With Facebook officially entering the MetaVerse, people from all walks of life getting involved in the issuance and promotion of NFT, and the booming decentralized finance in 2021, more and more people are entering the cryptocurrency market.The abstraction, usability, and security of accounts are completely different for cryptocurrencies compared to the way people interact with traditional financial institutions.<h1 style="margin-left:0cm;">Web 3.0: For the first time, we will truly own our assets</h1>In the past, with all the Internet services we used, data storage and control were held centrally. On top of the blockchain infrastructure, everyone can have an identical copy of our data, which is synchronized by consensus between network nodes, so that as long as the blockchain nodes exist, we can ensure the availability of our data, which is accessed using our public and private keys on top of the blockchain, rather than through traditional centralized accounts. We have a direct relationship with the underlying protocol, which relieves us of the dependency of accessing a centralized database through an intermediate node.This means that we will actually own that data, and unless there is a 51% attack on the network or a vulnerability in the protocol layer, which hasn't happened yet, no one can revoke or interfere with our relationship with these crypto assets.This is both incredible and terrifying (and we will be responsible for it), and that's the beauty of Web 3.<img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/1_r_PO_J_Ur_G1_D5_X_Re0s_Pwj_Vng_2f3dfcdc37/1_r_PO_J_Ur_G1_D5_X_Re0s_Pwj_Vng_2f3dfcdc37.png" alt="1_rPO_JUrG1D5XRe0sPwjVng.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_1_r_PO_J_Ur_G1_D5_X_Re0s_Pwj_Vng_2f3dfcdc37/thumbnail_1_r_PO_J_Ur_G1_D5_X_Re0s_Pwj_Vng_2f3dfcdc37.png 245w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_1_r_PO_J_Ur_G1_D5_X_Re0s_Pwj_Vng_2f3dfcdc37/small_1_r_PO_J_Ur_G1_D5_X_Re0s_Pwj_Vng_2f3dfcdc37.png 500w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_1_r_PO_J_Ur_G1_D5_X_Re0s_Pwj_Vng_2f3dfcdc37/medium_1_r_PO_J_Ur_G1_D5_X_Re0s_Pwj_Vng_2f3dfcdc37.png 750w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_1_r_PO_J_Ur_G1_D5_X_Re0s_Pwj_Vng_2f3dfcdc37/large_1_r_PO_J_Ur_G1_D5_X_Re0s_Pwj_Vng_2f3dfcdc37.png 1000w," sizes="100vw">Ref: <a href="https://docs.finema.co/">Introduction to SSI — Finema Documentation</a><h1 style="margin-left:0cm;">Seed phrase gave us FREEDOM on the internet</h1>Since the birth of Bitcoin in 2008, we've heard a lot about the early days when people kept their private keys on a hard drive that was damaged or forgot the name of the folder, or maybe it was copied on a piece of paper and forgotten where to put it over time all because of the lack of awareness and understanding for the importance of private keys. According to research, the ratio of bitcoins that will never be used again because of forgotten private keys could be as high as 20% of the total volume.In 2022, seed phrase, which is responsible for deriving private keys, brings greater portability and mobility to our entire Web3 application, your assets move with your wallet, and the walls between web applications come down.Times have changed, and now more people are beginning to understand the importance of private keys, and people are becoming concerned about the best way to protect them.<h1 style="margin-left:0cm;">The fundamental differences of Web 3: How to protect your seed phrase?</h1>Seed phrase has helped us to get back the autonomy of the internet, but at the same time, there are still many problems caused by the difficulty of managing the seed phrase. However, it seems inevitable that the vast majority of people don't want to take these steps or understand the principles, don't want to think too much about security rights, and want to leave it to third-party services to help. This is the paradox of Web 3, can we really go completely decentralized?True freedom comes from knowledge, and when we want to have our own autonomy, we have to really acquire that knowledge and consider our rights to our assets, even if we entrust them to third-party services, we have to take the time to understand how those services are going to help me keep my assets, how they are going to help me retrieve them if I forget the seed phrase, and how secure the whole thing is.Read More: <a href="https://www.kryptogo.com/blog/things-you-should-know-about-financial-security-in-the-web3-era">Things you should know about financial security in the Web3 era: How does token, private key, and wallet (account) work?