When we conduct DeFi, we need to operate frequently on the chain. The risks of chain operations are: computers are hacked, remotely controlled, hot wallets are directly stolen (many old people have encountered it when using blockchain.info), or targeted attacks on emails, WeChat, or acquaintances may commit crimes, such as Send you a link. When you turn it on, your computer has planted a Trojan horse. If your computer has been hit by a Trojan horse and you only use hot wallets such as Little Fox for mining, the hacker can immediately transfer it through your Little Fox wallet. currency.
The function of the hardware wallet is to isolate the private key from the Internet, and separate your public key from your private key. Every time you operate on the chain, you need to confirm with the physical button on the hardware wallet before you can call the private key to sign and play the role of isolating the private key from reaching the Internet. Because the public and private keys of the hot wallet of the mobile phone or browser plug-in are integrated, it may be manipulated and stolen by hackers, but no matter how powerful hackers are, they cannot reach out from the computer to press your hardware wallet. Therefore, large funds are very much in need of hardware cold wallets to protect. Using OneKey to participate in DeFi can greatly protect the safety of funds.
Compared to software wallets, most hardware wallets have the following features:
● Use a secure chip to generate and store the private key
● Have physical buttons and screens that display transaction information
● All transactions are signed through the hardware wallet without access to the private key
The hardware wallet is just a tool to protect the private key (mnemonic phrase). The private key (mnemonic phrase) is the wallet itself. Anyone who knows your private key (mnemonic phrase) can withdraw your coins, so the private key ( Mnemonic phrase) is different from the traditional password. Neither the official onekey nor other wallet providers can help you retrieve your private key (mnemonic phrase). Be sure to back up and save the private key (mnemonic phrase).
The private key (mnemonic phrase) must not touch the internet. The definition of touch internet includes but is not limited to the use of copy and paste function, notepad recorded in word or computer, take photos and save, or upload to WeChat and various cloud disk cloud notes Wait. The safest way is to physically record a few copies with pen and paper in a safe place or give them to someone you trust for safekeeping.
Since the private key (mnemonic phrase) is the wallet itself, if the hardware wallet is damaged, it can be restored by importing the mnemonic phrase into another wallet (don’t import the mnemonic phrase of the hardware wallet into a hot wallet such as a mobile wallet such as Token pokect), Before resetting the wallet, make sure that there are no coins in it or the mnemonic words are well preserved and can be restored.