Originally published on: July 30, 2024
**The Groundbreaking Journey of Trezor Model One**
In a week of significant milestones, the cryptocurrency community honors Ethereum’s ninth birthday, but another major anniversary deserves recognition – the launch of Trezor’s first hardware wallet a decade ago. Known as Trezor Model One, this pioneering device marked a new era for secure offline storage of digital assets and self-custody capabilities.
**From Hobby Project to Market Success**
Pavol “Stick” Rusnak, the co-founder and chief technology officer of Trezor’s parent company, Satoshi Labs, reminisces about the humble beginnings of Trezor as a passion project. The journey began with a prototype featuring basic components like circuit boards, a display unit, buttons, and a USB port connected to a Raspberry Pi.
**Challenges and Triumphs in Bringing Trezor to Market**
Originally planned as a Kickstarter campaign, Trezor faced setbacks when its application was rejected without clarification. Despite this hurdle, the team adopted a pre-order model to introduce Trezor devices to the public, with the plastic and aluminum versions priced at 1 and 3 BTC respectively.
**Is Trezor Model One Still Relevant in 2024?**
As Trezor Model One celebrates its 10th anniversary, the question arises – is it still a reliable choice for cryptocurrency investors in 2024? According to Matej Zak, Trezor’s CEO, the Model One remains functional and supported within Trezor’s software ecosystem.
**The Evolution of Hardware Wallets**
While Trezor Model One continues to serve users, the landscape of hardware wallets has evolved, offering a plethora of options similar to Trezor’s portfolio. Competitors like Ledger provide diverse choices, raising the question of when to consider upgrading a decade-old investment like the $1,800 aluminum Trezor.
**The Importance of Firmware Updates**
As technology advances, firmware updates play a crucial role in enhancing security features and functionality. Lucien Bourdon, a Trezor analyst, advises users to consider upgrading their hardware wallets if firmware updates are no longer available to ensure optimal protection of their digital assets.
**Deciding on an Upgrade**
When it comes to upgrading hardware wallets, opinions vary. While some, like Bitcoin advocate Samson Mow, emphasize the need for security-driven updates, others stress the importance of manufacturer support and technological advancements. Ultimately, the decision to upgrade hinges on individual preferences and risk tolerance in the ever-evolving cryptocurrency landscape.
