Sirwin
Sirwin

Self custodian wallet security and how it works

By Ticktalker | ticktalker'sblog | 23 Mar 2024


One thing many people fail to realize is that cryptocurrency doesn't put only the power of decentralization in their hands, but also their security.

Cryptocurrency is all about cryptographic algorithm and transparency through public ledgers.

When you create a wallet, you are given either a 12 or 24 key phrases, these key phrases are gotten from BIP 39 wordlist (Bitcoin improvement proposal 39 ) which is a 2048 word library. so I asked myself the question.

What will happen when someone brute force a dictionary attack on let's say metamask with these 2048 words.

Well there are bugeellion (I made that up) possible outcomes with 12 key phrases, and when we up that to 24 key phrases, the possibilities of finding amd importing a wallet with funds in it. Even if you get the right key phrases, there is every possibility that you will be using it on a wrong self custodian wallet, because there are up to a hundred different self custodian wallets out there.

it iwill  like searching for a grain of salt in a sandstorm.

You will be better off spending your time doing more meaningful things.

 

But it is very important you keep your secret phrases safe, and most importantly, away from the Internet.

 

Hope you learnt something today, I am ticktalker and I always post crypto/educative contents.

Making each day count in the world of crypto is crucial for success. Plan, research, and learn to stay ahead. Keep pushing, legends! 💪💯

Until next time, stay SAFU.

Please whatever is written in the article above is for educative purposes only. I am not a financial advisor.

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Ticktalker
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I am a comic relief content creator and web3 enthusiast, I write contents to share things I learn and research about.


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