TwoBags ⛩ (@ItsTwoBags)

TwoBags ⛩

@ItsTwoBags

Growing self-empowered pioneers on blockchains. ⛩ Core Team @mttm_official 💻 Shadowy Super Coder 📈 Investor 🎮 Gamer 🛠 Creator linktr.ee/itstwobags

2 years ago

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NFT Minting Wallet Security

🔒 A short educational thread on #crypto/#NFT security 🔒 Specifically: ❔Seed Phrases ❔Private Keys ❔Hierarchical Deterministic Wallet ❔How to mint safer/trade safer/store your NFTs safer What does it all mean? 🤔 Find out🧵👇please RT to expand our collective security🙏

1/ 🌱 Each #MetaMask installation has a single seed phrase 🔑 Each account in a wallet (address) has it's own private key 💳 Private keys are used to sign transactions 💾 Seed phrases are used to restore private keys Below you see "Export Private Key" against one account 👇

2/ 👿 Compromise of a seed phrase 🌱 results in compromise of all accounts (private keys 🔑) under that seed phrase 👿Compromise of a private key 🔑 only results in that single account being compromised

3/ 🔑 Private keys can be regenerated 🔁 from the seed phrase 🌱 🌱 The seed phrase cannot be generated 🚫 from a private key 🔑

4/ 🌱 A seed phrase will always restore the same accounts / private keys 🔑 in the same order - this is all "predetermined" The technology behind this is called Hierarchical Deterministic Wallet Sounds complicated? 💭👇

5/ 🌲 Hierarchical - in a hierarchy / tree shape, see diagrams below 💯 Deterministic - the seed phrase predetermines the private keys and addresses and will always generate the same private key/address pairs every time it's used to restore wallets

6/ This means you can restore the same seed phrase on any blockchain wallet software and access your accounts in the same way. 📖 Read more about Hierarchical Deterministic Wallets here: ledger.com/academy/crypto/what-are-hierarchical-deterministic-hd-wallets

7/ A good wallet setup for minting, trading and storing #NFTs could be three wallets setup like below: 1️⃣ Minting Wallet (MetaMask Account) 2️⃣ Marketplace Wallet (MetaMask Account) 3️⃣ Storage Wallet (Hardware - Trezor/Ledger)

8/ 1️⃣ Minting Wallet 🆕 This wallet only connects to web sites for minting NFTs and should usually have nothing in it. If you connect to a bad website by mistake, you should have very little, preferably nothing to lose 🛡️

9/ 2️⃣ Marketplace Wallet 🔁 This wallet only connects to NFT marketplaces like @OpenSea and @LooksRare You use this for buying/selling NFTs on the secondary marketplace and should have very little in it If your computer gets compromised you should have very little to lose 🛡️

10/ 3️⃣ Storage Wallet 🔐 This is a hardware wallet like a #Trezor/#Ledger. It's where you store all your NFTs longer term. Once you purchase an NFT you want to keep, you should transfer it here for safe keeping. ❗This wallet should NEVER be connected to any websites ❗

11/ 1️⃣ 2️⃣ 3️⃣ 🔐 With a three wallet setup and a procedure to follow when connecting to websites for minting or market places for trading, you have much higher security than doing everything with one wallet!

12/ 🙏 I hope this prevents at least one person from a big compromise. ❔ Feel free to hit me up with more questions in reply 💬, I will answer ALL of them. Please RT 🔁 to increase our collective security against the bad guys 😈🦹‍♂️!

13/ Credits 🙏 Thanks to: @purebasestudio for inspiring me to educate more about security @Wonderhands for sharing his 3-wallet strategy @ZyoriTV for inspiring me to share more meaningful content

You can read the unrolled version of this thread here: typefully.com/ItsTwoBags/q5xNmJE

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