</a><h1 style="margin-left:0cm;">Even if the underlying protocol is secure, you can still be scammed</h1>Directly setting up a malicious node for a trading attack has never happened in history, but it is possible to get the funds in your wallet through deception or social engineering. Just as few people actually break into a bank and remove the money from the vault, most funds are lost by accidentally providing personal information to or transferring money to a fraudulent company.When you encounter customer service that claims to be from an exchange or wallet, ask for official verification through the contact information on the website or app. Don't give out seed phrase or private keys to anyone! Anyone who induces you to reveal such information is a scammer.Almost all blockchain applications that involve private keys have such statements because crypto assets are managed in a completely different way than traditional account passwords, so many people can be scammed in the absence of knowledge.Read More: <a href="https://consumer.ftc.gov/articles/what-know-about-cryptocurrency-and-scams">What To Know About Cryptocurrency and Scams</a><img src="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/1_YE_7_Z8_Xuxj_CZ_Uzdqo_P_Uy_Ec_Q_1cb46e17b2/1_YE_7_Z8_Xuxj_CZ_Uzdqo_P_Uy_Ec_Q_1cb46e17b2.png" alt="1*YE7Z8XuxjCZUzdqoPUyEcQ.png" srcset="https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/thumbnail_1_YE_7_Z8_Xuxj_CZ_Uzdqo_P_Uy_Ec_Q_1cb46e17b2/thumbnail_1_YE_7_Z8_Xuxj_CZ_Uzdqo_P_Uy_Ec_Q_1cb46e17b2.png 147w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/small_1_YE_7_Z8_Xuxj_CZ_Uzdqo_P_Uy_Ec_Q_1cb46e17b2/small_1_YE_7_Z8_Xuxj_CZ_Uzdqo_P_Uy_Ec_Q_1cb46e17b2.png 472w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/medium_1_YE_7_Z8_Xuxj_CZ_Uzdqo_P_Uy_Ec_Q_1cb46e17b2/medium_1_YE_7_Z8_Xuxj_CZ_Uzdqo_P_Uy_Ec_Q_1cb46e17b2.png 708w,https://storage.googleapis.com/kryptogo-website.appspot.com/public/cms/large_1_YE_7_Z8_Xuxj_CZ_Uzdqo_P_Uy_Ec_Q_1cb46e17b2/large_1_YE_7_Z8_Xuxj_CZ_Uzdqo_P_Uy_Ec_Q_1cb46e17b2.png 945w," sizes="100vw">Ref: <a href="https://www.programmersought.com/article/21031311244/">https://www.programmersought.com/article/21031311244/</a>If we recreate a Metamask wallet, we will be asked to keep this seed phrase, and after it is created we can create more blockchain addresses under this account, each corresponding to a pair of public and private keys.Do not use screenshots or photos to save the helper, and do not save it on a networked device or cloud server.1 Use a cold wallet to ensure that the seed phrase is stored only on a hardware device2 Use write it on a piece of paper and store in a safe place3 Use tools such as waterproof, fireproof and anti-corrosive <a href="https://shop.ledger.com/products/cryptosteel-capsule-solo?r=4d5e1fbbec0a&amp;tracker=csdn">seed phrase capsule</a> to physically store the words4 Use your own known encryption method to synchronize in the cloud5 Split the fragment and put it in a different cloud to reduce the chance of exposureOther Referential Methods: <a href="https://github.com/slowmist/cryptocurrency-security/blob/main/en/Asset-Ownership-Backup-Security-Solution.md">Asset Ownership Backup Security Solution</a>You should never give your seed phrase or private key to anyone, there is no reason to do so.<h1 style="margin-left:0cm;">Conclusion</h1>Just like in Twitter where you have a username and an email, you can change the email and keep the username, or change the username and keep the email. That's because there's a unique ID in the system behind it.Seed phrase helps us to create such a system so that if people lose their keys, they don't lose the web links, transactions, or assets they've created in the past.Even if in the end most people still choose to trust a particular organization or third party, the helper still gives us a choice: to keep control of things in your own hands, and that is the most desirable about Web3.(This article is mainly inspired by a16z Podcast, this episode is strongly recommended: <a href="https://www.listennotes.com/de/podcasts/a16z-podcast/crypto-security-and-the-new-f6Inq7lCbO2/">https://www.listennotes.com/de/podcasts/a16z-podcast/crypto-security-and-the-new-f6Inq7lCbO2/</a>)

