It doesn't include any proprietary software and the whole thing is an open design that other people are able to build (and have successfully done so in practice). The primary purpose is for cryptocurrency wallets but it works well for U2F, GPG, SSH and various other purposes too.
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Another advantage is that the Trezor Model T has you confirm actions on the device for U2F, SSH, GPG, etc. It doesn't just have that for sending a Bitcoin transaction or verifying a receive address by showing it as text / qr code on the device. It has you confirm U2F/SSH/GPG use.
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The disadvantage of the deterministic wallet approach is you can't use it to important and secure existing keys, so you need a mechanism for key rotation. Similarly, if you decide to change the passphrase, that involves key rotation since keys are derived from seed + passphrase.
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It's how I'll be handling SSH, GPG and other keys in the future. The traditional HSM approach doesn't work for me because I need backups of the keys. For U2F, it's also silly you need recovery codes for each site. I have offline recovery for U2F as a whole with this approach.
End of conversation
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