOR