How I secure my blockchain assetssteemCreated with Sketch.

in #life7 years ago

First of all, the blockchain is adult-land.

If you want someone to hold your binky for you, clean up your messes after you, and/or pay for your mistakes for you, then the blockchain is not for you. You should probably stay in the old system where you're not expected to or wanted to be adult. Where the people in control of you love that you are dependent on them.

If on the other hand, you want to become an adult, have the responsibility and reap the rewards of your every action, then the blockchain is for you.

A very important part of owning blockchain assets is to make sure they are secure.

vault.jpg

My method is not for the very beginner to use right away, although I think that it would be a good exercise for even the newest person to figure out how to do this stuff.

I'm sure there will even be plenty of relative veterans who think that my method is overkill, that's okay. I'd rather be safe than sorry.

I'm going to use ETH and ERC20 tokens for the example here, although it can adapted to work on other blockchains. I am also only going to present my method today, not show the nitty-gritty of how it's done. For those interested tomorrow I will make a step by step process of how to do this.

Okay, on with it.

  1. Get on the internet and pull up myetherwallet.com

  2. Turn off my wifi, disconnect entirely from the internet

  3. Plug in a flash drive

  4. Generate a bunch of new ethereum addresses, putting each private key in a document on the flash drive, and each public key in a document on my computer and in a draft in my email server

  5. Make a copy of the whole list of new private keys

  6. Make up and use some "rule" to alter each of the private keys - for instance "move the last three characters of the private key to the front"
    meaning that if my private key is:
    02bfde49e3975a3b40a55cc5678cef8572134b2be1498a5b45ec9c0e8ea9534b
    I will store it on my flash drive as:
    34b02bfde49e3975a3b40a55cc5678cef8572134b2be1498a5b45ec9c0e8ea95
    I took the "34b" from the end of the private key and moved them to the front

  7. Double check using myetherwallet.com that I can reverse the "rule" that I followed to alter my private keys (and access the wallets that I just created)

  8. Delete the original list from step 5, saving only the list of private keys that I've encoded with my simple "rule"

  9. Make a copy of this list on a few flash drives, so if you wash one you have a backup or four, unplug them all before connecting to the internet again.

  10. All done, I have a list of wallets that have never touched the internet, I can carry them with me anywhere, easily access them (making sure to turn the internet off before I plug in my flash drive and copy the private key or keys that I need right then), and feel safe that even if someone does steal my flash drive that they won't be able to steal my cryptos. Even if they know all about cryptos they will pull up this list of private keys and think that all of my wallets are empty.

Done this way access to my cryptos truly does exist only in my brain. Pointing a gun at me and demanding I give you something makes no sense. If you shoot me you guarantee you'll never access what you were trying to steal. I can carry millions with me, anywhere in the world, in my possession, without being susceptible to any thief.

This is just one way in which THE BLOCKCHAIN CHANGES EVERYTHING.

Thanks for reading,

Arick Zachman

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