Can someone provide me with a more detailed explanation? I don’t feel secure at all after implementing the Ship element in my Trezor wallet. It might be due to a lack of knowledge. Personally, I feel uneasy about this: 'The Secure Element simply stores a secret that can be used to decrypt the recovery seed, meaning it never knows what your recovery seed is.
Every time I read about the topic, I feel more secure.
I can confirm that the secure element is used only for generating the secret that is then used in the recovery seed encryption process. Simply put, the secure element provides another entropy → protects your recovery seed from physical attacks, without learning the seed as the seed is not stored on the secure element.
I would also like to mention that we do not run code on the chip itself so the code is still fully open-source and verifiable.
You can find more information about the secure element in Trezor Safe 3 in these articles: