Mnemonic = Private Key = Asset
There are endless addresses on the blockchain that store different amounts of assets. In such an open network, the transactions are recorded on the block explorer https://www.irisplorer.io
However, who owns these anonymous assets? Who signs to allow these transactions?
Private key! Only private key! The private key uniquely represents the ownership of the digital asset!
Users of digital assets know that they can use the digital wallet to check balance, withdraw or deposit tokens, delegate tokens, and transfer funds at any time. It seems to have no difference from banking apps. However, there is no centralized organization in the crypto world to charge you fees for custody of your assets and there is no KYC service to recover your password or transaction money.
Only the private key is the fundamental proof of using the asset!
Whoever owns the private key controls the address and the assets on the address!
You can even forget the password, uninstall the digital wallet, lose the mobile phone, break the computer and repair it afterwards, as long as your private key is still there. You don’t have to worry because your on-chain assets are always under your control. You can re-import the wallet with the private key, and then set a new password and continue to manage your assets.
For Rainbow Wallet, the mnemonic is the only proof of recoverying the key!
So, who would dare to use a wallet where the mnemonic has not been backed up yet? Who would dare to manage assets with addresses that have not been verified through mnemonic?
So to backup mnemonic, what should one do?
Important things when backing up mnemonic (3 Dos and 3 don’ts )
*First, must carefully copy. Don’t be lazy or make mistakes.*
Creating a wallet also means seeing the mnemonic for the first time. Don’t be lazy or skip this step. Follow the prompts and copy each word in order. If you make any mistake, it will no longer match with the original address.
IMPORTANT! Check carefully! At least two times!
*Second, must carefully verify. Don’t use it recklessly. *
Copy the backup mnemonic in case you need to restore the wallet in the future. Please verify it carefully to make sure it’s really useable.
IMPORTANT! Make an import into the wallet through the mnemonic you write down and verify if the restoration of the address is correct; Make a small transfer, search the transaction on the block explorer and verify your ownership!
* Third, must keep it safe. Don’t pass it online. *
Write down the mnemonic and keep it at a safe place. Do not store it online. Do not use instant message applications or cloud storage to transfer it. Do not open mobile cloud backup. Do not take a screenshot.
IMPORTANT! Please try your best to store it offline!
Do not make mistakes or miss anything! Do not lose it or forget it!
Want to own digital assets? Want to use the wallet to participate in the blockchain?
Have you learned the proper way to backup your mnemonic?
Rainbow Wallet is the first official lite client of IRISnet, offering a staking function based on the traditional cryptocurrency wallet. Ordinary users can directly participate in the blockchain network, manage and transfer IRIS and ATOM tokens. They can also participate in the security and governance of IRIS Hub and Cosmos Hub by delegating to validators that they trust, and work together to maintain network stability and earn rewards. For advanced users, Rainbow also provides cold wallet and watch wallet.
If you want to learn more, please go to the following links: