Explaining private key / public key / seed phrase

<aside> <img src="https://pbs.twimg.com/profile_images/1549166365810069508/xrCoWMnC_400x400.jpg" alt="https://pbs.twimg.com/profile_images/1549166365810069508/xrCoWMnC_400x400.jpg" width="40px" /> DS @DSentralized: I see A LOT of misinformation going around with the hack but I'll be brutally honest, and this goes for all kinds of valuables, if you don't care about security, then hackers and accidents could take your hard earned assets from you anytime.

A thread on security🧵 1/x

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<aside> <img src="https://pbs.twimg.com/profile_images/1549166365810069508/xrCoWMnC_400x400.jpg" alt="https://pbs.twimg.com/profile_images/1549166365810069508/xrCoWMnC_400x400.jpg" width="40px" /> DS @DSentralized: Creating a strong and safe storage setup starts with choosing a secure cryptocurrency wallet.

Wallet products are broken into two categories, hot (software) wallets and cold (hardware) wallets, meaning wallets connected to the internet and those that are not. /2

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Because of the large variety of applications that are run on these devices, and the fact that they are connected to the internet, the potential attack surface is large and that could be due to malware or exploits /3

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They usually hold your keys in a high-security physical chip, and have strong safeguards to prevent a bad actor from using the device directly or extracting the keys if they gain physical access. /4

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<aside> <img src="https://pbs.twimg.com/profile_images/1549166365810069508/xrCoWMnC_400x400.jpg" alt="https://pbs.twimg.com/profile_images/1549166365810069508/xrCoWMnC_400x400.jpg" width="40px" /> DS @DSentralized: If you choose a Software wallet or Hardware wallet to store your crypto or a hybrid solution, your crypto is protected with a list of words, known as a seed phrases, and without them, you cannot access your funds.

Protecting your seed phrase = protecting your funds /5

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Your seed phrase is essentially your crypto wallet recovery password if you lose access to the device where it’s initially stored on.

In simple words, it acts as your crypto wallet’s master key. /6

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<aside> <img src="https://pbs.twimg.com/profile_images/1549166365810069508/xrCoWMnC_400x400.jpg" alt="https://pbs.twimg.com/profile_images/1549166365810069508/xrCoWMnC_400x400.jpg" width="40px" /> DS @DSentralized: A seed phrase needs to be kept a secret at all costs, as anyone who knows your seed phrase can import a copy of your wallet onto their own device and empty it.

They can do so because knowing your seed phrase gives them access to your private keys. /7

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A private key is used in transactions to verify ownership of a blockchain address.

Anyone can send transactions to a public key, however, a private key is required to “unlock” them and prove that you’re the owner of the crypto in the wallet. /8

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Seed phrase = master key, a key that opens infinite doors (wallets) inside your house.

Private keys = A key to open 1 door inside your house (1 wallet).

Public Key = Imagine you put a sign on your door and thats how your family knows you sleep there. /9

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<aside> <img src="https://pbs.twimg.com/profile_images/1549166365810069508/xrCoWMnC_400x400.jpg" alt="https://pbs.twimg.com/profile_images/1549166365810069508/xrCoWMnC_400x400.jpg" width="40px" /> DS @DSentralized: When you create a new seed phrase, you can create multiple wallets with it and each wallet has a unique private key.

Access to seed phrases = access to all wallets associated with it or in other words, to all private keys associated with it. /10

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<aside> <img src="https://pbs.twimg.com/profile_images/1549166365810069508/xrCoWMnC_400x400.jpg" alt="https://pbs.twimg.com/profile_images/1549166365810069508/xrCoWMnC_400x400.jpg" width="40px" /> DS @DSentralized: With all this being said, its very important to learn how to store your seed phrases because of the importance of them.

Sadly with the latest hack, there seems to be an exploit in a software wallet that somehow leaked seed phrases, follow @SolanaStatus for updates. /11

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TL;DR:

-Hardware wallet is a better option as it is not connected to the internet -Maintain multiple wallets -If you lose your seed phrases, and you don't have a backup, your crypto is gone.

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-Make sure to update your devices with the latest software -If someone steals your seed phrases and takes your crypto, you will probably never get it back. -Take advantage of the greatest feature of cryptocurrency: independence

Be safe, stay vigilant. /End

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