What is mnemonic and how to back up mnemonics?
What is mnemonic?
The mnemonic is another manifestation of the plaintext private key, first proposed by the BIP39 proposal, to help users remember complex private keys (64-bit hashes). Mnemonics are generally composed of 12, 15, 18, and 21 words. These words are taken from a fixed vocabulary and the order of generation is also based on a certain algorithm, so you do not need to worry that random 12 words can access a blockchain address. Although both mnemonics and key store can be used as another form of a private key, unlike Keystore, the mnemonic is an unencrypted private key. Anyone who gets your mnemonics can access your account and take away your assets without any effort. For more info, please check： https://coinsutra.com/mnemonic-passphrase/ .
What are the benefits of mnemonics?
Crypto Swap will gradually support more ways to back up your account. The first support for mnemonic backups is mainly due to these reasons:
Although Keystore is an encrypted private key, it is not convenient to copy. Under normal circumstances, it needs to be stored through network transmission, and Keystore often brings security illusion to users. There have been many cases that users send Keystore through WeChat or email which causes the money stolen issues.
The security level of the plaintext private key is the same as the mnemonic. It is an unencrypted private key, but the plaintext private key is very inconvenient for the user to copy and memorize. If the private key has a copying error, the user will lose their assets, so we do not recommend backing up or transferring the plaintext private key.
Mnemonic is convenient for users to copy and backup. We recommend that users use physical media backup, that is, writing mnemonic down on paper. This backup method can be said to have the highest security, because it is completely isolated from the network, and can effectively prevent professional attacks by hackers.
How to properly back up the mnemonic?
Mnemonic is a private key that is not protected by any encryption. Once someone gets your mnemonic, it is equivalent to controlling your account and asset. The following points should be noted when using mnemonics:
After creating an account in Crypto Swap, be sure to back up the mnemonic in time and double-check to make sure it is correct.
When backing up mnemonics, try to use physical media, such as handwriting on a piece of paper, and then saving the paper properly. Do not use screenshots whenever possible.
Be sure to take good care of the mnemonics you backed up. First, do a good job of network isolation. Second, you must take action to prevent loss.
How to import your mnemonics on Crypto Swap?
You import your account by selecting Import in User Info. The only requirement for importing an account is a mnemonic, and you can reset the password to make it completely different from the last one.
What is the relationship between passwords and mnemonics?
Why I have to enter the password when using Crypto Swap?
The most important use of a password is to encrypt the private key of the user locally. The binding between password and account means that the same account for a user, but the passwords on device A and device B can be completely different. When you forget the password, you only need to clear the device cache and then import the mnemonics to reset the password.
After the user completes the backup, Crypto Swap will no longer store the user’s password, mnemonic or private key in any form. The private key is encrypted by the account password and is stored locally on the user’s device. So when the user is doing some operations which require a signature, the user needs to enter the password.
What should I do if I suspect a mnemonic leak?
A mnemonic is an unencrypted private key that anyone can easily take control of your assets if he/she gets your mnemonic. Therefore, you must transfer your assets the first time you find a mnemonic leak to ensure the security of your digital assets. The specific steps are as follows:
- Create a new account;
- Backup the mnemonics of a new account on physical media (such as paper);
- Make sure mnemonics are properly kept;
- Finally, transfer your assets to the new account.