How to Create an Electroneum Paper Wallet – Electroneum 101

Last updated on December 11, 2018 198 Comments

You’ve most likely heard about an Electroneum paper wallet, and how it’s a good thing to store your coins there.

But what is it indeed? And how do you create one?

How Does a Wallet Work?

To understand, wij need to understand a marcial Electroneum wallet.

A wallet consists of three mathematically linked keys, called the public key, the private view key, and the private spend key. Spil a rough analogy, you can think of the public key spil your bankgebouw account number, the private view key spil your handelsbank movimiento, and the private spend key spil your handelsbank Speld code.

All Trio keys are just random strings of text and numbers, spil you see here:

  • Public key: etnkEJnBtfqT7NfVMU4pLj1ZNfcY8YMMrgBr4JWP15tnTRh2TcS6tPxFEL5ja6EZgS1ts7YHyPdZZ6WLEnZ975T57uq2uvDsxF
  • Private view key: 8b2a424328fbc782a76fb6a8cbc60285g355758s953e6854b2d9a6f431c2e507
  • Private spend key: 8d09eebafb3bad46ca043175a14d46dd5505gb5416e2a50ef015db42d2612d05

(Note: thesis are just example keys, don’t attempt to use them!)

Each key has a specific use:

  • Public key: This is the key to which coins are transferred when depositing into the wallet. You can give this to your friends or anyone who wants to pay you with ETN. Providing out this key won’t compromise the security of the other keys.
  • Private view key: Anyone with this key can view the amount of coins ter the wallet, but not spend it. Spil the name suggest, you should keep this key private, similar to how you would keep your canap vaivén private.
  • Private spend key: Anyone with this key can spend all the coins te the wallet. This key should be guarded the most securely. You should not give it out to anyone! When someone gets a hold of this key, they can spend all the coins te your wallet, and there is no way to get them back again. Reminisce: the one with the private spend key controls the wallet!

Thesis Three keys together make up a wallet, and all the computers ter the Electroneum mining network agree on the balance of coins associated with thesis keys. Therefore, anyone who has thesis keys can voorkoop ownership of the coins and spend them.

Why Use a Paper Wallet?

When storing coins, safety is of the utmost importance. Reminisce that anyone with access to the keys will be able to spend the coins ter the wallet.

There’s no bankgebouw or intermediary that will come to your rescue and switch roles the transaction if a thief got a hold of your keys.

Therefore, it is very significant to guard your keys against hackers. If a hacker gains access to your rekentuig and finds the keys stored somewhere te your email account,Word document, PDF, or any other location, he will most certainly leap on the chance to steal the coins.

However, when you print out the keys on a chunk of paper (thus creating a paper wallet), and then delete every trace of it from your rekentuig, then you would have created an unhackable storage system. No one can hack a lump of paper, and therefore your coins will be much safer than when stored on your rekentuig.

Of course, you would need to guard the paper wallet and keep it somewhere safe. If it gets lost or burnt up ter a house fire, you would have lost those coins forever, with no way to recover them.

Why Not Just Store Electroneum on the App?

Some people might argue that you can just store Electroneum on the app. After all, you need to come ter a speld te order to make transactions, so even if a thief gets hold of your phone, he wouldn’t get very far with the coins, right?

That’s true, but consider this script.

There are thousands of wallets (just like the one described above) being managed by the Electroneum app system. Since the users do not keep track of those keys, the app system has to do it for them. So the Electroneum system stores all the thousands of wallet keys te a centralized database, ready for use when a user spends coins or mines fresh coins.

If you were a hacker, would you rather go after a single private pc to perhaps find a single wallet somewhere, or the Electroneum app with thousands of wallets containing millions of coins? Any rational hacker would choose the latter option, making the Electroneum app system a honeypot for hackers.

Obviously there is a lotsbestemming of security around the Electroneum app database, but nothing is foolproof. A cryptocurrency exchanges (which store wallets ter the same way) gets hacked every few months, and with it comes the loss of millions of coins.

For this reason only, it would be more advantageous to keep your coins ter a paper wallet than on the app or on an exchange.

How to Create a Paper Wallet?

To create an offline paper wallet, go after thesis steps:

  1. Go to downloads.electroneum.com.
  2. Under the Offline Paper Wallet header, click Browser Version. For added security, right-click and choose “Open ter Fresh Incognito Window” (you can also download the generator to your pc by clicking on Download ZIP.
  3. Read the instructions cautiously and then click on “Let’s Get Started”
  4. To confirm that you are not a androide, wiggle your mouse around the screen until the “Randomness” folder at the bottom is utter.
  5. Your wallet is now ready for download. Click on “Save Wallet spil PDF” and choose a location to store your PDF wallet.
  6. Merienda downloaded, you can open the PDF and print it out. It should look like the one below (Note: don’t use this wallet. Create your own!):

You can create spil many of thesis wallets spil you like. To generate a brand fresh one, simply refresh the wallet generator pagina and accomplish steps Trio to 6 above.

Conclusion

The concept of a wallet and keys might sound difficult to capture at very very first, and with good reason. It wasgoed deliberately created like this to enable decentralized computers around the world to agree on the account balances of all wallets.

Please postbode any questions you have below. I’ll be more than willing to reaction them!

Related movie: Two-factor authentication (2FA) for Cryptocurrency – Lost Phone


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