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Wednesday, August 10, 2022

Trezor Has Removed Its Controversial Verification Protocol

It was announced in this month’s update that the hardware wallet of Trezor had introduced AOPP Signing, which would allow users to generate signatures. This process was conforming to the AOPP standard that was usually used in most jurisdictions. On the 28th of January, the company announced that it would be removing this protocol in the next Suite update after it received some considerable feedback from users.

Since 2019, most of the financial crypto intermediaries based in Switzerland have needed proof of ownership of an external wallet’s address for withdrawals of Bitcoin and deposits to their customers’ non-custodial wallets. One of the automated mechanisms used for this process is the Address Ownership Proof Protocol. 

Trezor Listens To Social Media And Removes AOPP Signing

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The recent feedback that Trezor received refers to the users on Twitter and Reddit who were pretty concerned that the use of AOPP would signal that the company supported greater regulation and a complete disregard for a potential loss of user privacy. 

In a blog post that explained the removal, Trezor went on to admit that it had solely underestimated how this feature would be received, but the company definitely welcomes the scrutiny and the constructive criticism from its users. The fact that it did listen to its users and went on to react so quickly does demonstrate the power of social media in changing the world around us. 

Trezor- the hardware wallet maker also claimed that it was completely against the regulations that would concern AOPP, namely the risks to data leaks which were further associated with using a pretty stringent identification process like KYC- in order to purchase Bitcoin. 

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