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> different blockchains would have different standards for keys
Well, yes and no.
Different blockchains use different kinds of cryptography, different algorithms to make an address out of your key, different transaction formats, etc.
What all kinds of cryptography have in common is, when you are creating a private key, you always start with something like 32 or 64 bytes of „random“ data. In a lot of cases, the key _is_ this data. In others, you need to make some small tweaks, or maybe create the „random“ bytes in some particular way.
Without going into detail what „random“ actually fully technically means, we can say that Trezor can _already_ derive this data for _any blockchain that ever existed or will exist_, in a way that (a) the data still counts as „random“, but (b) you can recreate the same data at any time from your seed.
(Also every address has its own key, there is no One True Private Key From Seed. The seed can yield a looooot of different keys.)
What remains to implement is:
* an algorithm that converts the key to an address, and shows the address on screen
* an algorithm to take amount+destination and create correct transaction for the blockchain
* an algorithm to take this transaction and produce a signature that the blockchain will accept as valid