What Will I Learn?
- You will learn how to backup a ByteBall wallet by Cryptological Seed
- You will learn how to do a full backup on a ByteBall Wallet
- You will learn how to create a multi-signature wallet with ByteBall
- You will learn about the pros and cons of the different backup methods
- You will learn how and why muti-signature wallets are useful
- An installation of the Byteball wallet
- A pen and paper to store the seed and/or an external hard-drive/thumb-drive to store the backup
- At least two devices to create the multi-signature wallet
In this Video Tutorial, I talk about how to backup and restore a Byteball wallet and I also talk about how you can create a multiple signature wallet. I talk about the pros and cons of the different methods of backing up a byteball wallet. I also take a look at some of the basic features that come with creating a multisig wallet. This contribution was created as a response to the task request found here.
Backing and Restoring up a Wallet using a Seed
The Byteball wallet client gives you two primary ways of backing up a wallet. The most basic way of backing up a wallet is through the use of a cryptological seed. The seed consists of 12 keywords generated to identify your account through a cryptographic algorithm. This backup method allows you to backup and save your public assets on the byteball network such as the bytes and the account itself. However, it does not allow you to restore private assets such as BlackBytes, Smart Contracts and it doesn't work for Multi-signatures wallets. It is generally safe to store these seeds through a non-digital and secure manner so that they can't be easily stolen. The Byteball client also allows you to delete the seed after you've saved it to secure your wallet further.
Backing and Restoring up the Wallet using an Encrypted File
The other backup method available in the ByteBall client, is the ability to create an encrypted file which contains information about your public and private assets. This method also requires that you input a password which will further secure your assets making it much more difficult for another person to steal your data. This file and password can be used to completely restore your private and public assets and it can be used to backup multi-signature wallets. The file can not be used to clone multiple Byteball accounts across multiple devices because doing this can potentially cause a user to lose his or her data.
Using a Multi-Signature Wallet
Byteball allows the user to create a special wallet called a Multisig or Multiple Signature Wallet. This wallet gives the user a certain amount of redundancy by allowing them to add more than one device to the same wallet. The user can also specify how many of the devices must sign off on a transaction before the transaction can be completed. This is done by assigning a number of required signatures to the account. This number can be defined between one and the number of co-signers (or devices) attached to the account. With the byteball platform, you may have up to six different devices attached to the same multi-signature wallet.