What is the difference between the cryptocurrencies from the bank accounts? You don’t own bank accounts, and cryptocurrencies are completely yours. This is the basis of decentralization, and it’s important for us to introduce the function of exporting the private keys. It has been in the iOS application for a year already, and now you can export the private keys on all the platforms.
What is a private key for a cryptocurrency wallet?
A crypto wallet address is public, like a bank account number. Example of address in ADAMANT —
U4193701161843143990, and in Ethereum —
But only the owner of the private key can manage the account.
A private key is a unique code that allows full access to a specific wallet.
This key may look different. In ADAMANT and Lisk, it’s in the form of a passphrase, in the Ethereum and Bitcoin — a set of characters.
If you do not have a private key, you do not own the wallet. For example, you don’t have keys for wallets on cryptocurrency exchanges, and you’re unable to withdraw coins from an exchange without its permission. Therefore, transferring cryptocurrency to an exchange, you trust a third party.
Keep all private keys in a safe place. If someone finds out the private key to your wallet, he will dispose of it. Nobody will return the stolen coins — this is a fee for freedom and decentralization.
Wallets in ADAMANT
To sign in ADAMANT, you enter a passphrase of twelve words (~private key). Based on the passphrase, using different algorithms, it generates the private keys for all other wallets in the account, for example, for Ethereum and Bitcoin.
ADAMANT does not transfer the private keys over the network, so that a wallet holder has total control over their account. This reliably protects the cryptocurrency in the account.
When you use the wallets built into ADAMANT, you need not know all of their keys, because they are all derivatives of the passphrase. But if you want to access these wallets in another application, the private keys need to be exported.
Exporting the private keys
The new ADAMANT app allows users to export their private keys, which can be used outside the messenger’s system. For instance, you can get access to your Ethereum & ERC-20 wallets via MyEtherWallet. You also need exported keys for a backup input, so you may want to store them.
The export function is available in Settings.
Only you are responsible for your account & wallets. Only you know the private keys.
There are certain risks to exported keys. Please mind that if your private key is compromised, third parties can get hold of it. Here, create another ADAMANT account, so that the messenger’s system creates a new passphrase and therefore a new key.
FAQ on security
Do the ADAMANT developers know my passphrase and private keys for my wallets?
No. The ADAMANT account (and passphrase, private keys) is created on your device. Used the application on a PC — it is created on the PC; on a mobile phone — created on the phone. The private keys never leave your device. If you make a payment or send a message, only a signed transaction is sent to the node. This applies to all the cryptocurrencies built into ADAMANT.
How can I verify that ADAMANT is not sending private keys over the network?
The source code is completely open.
My passphrase and private keys are impossible to steal? ADAMANT does not transmit them over the network.
Wrong. If your device is “infected with a virus”, someone may steal the keys. Here are some examples:
- The browser has an extension that sends data to third parties
- A keylogger program is installed on the computer, which saves all keystrokes, including passwords
- There is a virus on the computer that scans memory
- Passphrase was used in a phishing messenger app. For example, https://msg.adamant.io instead of https://msg.adamant.im
Remember, Secure messengers do not exist — they’re impossible. Later we will write a note on how to use the messenger anonymously and safely.
Is it necessary to export the private keys?
No. Stored keys increase the risk that someone else will see them and steal coins.
If someone steals my private keys for the built-in wallets, will he gain access to messages in ADAMANT also?
No. Exported private keys give access only to built-in crypto-wallets. Moreover, if an attacker stole a key, for example, only for Doge, then he cannot to access Ethereum and Dash wallets.
If someone steals my passphrase for ADAMANT, will he get access to all the built-in crypto-wallets?
Yes. He will gain access both to messages and wallets. That is why it is so important to keep passphrase secret.
Passphrase or private keys were stolen. What to do?
Create a new account. If there are coins on the old one, transfer them to a new account.
Where can I use exported private keys?
A few examples of the apps that support the ADAMANT exported keys: