Private Keys - How to best handle them?

Hi, I have transferred some of my assets to Nash. Should I get my keys off the DEX and save it somewhere else, if yes what is the safest way to do so?! How do I reactivate my tokens in case Nash goes down etc.

For myself I have written down all my private keys on a paper (same as the nash seed words). This paper is stored at a save location.

When you want to access Eth or ERC20 you just need a Ethereum based wallet (myetherwallet, …) and login with your private key.
When you want to access Neo, NeoGas or NEP5 you just need a NEO based wallet (NEON wallet, …) and login with your private key.

The same goes for Bitcoin, Litecoin, …

if there in the trading account … if nash goes down then the channels will close returning funds to the addresses and associated priv keys .

but yeah im just hanging out for MPC threshold sig … thats gonna be amazing and u wont need priv keys… prob be held in some escrow account type setup in the case of MPC threshold and nash goes down … so theyll be recoverable in that case too

Yeah I copied my private key to myetherwallet and successfully accessed my tokens. However, now I am a little bit worried, that my private key got exposed because I do not truly trust my computer. I could have some malware I am not aware of. Neither I completely trust myetherwallet.

I would welcome a feature that would create another ETH wallet with a different private key without the need to create a different account and going through KYC again. Also, when I have NEX staked on the account, I’d rather not create a different account and just keep using this one. I would then send the ERC20 tokens to this different address within my Nash account and delete the old ethereum address.

Of course, I am not sure how that fits in with the 2nd generation key management system. So this is just a suggestion. @canesin

3 Likes

This problem will also occur, when you get a complete new private key. You will still have the trust issues with your computer and myetherwallet. Additionally you don’t even need to extract your private key, because every time you sign a transaction (for example personal account --> trading contract) on your browser, this transaction will be signed with the private key on your computer. In this situation a malware can get access to the key.

I’m a supporter of the idea with the creation of a new private key. But maybe this could lead to an interesting situation with the creation through the seed words. The seed words won’t support a changing private key, I guess.

Personally I have no clue about the technical insight from the 2nd generation of key management. I just know it will be based on threshold signatures. But still with this new system there can be a “key” exposed to a malware on your computer, it will just cause less financial damage to you.

1 Like

Thanks folks!