Shamir Backup

What is Shamir Backup? How it makes Crypto wallet safer?

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As crypto enthusiasts were always looking for ways to make our crypto wallets safer we do this by storing our assets on Hardware wallets and ensuring our secret phrase remains a secret.

But what if I told you there was an even more secure seed phrase option than the standard 12 to 24 word phrase that we’re all used to well there is it’s called Shamir Backup and it is the most secure seed phrase backup option available.

In this article you’ll learn what Shamir Backup is, how it works, the benefits, as well as how it compares to the standard single phrase backup and if you stick around until the end of the article I’ll share with you the wallets that support this super secure backup option.

What Is Shamir Backup?

In simple terms Shamir Backup allows you to divide your seed phrase in up to 16 randomly generated shares.

How Does Shamir Backup Works?

Well there are two parts to Shamir Backup

Shares

The first part being shares each share is a list of randomly generated words similar to your standard seed phrase except each share can contain 20 or 33 words depending on which wallet you’re using also you get to choose how many shares you want your wallet to generate when you create a new wallet.

Obviously the more shares you create the more secure your backup phrase will be.

Threshold

Second you have the threshold now the threshold is the number of shares required to recover your wallet you can choose up to 16 shares but no less than one share as a requirement to recover your wallet if you were to lose some of your shares of the Shamir backup.

For example let’s say you generated all 16 shares and you set the Threshold at eight that means even if you lose eight of your 16 shares you would still be able to recover your wallet using the threshold of eight shares.

This allows you to store your shares in multiple locations or with various people without having to worry about someone gaining unwarranted access to your wallet when you set a threshold it doesn’t matter which shares you have as long as you have that set number of shares to access your wallet.

Why To Use Shamir Backup?

Well it really just comes down to it’s more secure than a single phrase backup because you have to use multiple phrases to access your wallet here are some other reasons why you might want to consider using a wallet that supports the Shamir backup method.

Reason 1

First reason it protects you in case you lose your seed phrase as long as you have the threshold set up.

Reason 2

Second you can share parts of your seed phrase without granting access to your wallet so maybe you want to give your seed phrase to your mom your dad your brother your sister someone that you trust so that you can always get it from them in case of an emergency while not allowing them to actually access your wallet.

Reason 3

Third reason is you can combine Shamir Backup with other security features such as a user generated passphrase PIN code and biometric authentication to create a super secure crypto wallet.

Shamir Vs Single Phrase Backup

ComponentsStandard Single BackupShamir Backup
Master BackupOne Recovery SeedUpto 16 Recovery Seeds
No. Of Seed Words12,18 or 24 Words20 or 33 words Per Share
RecoveryRelies on a single seed phraseRelies on multiple seed phrases
DistributionOnly the user should have access to the seed phraseThe user can distribute shares of the seed phrase to multiple people
User-FriendlinessEasy to set up and manageTakes longer to set up and there are more keys to keep track of
Storage MethodStored securely on your hardware wallet device Stored securely on your hardware wallet device
Recommended For BegineersYesYes

Would I recommend both options for beginners?

Yes of course I mean you can’t really get around having a standard single backup phrase and unless you’re using a crypto exchange to store your crypto.

But I would definitely recommend Shamir backup if you do get a wallet that supports it because it is that much more secure versus your standard backup setting up Shamir backup really comes down to whether or not your crypto wallet supports Shamir Backup.

Later in this Artilce I will share with you some reputable wallets that do support Shamir Backup.

Setting Up Shamir Backup

Let me show you how easy it is to set up Shamir Backup step by step.

So assuming you have a hardware wallet that supports Shamir Backup.

Step 1

Step number one is to create a new wallet.

Step 2

Step number two choose Shamir Backup.

Step 3

Step number three determine how many shares you want to generate.

Step 4

Step number four set the recovery threshold.

Step 5

Step number five write down each share so write down each list of words.

Step 6

Step number six you have to confirm you have recorded each share correctly using your Hardware wallet this is a step that takes the longest because you know when you usually write down your seed phrase you write down 24 words well imagine doing that 16 times over it takes a long time.

Best Wallets For Shamir Backup

Let’s take a look at some wallets that support Shamir backup we’ll start with wallet number one

Keystone Pro

One of my personal favorite wallets and that is the Keystone Pro or just Keystone wallets in general the Keystone Pro natively supports Shamir backup using 33 word shares it also utilizes a biometric fingerprint scanner a pin code user generated passphrase a secure element plus it’s 100% air gapped so all that can bind you basically have a brick for your crypto assets really great wallet I definitely recommend that.

Trezor Model T

Second wallet is the Trezor Model T this wallet does support Shamir backup using 20 word shares it does not natively support 33 word shares however if you wanted to put that onto the wallet you could use a software wallet or a third-party wallet in addition to the Trezor Model T which is actually the next wallet I’m going to talk about in a second.

Overall the Trezor Model T is not quite as secure as a keystone Pro it does not have a secure element or biometric authentication however it does obviously have a pin code as well as a user generated passphrase also it’s not air gapped and it is more expensive than the Keystone Pro but nonetheless it is a device that still offers Shamir backup.

Electrum

The third wallet is called electrum it’s a free to use Bitcoin only software wallet it is regarded as one of the most secure Bitcoin only software wallets as it does support 33 word share Shamir backup.

However it is not as secure as a cold storage Hardware wallet so that’s something to consider plus you can only store Bitcoin on it so if you have other assets that you’re trying to keep safe electrum is not going to cut it.

Conclusion

Hope your all questions are cleared regarding Shamir Backup. If you have any other question regarding it please feel free to comment it down i will definately answer that.

I will be updating it in future, And if you liked the post please rate it give it a Five Star.

For more crypto and Australia related information Please visit our website INVEST IN DOLLAR.COM

Can I switch from Shamir to standard backup?

No you cannot just switch from Shamir and opt-in for the standard backup if you want to do that you will have to create a new wallet using the standard backup method and then transfer all of your funds to that new wallet so there’s no just like like opt-in or opt out of Shamir it’s an actual wallet you’re creating with its own public address with its own secret phrase so you will have to create a completely separate wallet if you do want to switch to the standard phrase.

Can you recover Shamir backup on different wallets?

You can only recover Shamir backup on wallets that support show me your backup.
So for example if I set up Shamir on the trezor device then I could not recover using metamask because metamask does not support Shamir backup.

what if I lose my Shamir Backup shares and I can’t meet the required threshold?

If you can’t meet the required threshold then you will not be able to recover your wallet it’s the same thing with the standard backup if you were to lose your secret recovery phrase you lose access to your wallet this is the same case if you lose the required amount of thresholds to access your wallet using Shamir backup so you always want to make sure to set a threshold that you feel comfortable with and of course secure all your shares safely all right now.

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