Electroneum Paper Wallet; How To Create It
You have probably heard of Electroneum paper wallet by now, if you haven’t this article is for you. We explore what the wallet is, why you should use it, and how to create it. Stick with me and you won’t be a disappointment. Let’s start from the beginning.
How Does It Work?
There are three mathematically linked keys involved in the mechanics of an Electroneum wallet. These three keys together make up a wallet. These are;
- The public key
- Private view key
- Private spend key
The public Key
This is the key you give to your family, friends, or anyone you want to conduct business transactions with using Electroneum. This is the key used to deposit in your wallet. There is no security compromise in giving this key out. It looks something like this;
Private View Key
This key is used to check the amount of coins in your wallet not spend. The implication is that, anyone with this key can check your balance. Therefore, it should be kept private. Example of a private view key is;
Private view key: 8b2a424328fbc782a76fb6a8cbc60285g355758s953e6854b2d9a6f431c2e507
Private Spend Key
This is the key used to spend the coins from your wallet. As such, it should be guarded closely. You can’t give it out to just anyone. When you give it to someone, you are handing out complete control of your wallet. An example of a private spend key is;
Private spend key: 8d09eebafb3bad46ca043175a14d46dd5505gb5416e2a50ef015db42d2612d05
Why you should Use a Paper Wallet
A paper wallet simply means printing out your keys on a piece of paper. The major advantage of using a paper wallet is the protection it offers against hackers. Considering the fact that in the wrong hands, you can lose all your coin.
Using a paper wallet ensures that your storage cannot be hacked. That’s as long as you delete all traces of it from your computer. The downside of using this type of storage is that you still have to guard the paper with your life. Losing the key would mean losing your money.
What About The Electroneum App?
There is also a possible option of storing your Electroneum on the app. The fact that you have to enter a pin before accessing any form of transaction makes it even more attractive. However, a smart hacker can just hack the centralized database and pick you through the database. Now, don’t get me wrong, I’m not saying that the Electroneum database is not secure. I’m only saying that nothing is foolproof.
Creating Your Own Electroneum Paper Wallet
Finally, here are the steps to take in creating your own electroneum paper wallet.
Type “my.electroneum.com” into your address bar and create an account.
Click on the link on the left side of your screen with the name, “Offline Paper Wallet”. Click to open.
Click on “Let’s get Started”. Read the instructions carefully and prove that you are not a robot.
Download wallet as PDF.