The first Thursday of May every year is World Password Day. It is a day to raise awareness about the importance of improving password generation habits and repairing. It is a day to urge people not to use personal information, to change their password creation habits, such as using simple patterns or not using the same password, and to change existing weak passwords.
However, many wallet users already have strong passwords that do not contain personal information or simple patterns. That is the mnemonic and the private key. But there is only one downside to these strong passwords: they are difficult to remember. Moreover, it is arguably more important than most passwords. In order not to forget this password, many people 1) keep the paper or metal plate with the mnemonic written on it in, or 2) keep it in the cloud. However, these methods have inherent limitations.
Method 1 is a physical storage method, so there is a possibility of loss, damage, theft, etc., and Method 2 has a possibility of hacking and data corruption which are weaknesses of digital storage. But you might think so. 🤔 How many are the chances of such a threatening situation? Almost little? Isn't this a big leap? However, these strong passwords with unique access to our assets must be secure in all circumstances and must be usable by us in all circumstances. Isn't it?
If it's hard to empathize, let's take insurance as an example. You may have insured for an unpredictable and unbearable future. You didn't buy insurance because you were sure it would happen, but because it could happen. If you think like this, wouldn't it can not be enough to just keep the paper or metal plate with the mnemonic on it in a safe, or just keep the mnemonic file in the cloud?
MasterKey is a storage service that can supplement both physical and digital limitations. Since it is encrypted and stored on the R3 blockchain, it can be safe even in the event of a natural disaster or robbery. Also, you don't have to worry about being hacked because only you have access. The R3 blockchain network has a much higher processing speed than other chains, so it is also an advantage to be able to view it when needed without delay.
Meet the MasterKey on World Password Day. Download the app, browse and keep your mnemonics.
MasterKey is powered by R3 Corda, Microsoft Azure, and Microsoft Startup.