If you are not a person who trades cryptocurrencies on the exchange every day, you probably do not use your crypto wallet regularly. In our daily routine, it may happen that we accidentally forget where we saved the private key to the cryptocurrency wallet or what our recovery phrase is. Recently, The New York Times published information that 28% of BTC in circulation is lost due to lost private keys. Sounds crazy, huh?
There are now noticeably more users of crypto wallets in the digital currency sector, thanks to the development of branches such as GameFi, DeFi, and also NFT. With the ever-increasing number of new users, the probability of losing private keys to wallets also inevitably increases. In these types of situations, MasterKey helps, which we will talk about later. But let's start by presenting some stories about the surprising and unexpected recovery of the private key.
When MasterKey can save lives
Mike didn't use the Tron wallet very often. After a while he tried to fire it up but realized that for some reason he had forgotten where he had put the recovery phrase. He has almost come to terms with the fact that he has to say goodbye to the approximately $4,000 he invested in TRX. Sounds like the end of the world, right? However, fortune favored Mike. He realized that, luckily for him, he had the recovery phrase stored in the MasterKey. Upon realizing this fact, he placed all his private keys and source phrases sequentially into MasterKey.
Mike decided to tell us his story and also insisted on including his statement about crypto security mechanisms:
Dear digital currency investors, keep in mind a story that happened to me. Whenever you decide to buy any cryptocurrency, you should take measures to preserve recovery phrases by all means available. Never just view online storage as a dangerous method. Following this rule may save you from losing money in the future. I learned this based on my own experience with cryptocurrency trading. I fully understand that for some of you this may be a small amount, but I personally feel relieved that I did not lose my money.
Next: Ryan and his brilliant brother. Ryan decided to enter the world of cryptocurrencies thanks to the encouragement of his older brother, who invested in BTC in 2011. Ryan's brother quickly realized what MasterKey was and recommended it to Ryan, who, however, was definitely a less responsible man. You can probably guess the result! He completely forgot where he put his recovery phrase. God bless his older brother who stopped Ryan's panic and made sure to protect his siblings by subscribing to MasterKey.
How does MasterKey store valuable information?
MasterKey is a service that has been designed to reduce the anxiety of losing or forgetting a private key or recovery phrase. MasterKey supports storing many different types of mnemonic keys (12, 24, 36 recovery characters or more). In addition, this service works in any case regardless of the selected network. So it follows that there is no limit to the type and number of wallets you can store.
MasterKey has successfully implemented the R3 Corda blockchain node. This solution is widely used in the financial sector. All mnemonic keys that are stored in MasterKey are then encrypted, distributed and stored in the cloud. Critical data is therefore protected against various types of intrusion as well as threats of loss. After the encryption process, the system requires users to provide authentication data. This is done in terms of 3-factor security to minimize security risks and maximize privacy.
The 3FA key includes:
- name and date of birth.
If you are interested in securing your seed phrase and private keys, learn more about MasterKey on their website.
How do I store a mnemonic phrase using MasterKey?
Launching the MasterKey app is very simple and intuitive. The entire procedure requires only five steps to be successful:
1. Download the MasterKey app to your mobile device. Once you've done that, open it and select your wallet to be able to register/login.
2. In the second step, try to choose a subscription plan that best suits your current needs. Four types of subscriptions are currently available: 1, 3, 6 and 12 months. At this point, please note that once you pay for the subscription, you will not be able to cancel it in any way. If you are only interested in trying out the service, choose a monthly subscription.
3. On the next screen, fill in the gaps using your mnemonic phrase.
4. The next thing you need to do is turn on 3FA. To do this, enter your name, date of birth, e-mail address and additionally your mobile phone number.
5. Now your MasterKey is ready to remember information you might forget!