How to correctly use the auxiliary word titanium plate to save crypto assets?
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The management of crypto assets is different from traditional bank accounts. Users need to keep their wallets' mnemonic phrases. Mnemonic phrases are the only key to access crypto assets. Once leaked or lost, assets will face huge risks. Therefore, how to properly save mnemonics has become the primary issue in ensuring the security of crypto assets. This article will discuss the importance of mnemonics, how to save them, and why to choose a mnemonic board to help you better protect your digital assets.
What is a mnemonic phrase? Why is it important?
A mnemonic phrase is a sequence of words generated by a crypto wallet, usually consisting of 12 or 24 English words. These words are arranged in a specific order and can be used to restore the entire wallet. The significance of a mnemonic phrase is:
1. Uniqueness: The mnemonic phrase is the only entry point to your crypto assets. You cannot restore your wallet without a backup.
2. Completeness: The mnemonic phrase not only stores asset information, but also contains all on-chain data such as addresses and transaction history.
3. Decentralization: The mnemonic phrase is kept by the user and is not controlled by a third party, so the security responsibility is entirely in the hands of the user.
In other words, the loss of mnemonics means the permanent loss of assets, while the leakage of mnemonics may lead to the theft of assets. Therefore, it is crucial to properly preserve mnemonics.
Common ways to preserve mnemonics
At present, there are mainly the following ways to preserve mnemonics:
1. Paper backup
Write the mnemonics on a notebook or paper and store it in a safe place. This is the most common way. The advantage is that it is simple and direct, but the disadvantages are also obvious:
• Easy to damage: Paper is easily damaged by water, fire or insect pests.
• Easy to lose: If it is accidentally lost or stolen, the mnemonics cannot be recovered.
• Difficult to preserve for a long time: Paper may fade or age over time.
2. Digital storage
Store the mnemonics in text form on a mobile phone, computer or cloud. Although this method is convenient, it is less secure:
• Easy to be hacked: Hackers or malware can steal the mnemonics stored on the device.
• Risk of device damage: After the mobile phone or computer hard drive is damaged, the mnemonics may not be recovered.
• Not recommended for long-term storage: Digital storage is more suitable for short-term management rather than long-term storage.
3. Metal mnemonic board
Engraving mnemonics on metal plates is currently recognized as one of the best methods, and its advantages are obvious:
• Durability: Metal materials are fireproof, waterproof, and corrosion-resistant, and can withstand extreme environments.
• Tamper-proof: After the mnemonics are engraved on the metal plate, they are difficult to be easily modified or erased.
• Convenient for long-term storage: Compared with paper and digital storage, metal plates have a longer lifespan and are more secure.
Why choose mnemonic boards?
As a physical backup tool, mnemonic boards have been favored by more and more users in recent years. Its unique advantages are mainly reflected in the following aspects:
1. Protect mnemonics from natural disasters
Although paper backup is popular, it is easily damaged by fire, floods or insect pests. The mnemonic board is made of metal (such as stainless steel, titanium alloy or brass), which can withstand high temperatures in fires, remain intact in floods, and remain clearly visible even after decades of preservation.
2. Resist accidental wear and tear
Mnemonic boards are hard and not easily damaged by human operation or environmental changes. For example, mnemonic boards made of TC4 titanium alloy or 304 stainless steel can withstand large physical impacts without deformation, making them ideal for storing mnemonics.
3. Support customization
Many mnemonic boards support users to burn 12 or 24 mnemonics and provide tamper-proof designs. For example, the double-sided burning function can back up mnemonics on both sides of the board, thereby increasing storage capacity and privacy.
4. Easier to store safely
Mnemonic boards are small in size, usually slightly larger than a credit card. Users can place them in a safe at home, a bank safe or a secret location, which is both hidden and safe.
Safety tips for mnemonic storage
No matter which storage method you choose, you should pay attention to the following safety tips:
1. Avoid online storage:
Do not store mnemonics in any online device, including cloud storage, social software or email, to prevent hackers from stealing them.
2. Make multiple backups:
It is recommended to make at least two backups of the mnemonic phrase, one stored in a safe place at home and the other stored in a safe deposit box in a different location, in case of emergency.
3. Regular inspection:
Regularly check the integrity of the mnemonic phrase backup, especially the paper backup, to avoid loss or damage due to long-term storage.
4. Choose a high-quality mnemonic phrase board:
When purchasing a mnemonic phrase board, give priority to durable and fire-tested products to ensure that their materials and workmanship meet the needs of long-term storage.
5. Confidentiality:
The mnemonic phrase is for personal use only and should not be shared with others. Any leakage will lead to asset security risks.
If you are new to the mnemonic board, you may be confused as to why it only gives 4 letter positions. In fact, there are several key reasons behind this.
Types of mnemonics
First of all, mnemonics are usually divided into 12, 18 and 24. Most software wallets generate 12 mnemonics, while hardware wallets generate 24. Mnemonics are the core of asset management, and whoever has the mnemonic is the real owner of the account.
The importance of the first four digits of the mnemonic
The first four digits of each mnemonic are unique, which is why the mnemonic board only gives 4 empty positions. This means that even if you lose the rest, as long as you remember the first four digits, you can still get your account back.
Limited number of mnemonics
According to the BIP-39 standard, the total number of mnemonics is limited, with a total of only 2048. Each word corresponds to a unique number, such as "Abandon" is 0001, "Ability" is 0002, "Able" is 0003, and so on.
Tips for entering mnemonics
Some wallet software only needs to enter 3 or 4 letters when importing an account, and several word options will appear. Among these options, there must be the word you need to enter.
Different wallet addresses
The same set of mnemonics is imported into different wallets, and the Ethereum address obtained is usually the same, but the Bitcoin address may be different. For example, if the mnemonics generated by the Ledger wallet are imported into the OKX WEB3 wallet, the original Bitcoin assets may not appear directly in the OKX wallet because the export rules are different.
Passphrase function
Hardware wallets usually have a Passphrase function, that is, in addition to the 24 mnemonics, you can customize a mnemonic, which will generate a completely different account. Even if others know your 24 mnemonics and your Passphrase, they cannot obtain your assets.
Protect your mnemonics
Finally, I remind you again that you must not tell others your mnemonics casually. Whoever owns the mnemonic has the management authority of this account.
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