Protection of funds from fraud
By Support Agent Tkeycoin
updated 2 months ago
Wallets on the blockchain have a public and private key. Centralized applications typically store your private keys on their servers, making your funds vulnerable to hacker attacks or theft.
TKEYSPACE — stores your encrypted key only on your device and encrypted. The encrypted key is displayed as a mnemonic phrase (backup phrase), which is very convenient for users. Unlike complex cryptographic ciphers, the phrase is easy to save or write. A fallback phrase provides the highest level of security.
Everything is much easier and safer. You will have a special "backup phrase", with it you will always be able to restore access to funds and access on any other device. You do not need to go into the basics of cryptography, the secret key will look like 12 ordinary words. Just write down or print out the phrases to always access the funds.
A fallback phrase is a mnemonic phrase consisting of 12-24 words that are generated by entropy, all values are random, there are no matches.
The reserve phrase is divided into 2 groups:
1. Standard Wallet is the Tkeycoin, Bitcoin, Bitcoin Cash, Ethereum, DASH cryptocurrencies and all available ERC-20 tokens, including the BNB token.
2. Binance Wallet is a token based on Binance DEX (BEP-2). Important: BNB token are included in the first group of TKEYSPACE Wallet.
For the main cryptocurrencies and tokens based on ERC-20 for you will be available — 12 random phrases in strict sequence. For Binance DEX tokens — 24 random phrases in a strict sequence.
Rewrite the phrases in a text file and make several printed copies or rewrite the phrases on paper in a strict sequence.
Keeping a backup copy of your wallet in a safe place will protect you from many human errors. This will also allow you to restore your wallet if your phone is lost or stolen.
How to get a backup phrase?