Mar 07, 2019
Update version of Treror and Electrum SmartCash
This guide aims at setting up a SmartCash electrum wallet with Trezor support on Windows, protecting your Smart by one of the most secure hardware wallets available. When using Trezor as your key storage attached to your computer via USB, your private keys for SmartCash never leave the hardware device; all transactions are sent to and cryptographically signed inside the Trezor hardware.
In addition, all Trezor models have a small display and buttons that provide additional security when logging-in via PIN or signing transactions, as certain actions have to be confirmed on the hardware itself, which can be considered authentic and original.
This guide assumes you have installed your Trezor following the steps laid out in the Getting started of the Trezor manual https://wiki.trezor.io/User_manual .
Using SmartCash with Trezor requires at least firmware 1.8.0 and Trezor-bridge driver 2.0.25 to be installed on your Windows system. To check the Trezor-bridge visit https://wallet.trezor.io/#/bridge . It will show you the version installed on your system:
If the Trezor-bridge is older than 2.0.25 you will need to install the latest version available for download – just click on the download link provided and install on your system.
Once you made sure you are running the latest version of the Trezor-bridge, check the firmware installed on your hardware device. Connect your Trezor via USB to the computer, go to https://wallet.trezor.io/ on Google Chrome or Mozilla Firefox, log into your device using the pin, select your device on the left and click on the Advanced tab:
If the firmware is older than 1.8.0, you need to install the latest firmware on your Trezor. To do this on a Trezor One, hold down both buttons while connecting it to the USB port of your computer and navigate to https://wallet.trezor.io :
This will lead you through the Firmware upgrade process. As stated on the Trezor website, make sureyou have the recovery seed (24 words), in case something goes wrong. Usually all data on the Trezoris contained and you can immediately continue to use your device after update though.
On some systems your Trezor may not be recognized after the Firmware upgrade. In that casesimply re-install the Trezor-bridge after upgrading the Firmware.
Once your Trezor is up-to-date it’s time to install the actual wallet. We will go for the portable versionof the Electrum wallet here, as that can be installed anywhere (also USB-sticks etc.) and it leaves no traces on the system other than in the sub folder created.At this time, Trezor support is available in the electrum wallet: https://github.com/SmartCash/electrum-smart/releases . Place the downloaded file in a folder of your choice or on a USB stick and run it – all wallets and temporary files will appear in a sub folder named electrum-smart_data. For later removal, just delete that folder.Upon starting the electrum wallet, you will need to navigate through the following screens:
Provide a name for the wallet, hit next, keep Standard wallet selected and hit next again.
With the Trezor connected, select Use a hardware device, next and next again.
Enter your pin on the following page and confirm with next when asked for the wallet derivation.
The following page let’s you select to encrypt your wallet. As stated in the dialogue, the wallet doesnot contain any secrets (your keys are stored in the Trezor), but without encryption, the wallet can beopened and all balances can be watched by whomever has access to your computer.On the other hand, when selecting Encrypt wallet file, you will not be able to open your wallet withoutthe Trezor connected, so select whatever suits your needs here.You can now use the electrum wallet as usual, however, whenever making an outgoing transaction,your Trezor will ask for verification on both the screen and the hadware:
Only after pressing the „confirm“ button on the Trezor hardware, the transaction will be signed and transmitted to the network.
Key recovery without Trezor
Although the Trezor is a secure hardware wallet that stores the keys inside the device, it still uses astandard bip39 word seed to generate all its keys. This said, you can use your Trezor seed, you(hopefully) stored written on paper in a secure place, to generate a stadard electrum wallet with allthe SmartCash private keys from your Trezor.Although this process is not recommended, you can enter your 24 word Trezor seed in the dialoguethat appears after you selected “I already have a seed” upon creating a new wallet and the softwareelectrum wallet will subsequently contain all your addresses and keys previously only accessiblethrough your Trezor.Please note, that entering the Trezor recovery seed always poses a high security risk, as the seeditself or the subsequently generated keys may be stolen by malicous software running on yourcomputer. Remember that anyone with the seed or your private keys has full access to all your fundsstored in the addresses generaed by the seed, so it is suggested to keep the seed totally offline.