6. Mnemonic Keys

Mnemonic Keys - Insecure Storage & Loss

People are highly accustomed to contacting their bank if they forget or lose their account details, hence they often underestimate the importance of storing irrevocable and irreplaceable wallet keys safely and securely. In simple terms, 'if you lose your wallet key, you lose your funds, and they cannot be recovered by any third party'. Furthermore, the compromise between convenience and security is significant. Most people resort to extremely insecure methods of credential storage, such as 'copying & pasting' their keys into an unauthenticated notes app on their phone, emailing them to themselves, or printing them out and storing them in insecure locations.

SOLUTION

The THAT app can encrypt and securely store your crypto (mnemonic) keys in your Apple (or Google) keychain account. THAT protects its users by utilising the battle-tested standards of Apple (or Google) security. Services like iCloud Keychain and Google Password Manager / Smart Lock (for Android) offer enhanced security and convenience for our users. Additionally, users have the option to backup and store their mnemonic keys offline (e.g. on a piece of paper) if they prefer.