Before using Imtoken wallet, there are several concepts that users must comprehend in detail, otherwise it may cause loss to users’ blockchain assets. These concepts are Address, Password, Private Key, Mnemonic Code and Keystore.
If we make an analogy between the 5 concepts above and bank accounts, the above 5 concepts are in correspondence with the concepts in bank accounts as below:
Address = Bank Card Number
Password = Bank Card Password
Mnemonic Code = Bank Card Number + Bank Card Password
Keystore + Bank Card Password = Bank Card Number + Bank Card Password
Keystore ≠ Bank Card Number
1.Address: Address = Bank Card Number
The generation of address: A 42 digit character string started with 0x will be generated after the wallet is created. The character string generated here is the wallet address. Each wallet is linked with 1 wallet address. The wallet address is unique and cannot be modified, which means that the transfer and deposit address of all tokens in the same wallet remains the same. For example, the transfer and deposit address of ETH is the same as the transfer and deposit address of EOS in the same wallet. This feature is different from the feature in trading platform. The transfer and deposit addresses of different tokens on the trading platform are normally different from each other. Hence, please do confirm the correctness of relevant addresses before depositing your assets into the trading platform.
Usage
The address of your wallet can be used to accept transferred assets from others or as the proof of transfer.
2.Password
Password = Bank Card Password
Password Setting
A password is required when creating a new wallet. The password should be no less than 8 characters in length. For safety concerns, it is recommended that users choose to set a more complicated password. The password can be modified or reset. There are two ways of modifying the password. One is directly modify the password, which requires users to enter the original password. If users forgot the original password, they can still manage to load their wallets through mnemonic code or private key and set a new password.
Usage
Passwords can be used in two areas. Passwords can either be used as the payment password during transfers or as the login password when users try to load their wallet via Keystore.
Features
In real world, only one password is linked with each bank card. Once the password is modified, the original password is deactivated. However, this is not the case in Imtoken wallet system. Users can set different passwords regarding the same wallet when logging in the same wallet from different mobile phones. The passwords of the same wallet are independent to each other and do not interfere with each other. For example, if the user set a password for his/her wallet on mobile phone A, and then loads the same wallet in mobile phone B and set a new password for this wallet in mobile phone B, it wouldn’t affect the use of the password on mobile phone A.
3.Private Key
Private Key = Bank Card Number + Bank Card Password
Export
After creating the wallet, the private key can be exported after entering the password. This private key is a cleartext private key, which consists of 64-digit character string. Each wallet is linked with one private key only and this private key cannot be modified.
Usage
During the loading of the wallet, by entering private key and set a password (doesn’t require original password), the user can enter the wallet and take ownership of this wallet and transfer assets from this wallet to elsewhere.
4.Mnemonic code
Mnemonic Code = Bank Card Number + Bank Card Password
Mnemonic Code = private key
Backup
After creating the wallet, a mnemonic code backup function will be available to users. By selecting mnemonic code backup and entering password, 12 random English words will be generated. Each word is divided by a blank. These words are mnemonic code. One mnemonic code is only linked with one wallet and the mnemonic code is not modifiable.
Usage
Mnemonic code is another representation of private key that has the same functions as private key. During the loading of the wallet, by entering mnemonic code and setting a password (original password is not required), users can enter the wallet, take ownership of the wallet and transfer assets from the wallet.
Feature
Mnemonic code can only be backed up once. After backing up the mnemonic code, the code will not appear in the wallet again. Hence, the user must write down the mnemonic code during the back up process.
5.Keystore
Keystore + Password = Bank Card Number + Bank Card Password
Keystore ≠ Bank Card Number
Keystore = encrypted private key
Keystore + Password = Private Key
Backup
The function of keystore backup is available in the wallet. Select “Keystore Backup” and enter password, a long string of characters will appear. These characters are keystore.
Usage
During the loading of the wallet, select official wallet, enter keystore and password to get access to your wallet. What needs to be clarified here is that the password required here is the original password of the wallet set on the mobile phone the user is currently using to enter the wallet, which differs from loading the wallet by private key or mnemonic code. During the loading of wallet via private key or mnemonic code, users directly reset the password and are not required to enter the original password.
