Best way to secure your seed phrase: MasterKey Protection
- info711446
- Oct 19, 2021
- 3 min read
Is offline storage the only answer?
Many advice to keep the seed phrase safe, but there isn’t a 100% perfect way no matter how much you search through. Storing offline is mainly recommended, but there is a possibility of damage and loss. In particular, online backup is perceived as very negative. Some online password management services introduce that it is possible to store the recovery text of the private key. However, if you forgot to log out of the account, the recovery text might get disclosed. Or when the service gets hacked, there is again a possibility of losing your assets. As such, it is a common perception that online storage is not secure enough.
But what if you could save and recover the seed phrase that can only be accessed by ‘you’ whenever you need it? MasterKey is a solution to prevent digital asset loss by storing the seed phrases of various private keys before they are lost. Providing B2B and B2C enterprise-grade private key management solutions as a way to protect private keys that can access digital assets, is the safest way to protect your digital assets. You can also restore(recover) the seed phrases after paying a certain fee if an issue occurs.
How is MasterKey safe?
The core of storage and recovery is security, stability, and recovery speed. This could be possible because of the R3 Corda network, which is a private blockchain technology for institutions. Corda network is a communication network between nodes agreed upon in advance and is a permissioned blockchain that values rapid transaction processing and privacy, such as having to go through the KYC process to verify the identity of new network participants.
The stored seed phrases are distributed and stored in the financial cloud through several R3 Corda nodes. Each stored seed phrase is encrypted into a password through a blockchain algorithm and managed, making it impossible to hack. Before storage, the user also has to complete the identity verification system in 3-steps(e-mail, SMS, name authentication) and recovery is possible only when the identification information matches the owner. Therefore, the recovery phrase stored in MasterKey cannot be read or damaged by anyone other than the owner.
Managing multiple private keys at once.
With the advent of various blockchain protocols and various services such as DeFi and NFT, it is becoming natural for individuals to have various wallets. It is becoming more cumbersome to manage all seed phrased for multiple private keys. With MasterKey, you can protect all your private keys with a single subscription. There is no limit to the number of wallets you register.
MasterKey provides private key protection services for Samsung blockchain wallet and other third-party wallets such as MetaMask, Ledger, and so on. MasterKey can also protect NFT assets kept in your digital wallet.
How to use MasterKey
Before storing your seed phrases, download MasterKey and subscribe to the plan.
1. Store: Backup your seed phrase
First, Download the app Masterkey at Apple App Store or Google Play Store and register your seed phrases.
Second, Fill in your wallet name and select the number of seed phrases, then you can see a screen where you can write the seed phrase.
After that, to register, Follow these 3 steps called 3FA authentication system.
Just verify your e-mail, phone number, and name/birthday.
2. Restore: Recover your seed phrase
Now, we are prepared to restore seed phrases. Restoration is easy.
It also uses 3FA. First, Select a wallet you want to recover and verify your e-mail, phone number, and name/birthday.
Then, you need to pay for the recovery service.
All done! You just have to write down these seed phrases in your wallet.
📍 Pricing
Master key is also a key that can unlock all types of door locks. A local locksmith can use these master keys to unlock the doors with no keys and they are the one who know the right ways to access these keys.