How to Safeguard Your Mnemonic Phrases Effectively

Why is Backing up Your Mnemonic Phrases so Important?

In digital asset management, the mnemonic phrase is a key element in securing your assets. It simplifies the process of managing complex private keys and enables efficient wallet management. However, if someone else gains access to your mnemonic phrases, they essentially gain control of your digital assets. Therefore, backing up and securely storing your mnemonic phrases is crucial.

The Role and Risks of Mnemonic Phrases

A set of mnemonic phrases serves as the core information used to generate the private key for your wallet. It enables wallet recovery and asset management. Its functions include:

• Simplifying Private Key Management: It transforms complex private keys into an easy-to-remember set of words.
• Cross-Device Wallet Recovery: Even if your device is lost or damaged, you can restore your wallet on a new device using your mnemonic phrases.

At the same time, the risks associated with mnemonic phrases cannot be ignored:

• Loss Risk: If you lose your mnemonic phrases, you won’t be able to recover your wallet, and your assets will be permanently inaccessible.
• Leakage Risk: If someone else obtains your mnemonic phrases, your assets are at risk of theft.

How to Properly Back Up and Store Your Mnemonic Phrases

1. Back Up Your Mnemonic Phrases When Creating Your Wallet

When using the imKey hardware wallet, it is critical to back up your mnemonic phrases immediately upon wallet creation:

• No Second View: Once the mnemonic phrases are generated, they cannot be viewed or exported again from the wallet. Ensure you back them up during the initial setup.
• Avoid Loss Risks: Losing your mnemonic phrases means the wallet cannot be recovered, and your assets will be permanently lost.

2. Use Physical Media to Back Up Your Mnemonic Phrases

When backing up your mnemonic phrases, avoid using electronic devices. Instead, opt for safer physical media, such as:

• Paper Backup: Write down the mnemonic phrases on paper and store it securely.
• Mnemonic Phrase Storage Devices: Use fireproof, waterproof, and corrosion-resistant "mnemonic storage boxes" to safeguard your phrases against natural disasters or cyberattacks.

3. Ensure Accuracy When Backing Up Your Mnemonic Phrases

The accuracy of your backup is critical. To verify the correctness of your mnemonic phrases, imKey provides the following mechanisms:

• Initial Verification: During wallet creation, the system requires users to verify their mnemonic phrases to ensure it has been backed up accurately.
• Reverification: If you wish to verify the mnemonic phrases again, you can reset the imKey and reimport the mnemonic phrases for verification. Before doing so, ensure your wallet contains no assets, as an incorrect mnemonic phrases may result in permanent loss of access.

Important Notes

• Never store your mnemonic phrases on any internet-connected device (e.g., phones, computers, or cloud services) to avoid the risk of being hacked.
• For significant assets, consider storing backups in multiple secure locations and carefully protect the records.

By correctly backing up and securely storing your mnemonic phrases, you can effectively mitigate the risks of loss or leakage, providing robust security for your digital assets.