The ECOMI development team has continued their stellar run of late, by releasing yet another ECOMI app update. This version- 2.8.0- provides for alphabetical seed support and allows you to import your private keys from other cold storage wallets, giving you more flexibility and much better user experience with ECOMI’s storage solutions. You now also have the option to convert your number based seed to an alphabetical one, making it easier to store and remember your recovery seed.
Switching to an Alphabetical Seed Phrase
Before we go too far, it’s important to remember that your private key, otherwise known as your backup/recovery seed, is the key to accessing your accounts. It is not only imperative that nobody has access to your private key, but it is also crucial that you have it recorded and stored in an incredibly safe place.
Anyone with access to your private key also has access to your cryptocurrencies and digital assets, and we suggest reading the following to brush up on the use and necessity of a private key in cryptography:
Originally, the private key generated and provided to you for the Secure Wallet was comprised of 12 different number combinations, which, when translated on the network point to a wallet address.
Now, we have switched to the use of a mnemonic phrase — a group of easy to remember words — to serve as the back up to recover your wallet in the event you lose your Secure Wallet, your phone, or both. These words are not only easier to remember, but they are also easier to record and verify- providing a smoother user experience and ensuring access to your accounts.
What If I Have a Numerical Recovery Seed?
If you have already set up your Secure Wallet with a number based seed and would like to convert it to an alphabetical phrase, simply follow these steps to generate your mnemonic phrase:
- Open your settings.
- Select ‘Manage’ next to the wallet you wish to work with. If you only have one Secure Wallet select the only one that appears. If you have more than one or are reading this when our hot wallet capabilities have been enabled, simply select the wallet you require.
- Select ‘view alphabetical seed’
- Enter your numerical seed phrase, by entering each 5 number combination, separated by a space. Once you have entered all 12 number combinations hit ‘convert’ to receive your alphabetical seed.
- Record this seed phrase in an incredibly safe place. You can now use either your numerical seed or alphabetical to restore/recover your balances, depending on your preference. New users, or wallets, will generate an alphabetical seed from here on in.
Importing Your Accounts from Other Wallets
With the addition of mnemonic seed phrase support, you can now import your wallets/accounts from other cold wallets and software wallets. This means if you have traditionally used a Trezor or Ledger for example, but prefer the wireless convenience and user experience of the Secure Wallet (I mean, really, who doesn’t?) you can now migrate your accounts to the Secure Wallet, and/or ECOMI app.
The ability to do this will become particularly useful when we enable the hot wallet features of the ECOMI app, expected to roll out by the end of June 2019.
In order to import your accounts from other storage wallets, you need to go through the ‘recovery’ process. If you are a new user to the Secure Wallet, you will be given this option during set up. Simply hit the ‘Recover’ button instead of ‘create,’ and you will be prompted to enter your recovery phrase (from your other wallet).
Similarly, if you are setting up a new hot wallet, you will be given the same options and can use the ‘recover’ method to import your existing seed and accounts.
If you are an existing Secure Wallet user or would like to import your entire account from another cold storage device, you will need to perform a reset and recover, and follow the same process.
NOTE: It is important to note that when importing your accounts from other wallets, only the tokens that are supported on the Secure Wallet will be displayed.
Moreover, importing a seed phrase from another wallet does not mean you have lost access to them on your devices, and they will still be accessible on your other cold wallets. If/when support is added for those tokens your wallets will also appear in the ECOMI app.
Similarly, do not dispose of your original ECOMI seed phrase, if you are holding any tokens. It is and will continue to be, the key to accessing these accounts.
It is also important to note that the recovery seed you enter will now become the primary wallet you can view/interact with. The seed phrases do not merge in any way, and by importing one (using it to recover your balances) this will be the wallets you now have access to.
You can always restore your original accounts by using the ECOMI recovery seed, or you can operate with both hot and cold storage (when available), and migrate all accounts/balances onto the Secure Wallet at a later date. More information on this will be released with the Hot Wallet ECOMI app update.
Can I Import My Wallet?
Support for mnemonic (alphabetical) seed phrases is based on the BIP39 protocol. This means that any cold storage wallet which generates a seed based on this protocol can now be imported to the Secure Wallet/ECOMI app.
The phrase can also be entered into any other wallet using the same BIP and coin support to access your digital assets (by you or anyone else). Please be aware that it is possible for your tokens to be on more than one wallet at once.
Many of the well-known crypto-wallets are based on this protocol, and can, therefore, be imported. This includes cold storage wallets like Trezor and Ledger, as well as software wallets like CoPay and Blockchain. For a full list of BIP39 supported wallets, please see the link below.
About ECOMI
ECOMI is a technology company based in Singapore and is leading the way in the emerging digital collectibles space. ECOMI offers a one-stop-shop for digital collectibles through the ECOMI Collect app bringing pop culture and entertainment into the 21st century.
The Collect app allows users to experience true ownership of premium digital collectibles. Through the app marketplace, users can obtain common, rare, or one-of-a-kind digital collectibles, share these across the social network service, and exchange them with the Collect community, all from the palm of their hand.
ECOMI sees digital collectibles as a new asset class which offers intellectual property owners the opportunity for new revenue streams in the digital landscape. Digital streaming, gaming, and in-app purchasing have become a multibillion-dollar market and the next to join this digital trend is the pop culture and collectibles industry.
For more information please see the ECOMI Collect Whitepaper or join the community on Telegram, Twitter and Facebook.