Feature
Keystore is an encrypted private key, which is in connection with the password of the wallet to a great extent. After modifying the password of the wallet, keystore is also changed accordingly. During the loading of wallet via keystore, users are required to enter password. The password required here is the password of the wallet used during the backup of keystore and is irrelevant to later modifications of the password.
6.Conclusion
In the real world, if you lost your bank card or forgot your password, you can retrieve them from the bank. Through this system, it is guaranteed that your money is still yours, and this is the advantage of centralization.
However, in the world of blockchain, no one saves the information of your wallet except for yourself. If you lose the information of your wallet, no one can retrieve it for you, not even the wallet company. Hence, as long as you protect the information of your wallet, the assets in the wallet are yours, and no one can take it away. This is the advantage of decentralization.
Forgot Information of the wallet
What would happen if you forgot the information of your wallet? Below are some of the possible consequences:
If you forgot the address of your wallet, you can retrieve it by loading your wallet with private key, mnemonic code, keystore + password
If you forgot your password, you can reset your password by loading your wallet by private key and mnemonic code.
If you forgot your password, and you haven’t backed up your private key and mnemonic code, then you won’t be able to reset your password, which means you can’t manage to transfer your tokens and you lose control of your wallet.
If you forgot your password, the keystore loses its function.
If you forgot your private key, as long as you haven’t deleted your wallet and you still remember your password, you can manage to export your private key.
If you forgot your private key, you can retrieve it by loading your wallet with mnemonic code, keystore + password.
If you forgot your mnemonic code, you can back up your mnemonic code again by loading your wallet with private key, keystore + password.
If you forgot your keystore, as long as you haven’t deleted your wallet and you haven’t forgotten your password, you can manage to backup your keystore again.
If you forgot your keystore, you can manage to backup keystore again by loading your wallet with private key and mnemonic code.
From above information, it is clear that as long as you have obtained of either private key, mnemonic code or keystore, your wallet is still under your control. Hence, you must backup private key, mnemonic code, keystore + password.
2.Disclosure
It is very important that you backup your wallet information. It is also very important that you should prevent the disclosure of your wallet information. What would happen if you disclose your wallet information? Below are some of the possible consequences:
If you disclose your wallet address, it doesn’t matter
If you disclose your wallet password, it doesn’t matter
If you disclose your wallet address and password, as long as you don’t lose your mobile phone, it doesn’t matter either.
If you disclose your keystore and the password is not disclosed, it doesn’t matter.
If you disclose your keystore + password, someone else might be able to enter your wallet and transfer your assets away from your wallet.
If you disclose your private key, someone else might be able to enter your wallet and transfer your assets away from your wallet.
If you disclose your mnemonic code, someone else might be able to enter your wallet and transfer your assets away from your wallet.
From above information, it is clear that if you disclose your private key, mnemonic code or keystore, someone might be able to control your wallet and your assets might be transferred away from your wallet. Hence, you cannot disclose your private key, mnemonic code or keystore. Once you discover that it is possible that your private key, mnemonic code or keystore has already been disclosed, you should immediately transfer all assets away from your wallet.
3.Backup
Now that private key, mnemonic code and keystore are so important, how can we save their details? The safest way is to write all details on paper.
Due to the fact that keystore information contains a lot of content, it is inconvenient for users to copy by hand. It is also insecure for users to save the details of their wallet on their computers. Hence, users can choose not to backup their keystore information. Instead, users can choose to copy private key and mnemonic code by hand only. During the process of copying relevant details of their wallets, users should pay attention that:
Users should make more copies of relevant information, properly keep all copies in different secure positions and tell your family where they are.
Verify all hand copied contents and prevent any transcription error by checking if the contents copied can help you to load your wallet.
Don’t disclose and disseminate your backup information on any equipment connected to the Internet, including email, QQ and Wechat.
Teach your family members how to use and operate the wallet.
Comments
0 comments
Article is closed for comments.