Do you want to know how to backup your Eidoo private keys?
Here a step-by-step guide on this topic.
Currently, Eidoo is a multicurrency wallet that allows you to store Ethereum and all the ERC20 tokens based on the ETH blockchain. But, in the near future. we will also implement a wallet for Bitcoin and other digital currencies, a hybrid (and then decentralized) exchange and more tools.
Our goal, in fact, is providing you a complete and encompassing way to buy, sell, convert and manage all your digital assets in one single app.
As Eidoo is a Hierarchical Deterministic (HD) wallet, it can generate a specific set of addresses from a seed that is represented by 12 words selected from a list of 2048 words in several languages (currently you can read these words in Italian and in English, depending on the language set on your smartphone).
Thanks to this standard algorithm called BIP39, the 12-word set leads to the creation of the private keys you need to secure your Eidoo wallet.
To backup your Eidoo private keys you will need to copy this 12 words in several different places in the exact order they were generated.
This represents a stronger security system than a simple password, and it is a worldwide standard for digital currencies.
How to backup your Eidoo Private Keys
To do so, you need to write the 12 words somewhere. This will be helpful if you change or lose your device because you will be able to recover your Eidoo wallet on a different smartphone.
- Download the app;
- Click on “Create a new Wallet”;
- Read the “Terms of Service” carefully and then click on “I agree, go next”;
- Set a password to control the access to your wallet;
- Backup your wallet by clicking on “Backup Now”;
- Unlock your wallet by entering the password you’ve previously set;
- Write down 12 words you see on the screen. The order is important!
- Follow the Verification time process to confirm these 12 words
These 12 words are very essential. Please write them down very carefully and place them in a safe place. This is your backup!
How to recover your Eidoo wallet
To recover your Eidoo wallet (in the event of changing or losing your device), you need to have your backup phrase (12 words).
Install the mobile app. During the configuration process, you will be asked to create a new wallet or restore an existing one. Choose the Restore option, then insert the 12 words of your previous wallet.
This way, your wallet, and assets will be available again.
How to retrieve your Eidoo private keys
As you can read on our official FAQs, you can retrieve your Eidoo private keys by using the backup phrase (12 words) through an external tool.
Follow the steps listed below:
1. Visit https://iancoleman.github.io/bip39/ (for greater security the tool also works with the computer off-line);
2. In the mnemonic section, type the 12 words in the BIP39 Mnemonic field and set the Coinfield to ETH-Ethereum;
3. In the Derivation Path section choose the BIP32 tab and set the BIP32 Derivation Path field with this value: m/44'/60'/0;
4. Check that all data you entered are correct and moved down in the Derived Address section;
5. You find the Eidoo private keys in the first line of the table, under the Private Key column.
In the near future, we will create an internal tool to do so. Stay tuned!
For further information, please visit our official channels below:
Whitepaper (translation available in Italian, English, Japanese, Chinese, and Russian language)