This article describes how to use the labeling function, and its purpose.
Connecting Trezor Wallet to Dropbox enables the following useful features:
- Rename accounts
- Label receiving addresses
- Comment on transactions
Labeling is an excellent way to organize your cryptocurrency wallet and to keep track of your transaction history. Moreover, all your private data is secured and readily available from any computer. All the information you add is automatically encrypted by a key derived from your Trezor device and uploaded to your personal Dropbox folder. For more information about how Trezor works with Dropbox, see the last section of this article, How do Trezor and Dropbox work together?.
Setting up labeling
- Click on Enable labeling on the left side of the screen (below accounts and Wallet settings).
- Click on the Connect to Dropbox button in the pop-up window that appears.
- Log in to your Dropbox account. If you do not have an account yet, create one. It is free.
- Once logged in, Trezor asks for your permission to create a folder in your Dropbox storage to store the labels. Please confirm.
- Finally, enable labeling by confirming it on your Trezor device. This encrypts the files with your private key derived from your Trezor.
Congratulations! You are ready to use Trezor Labeling.
Once you enabled the labeling, hover over the account name area and click on the tag icon that appears. Enter a new account name and confirm by clicking on. The account now has a new name.
Labeling receiving addresses
Labeling receiving addresses helps you to identify incoming payments as well as to assign them to a specific purpose (e.g., business payments, personal payments). You can label previously used addresses as well as newly created ones. Simply type your label into the field next to the freshly created address and hit the save icon next to the text field.
Whenever someone sends you a payment to an address that you labeled (e.g., "Business"), you can see this label in your transactions history.
Commenting on transactions
Adding comments when sending a transaction helps you to keep track of your expenses. Simply fill in the Comment text field in the Send tab. The comment is then also visible in the Transactions tab.
Another useful application of transaction comments is keeping track of multiple payments within one transaction. You can add a comment to every single address (output). For more information about multiple payments in one transaction, see Making payments.
How does Dropbox work with Trezor?
It is quite simple. Trezor Wallet creates a folder "/Apps/Trezor/" in your Dropbox and stores labels for each Trezor account in a separate file. To be safe in case you lose access to your Dropbox account, you can back the files up in secure storage somewhere else.
All files are encrypted using a private key derived from your Trezor for this single purpose. It is not possible to use Dropbox to gain access to your payment history, to your actual account balance, or to your recovery seed!