FAQ

What is a wallet?

A wallet is similar to a traditional wallet, a place where you store your valuables. A crypto wallet is software that will enable you to hold and transfer your crypto in a user friendly way. Wallets can be hot (eg a "live" wallet on your phone), cold (where you need an offline device to validate transactions), custodial, or non-custodial.

What is a non-custodial wallet?

A non-custodial wallet is one where you, and only you, have access to your private keys (usually via a seed phrase). Not to be confused with a custodial wallet where the wallet is holding your crypto on your behalf (much like a traditional bank). Typically your account with an exchange is custodial.

"Not your keys, not your coins." A non-custodial wallet is the safest place to store your crypto to avoid counter-party risk.

What is a private key?

A private key is the unique "key" (an alphanumeric string) that is the critical element required to access your crypto

What is a seed phrase?

A seed phrase is a string of 12 or 24 words that have a unique relationship to your private key. Your seed phrase is all you need to store/remember to access your crypto> Correspondingly, without your seed phrase you cannot access your crypto

How can I find my seed phrase?

When you are setting up a non-custodial wallet you will be prompted to write down your seed phrase. If you have lost it there will be a way to retrieve it from your wallet (exactly how will be specific to your wallet) 

What cryptos does Secureseed support?

The great thing about the seed phrase technology is that one seed phrase can manage a wallet that can manage all your different cryptos. The crypto that you can manage in your wallet is limited only by the technology of the wallet itself (small or new cryptos will typically take a while to be manageable through different wallets) 

Why should I use Secureseed?

If you are confident that you will not lose, destroy, or have your seed phrase stolen, you have no need for Secureseed. If any one of these is even a tiny possibility, having a shard of your seed phrase provides you with security to protect you from phishing, burglary, user error, etc. 

Can Secureseed guess my seed phrase?

Providing that your shard is less than or equal to half your seed phrase, there are an impractiacally large number of permutations that we'd need to try to guess your seed phrase. We'd be better to spend that computational power on mining!!

In practical terms, Secureseed stores your shard securely and doesn't touch it until you request it to be returned 

What about multisig?

Multisig is a technology where you need multiple private keys to make a transaction. Each private key will have a seed phrase, and each seed phrase (or all of them) can be secured with Secureseed