6. Mnemonic Keys

Mnemonic Keys - Insecure Storage & Loss

PROBLEM

People are highly accustomed to contacting their bank if they forget or lose their account details, so they often underestimate the importance of securely storing irrevocable and irreplaceable wallet keys. Simply put, losing your wallet key means losing access to your funds permanently, as they cannot be recovered by any third party. Most people resort to insecure methods of credential storage, such as screenshotting or copying and 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

While we recommend cold storage as the preferred method for storing mnemonic keys, the THAT app will introduce a feature to encrypt and securely store mnemonic keys in Apple or Google keychain accounts, utilising their robust security standards. Users will always retain the ability to back up and store their mnemonic keys offline.