Creating a distributed crypto wallet backup with SAFEWORDS!
I created SAFEWORDS to give users of Cryptocurrency access to an easy to follow system that gives them very tight security over their wallet backup. In this article I plan to go through the process of creating a backup with SAFEWORDS to demonstrate how easy it is.
To create a backup of a new wallet you will need:
- Your new wallet (for the purposes of this article, I am using a Trezor Black, however the process described is applicable to any wallet)
- One SAFEWORDS kit
- A pen
- A safe location free from CCTV cameras and prying eyes
Remove the wallet from its packaging and plug it in.
Follow the setup instructions until you reach the moment where the wallet gives you your BIP39 mnemonic seed and unpack your SAFEWORDS kit
Your kit should contain the following:
- 3 x SAFEWORDS mnemonic seed storage cards
- 3 x SAFEWORDS card storage envelopes
- 3 x Coinstorage Guru Tamper Evident Seals
- Instruction card
Take the mnemonic seed storage cards and while scrolling through the words on your device, write each one in its listed locations on the cards, making sure to use the correctly numbered boxes on each card. Be careful as the Trezor device will only show you each word twice. Best practice is to fill in all the cards on the first run through and then check them on the second run through.
The Ledger Nano is a bit more forgiving, letting you scroll through the words backwards and forwards as many times as you like.
Once you have finished filling in your card, check it by going back through the words on the device and make sure that all the fields on each card are correct.
Once you have finished filling out the words, you now have the option to do a similar ‘distribution’ with your PIN code. Coinstorage Guru recommends using an 8 digit pin.
Once you have filled out the cards, be sure to label them with the wallet identifier. This can be used to check you have the correct cards during the restoration process
Next, take each card and place it into one of the long term storage envelopes, and seal each envelope closed using the peel and seal flap.
Next, apply a Coinstorage Guru Tamper Evident Seal to each envelope. Once applied, this seal cannot be removed without being destroyed. Every set of three seals has a unique serial number which ensures that your information cannot be accessed without you being able to find out.
You have just finished creating a super secure backup of your mnemonic seed. Coinstorage Guru recommends keeping one seed yourself, storing one with a close family member or friend, and storing the third with a lawyer, accountant, or in a secure storage facility.
This way, if you ever lose or damage your wallet and need to recover the seed, you need just access two of the three sets of words. In the event that one set is destroyed by flood or fire, you have another backup to enable you to re-create your distributed solution.
For more information or to purchase a SAFEWORDS kit, please visit www.coinstorage.guru.
Thank you for using SAFEWORDS!