WORD LIST
Basic Concepts and Definitions
What is a crypto wallet?
In the context of cryptocurrency, a cryptocurrency wallet is a digital tool that allows users to store, send, and receive digital currencies like Bitcoin. It securely keeps track of your cryptocurrency balances and transactions.
At its core, a crypto wallet is a digital container that holds cryptographic keys. These keys include a public key, which functions as an address where others can send cryptocurrencies to you, and a private key, which is a secret piece of information used to sign transactions and gain access to your funds. The security of your private key is paramount, as losing access to it can result in permanent loss of your cryptocurrencies.
What is a private key?
A private key is a single, secret, and randomly generated string of characters. It is a critical component of a cryptocurrency wallet, as it allows you to control and access your digital assets by signing transactions. It is unique to your wallet and must be kept confidential. Whoever possesses the private key has full control over the associated cryptocurrency funds. Losing or compromising the private key means losing access to those funds permanently.
Example of a Bitcoin private key:
5Kb8kLf9zgWQnogidDA76M********Y36hWXMssSzNydYXYB9KF
What is a seed phrase?
A seed phrase, also known as a mnemonic phrase, recovery phrase or backup seed phrase, is a series of words (usually 12, 18 or 24) generated by your cryptocurrency wallet that gives you access to the cryptocurrencies associated with that wallet. It’s crucial for recovering your wallet if you lose access to your device.
From a seed phrase can be derived multiple private keys, allowing you to restore your wallet and access your funds if you lose your device, hardware wallet, or private keys.
It is crucial to safeguard your seed phrase, since if lost or stolen, you’d permanently lose access to your crypto assets. Example of a seed phrase (BIP-39 standard): cat banana apple dog orange *** satoshi
What is the BIP-39 Standard?
The BIP-39 standard, or “Bitcoin Improvement Proposal 39,” is a widely accepted system for managing seed phrase, which are easy-to-understand sets of words used for cryptocurrency wallet backup and recovery. BIP-39 ensures that these phrases are both user-friendly and secure.
BIP-39 defines a standard format for creating mnemonic phrases, typically consisting of 12, 18, or 24 words. These phrases represent a binary cryptographic seed (a long string of 0’s and 1’s) used to generate private keys and their corresponding public keys.
If you lose access to your wallet, you can recover it by entering the mnemonic phrase into a compatible wallet application. The app uses the phrase to recreate the keys, restoring access to your funds.
It is essential to protect your mnemonic phrase. Anyone with it can regenerate keys and access your funds. Store it securely and confidentially with VaultKi’s seed phrase storage solution, the first physical blockchain designed for safety.
VaultKi Product Specifics
What is VaultKi’s seed phrase storage solution?
It’s a secure method for storing your cryptocurrency wallet’s seed phrase by stamping/engraving it onto stainless steel, a durable material ensuring long-term protection against loss, damage, hack or theft.
VaultKi’s patent-pending design stands as a unique representation of blockchain technology, which is renowned for its security features, and serves as the foundation for cryptocurrencies like Bitcoin.
Why did VaultKi choose stainless steel for its seed phrase storage solution?
Stainless steel is resistant to corrosion, fire, water, and physical damage, making it an ideal material for preserving sensitive information like seed phrases.
What is unique about VaultKi’s security?
VaultKi’s design team has been working on developing the most innovative seed phrase storage solution in the market. On top of being resistant to physical damage, VaultKi’s offering is also tackling the most important threat: Theft!
- If going for a multi-sig or Shamir approach is not an option, VaultKi created the VaultKi storage solution for extra safety. In the UltraSec box you will receive two physical blockchains each accepting up to 12 words. By splitting your seed phrase in two, you can separately store each half in different locations. If stolen, only half a key won’t be enough for anyone to access and takeover the control of your wallet and crypto assets.
- Also, for us your wallet’s security is a priority over our brand’s visibility. We do not engrave our brand name or logo on your VaultKi to avoid traceability. In other words, if your VaultKi gets stolen, anyone not knowing about the utility of those words will not be able to search for VaultKi online and figure it out. It will give you at least enough time to transfer your crypto-assets to another wallet and secure your fresh seed phrase on new VaultKis.
How secure is this method compared to digital storage?
It’s highly secure as it’s not susceptible to hacking or digital theft and is physically robust. Also, when considering inheritance, it is much more suitable and accessible without being reliant on complex digital systems, making it a dependable choice for preserving your assets for future generations.
How long will VaultKi last?
Stainless steel is exceptionally long-lasting, and when cared for properly, it can endure for a lifetime, making it the perfect choice for safeguarding your seed phrase for future generations.
Is the steel physical blockchain heavy?
The weight of the VaultKi physical blockchain is quite light at around 80 grams, ensuring durability yet easy handling, transportation and storage.
Usage and Functionality
Do I need to record on my VaultKi the full 24 words of my seed phrase?
You will only stamp the first 4 letters of each word on your VaultKis as instructed in our instruction manual (More on the stamping process in this link ). These are all you need to accurately recover your seed phrase. No two words from the seed phrase wordlist (BIP-39 standard list available here) share the first 4 letters.
Carefully write down the first 4 letters of each word on the template pages A & B of your instruction manual (link to download the manual here) and follow the process to stamp each letter in the right order. Before permanently stamping any letter, ensure the letter on the punch is oriented in the correct reading direction.
After completing the task, instead of discarding the paper, securely destroy it by burning to guarantee that no one can ever access its content.
How do I stamp my seed phrase onto the stainless steel?
Our product includes a stamping kit including a letter punch set and a perfectly adapted stamping stand kit for a perfect imprinting. In the comfort of your own privacy, you can easily manually stamp each character of your seed phrase onto the steel physical blockchains provided.
Our designers worked on developing the most user-friendly process for a perfect imprinting. Our kit includes detailed instructions and tools to simplify the process, namely a letter punch set and a perfectly adapted stamping stand kit. Check the following link for a description of the full process.
Can the steel storage withstand extreme conditions?
Yes, it is designed to resist extreme temperatures, corrosion, and physical damage.
The average melting temperature of the 304-grade stainless steel we use is around 1,400 to 1,450 degrees Celsius (2,550 to 2,650 degrees Fahrenheit), while an average house fire typically ranges between 593 to 649 degrees Celsius (1,100 to 1,200 degrees Fahrenheit).
Is my seed phrase visible to others when stored?
VaultKi’s design ensures your seed phrase is not immediately visible, offering an additional layer of security. Not only does it keep your physical blockchain safe inside a sturdy metal cover, but its three-dimensional design ensures protection from both prying eyes and cameras. When positioned on a table or desk, at least one side remains concealed at all times.
Can I update my seed phrase on VaultKi?
Once stamped, the phrase is permanent. It is immutable like a digital blockchain thus increasing its reliability. Your words cannot be altered or tampered with, even in the presence of mishaps or accidents. For a new seed phrase, a newVaultKi is required.
What happens if I make a mistake while stamping?
Mistakes can be hard to correct. We advise practicing on a sample piece before stamping your actual seed phrase.
How is this method better than a paper backup?
If you’ve got just one copy of your seed phrase on one VaultKi set, you’d ideally rely on your hardware or software wallets that save your seed phrase for you (at a risk, but still… they do…). You can then move all your crypto-assets to a new wallet with a fresh seed phrase and save that new seed phrase on new VaultKis.
But we suggest a safer approach. Instead of one copy, go for two copies of your seed phrase. This way you’ll have a pair of each half. If any half is lost, it wouldn’t compromise your access to your own wallet. You can still recover your wallet by putting together the full seed phrase using the remaining parts. It’s like having a backup for your backup, just to be extra safe.
Compatibility and Integration
Do I need a VaultKi if I have a hardware wallet?
You need a VaultKi especially if you have a hardware wallet like Trezor or Ledger. If you opted for a hardware wallet, it means that you are conscious of the responsibility of keeping your seed phrase offline and safe. Also, it means that you will need to take with you your hardware wallet device wherever you go to be able to confirm any transaction, which increases the risk of losing the device.
If lost, no worries, with your VautKi you can reinitiate your wallet on any new hardware device or software wallet and gain access again to your crypto wallet. In other words, the two hardware are complementary not substitutes.
Do I need a multi-sig wallet?
If you want extra safety or share a wallet with other stakeholders, like in a family or a business, you would want to build your multi-sig package by adding as many VaultKi add-ons as needed.
A multi-sig (short for multi-signature) wallet is a type of digital wallet used for storing and managing cryptocurrencies. It requires multiple parties to authorize a transaction before it can be executed. This is different from a standard wallet, which only requires one signature or approval from its owner.
In a multi-sig wallet, there are several keys (like digital signatures or passwords). Each key is held by a different person or entity.
You can set up the wallet so that a transaction needs approval from a certain number of these key holders. For example, if you have a 2-of-3 wallet, any two of the three key holders must approve a transaction for it to go through. You can opt for any m-of-n configuration where you will need any combination of “n” keys out of the “m” outstanding to digitally sign a transaction for it to go through. Also, if one key is lost you would still be able to recover your wallet with any combination of “n” keys
Security and Reliability
What if I lose half a key? Wouldn’t I be exposed to losing access to my own wallet?
If you’ve got just one copy of your seed phrase on one VaultKi set, you’d ideally rely on your hardware or software wallets that save your seed phrase for you (at a risk, but still… they do…). You can then move all your crypto-assets to a new wallet with a fresh seed phrase and save that new seed phrase on new VaultKis.
But we suggest a safer approach. Instead of one copy, go for two copies of your seed phrase. This way you’ll have a pair of each half. If any half is lost, it wouldn’t compromise your access to your own wallet. You can still recover your wallet by putting together the full seed phrase using the remaining parts. It’s like having a backup for your backup, just to be extra safe.
What if I lose my stainless-steel seed phrase storage?
Like any physical object, it can be lost. We recommend storing each half in different secure and memorable locations. Also, we recommend keeping more than one copy as mentioned in question 8.
What should I do if under extreme circumstances my engraving gets damaged?
If the seed phrase is still legible, it’s safe to use. Otherwise, consider transferring your assets to a new wallet and re-stamping the fresh phrase on a newVaultKi.
Do you ship internationally?
Yes, we offer international shipping with possibly additional charges based on location.
What payment methods are accepted?
We accept major credit cards, like Master Card and Visa, as well as Bitcoin (on-chain and lightning).
Why is Bitcoin the only cryptocurrency accepted for payment?
VaultKi’s team considers Bitcoin as the only sound form of money around let alone among cryptocurrencies. Also, Bitcoin is the only cryptocurrency that has the regulatory and legal status that we feel comfortable exposing our clients to.
Do you offer discounts for bulk orders?
Yes, we provide discounts for bulk orders. Contact our team for more details
How long does shipping take?
Shipping times vary based on location. Typically, it takes 2-5 business days.