With Facebook officially entering the MetaVerse, people from all walks of life getting involved in the issuance and promotion of NFT, and the booming decentralized finance in 2021, more and more people are entering the cryptocurrency market.
The abstraction, usability, and security of accounts are completely different for cryptocurrencies compared to the way people interact with traditional financial institutions.

The key to bringing down the traditional application wall - Web3's Seed Phrase / Mnemonic

Biweekly Dev Update: July 17, 2024

Biweekly Dev Update: July 3, 2024

Biweekly Dev Update: June 5, 2024

Challenges and Solutions for Using Cryptocurrency in Business Operations

Biweekly Dev Update: May 22, 2024

Biweekly Dev Update: May 8th, 2024

Biweekly Dev Update: April 17th, 2024

Biweekly Dev Update: April 3rd, 2024

Biweekly Dev Update: March 20th, 2024

Making Sense of Decentralized Wallets: EOA and Smart Contract Explained

Biweekly Dev Update: March 6th, 2024

Centralized vs. Decentralized: The Ultimate Guide to Choosing the Right Crypto Wallet for Your Business

Navigating Compliance in Taiwan's Cryptocurrency Market: From Fraud Prevention to Enhanced Regulation

【Kind Reminder】Please be vigilant against scams. KryptoGO will never proactively ask you to make investment transactions.

Biweekly Dev Update: February 21th, 2024

Biweekly Dev Update: February 7th, 2024

Web3 Business Operations: Future Trend or Current Necessity?

Biweekly Dev Update: January 24th, 2024

Biweekly Dev Update: January 10th, 2024

Biweekly Dev Update: December 27th, 2023

Biweekly Dev Update: December 13th, 2023

Biweekly Dev Update, November 29th, 2023

Biweekly Dev Update, November 15, 2023

Biweekly Dev Update: November 1st, 2023

Biweekly Dev Update: October 19th, 2023

Biweekly Dev Update: Oct 4th, 2023

The Chatroom and Social Update: September 20th, 2023

Play-to-Earn vs. Blockchain Gaming: Rediscovering the Joy of Play

Product Launch Update: September 6th, 2023

KryptoGO Launches AI-Powered One-Stop Web3 Cloud Solution

Biweekly Update: August 23rd, 2023

The Keyless Wallet Update: August 9th, 2023

Biweekly Update: July 26th, 2023

Biweekly Update: July 12th, 2023

Biweekly Dev Update: June 7th, 2023

Unlock the Future: Passkey + DID + FIDO - Exploring the Next Generation of Digital Wallets and Identities

Biweekly Dev Update: May 24th, 2023

Biweekly Dev Update: May 10th, 2023

Biweekly Dev Update: April 26th, 2023

KryptoGO team wins three ETHGlobal Tokyo Hackathon Awards! Join hands with YGG Japan and IVC to lay out GamiFi industry

Biweekly Dev Update: April 12th, 2023

Help enterprises enter the Web3 world painlessly! What is WaaS?

Biweekly Dev Update: March 22th, 2023

How Much Does It Cost to Develop a Cryptocurrency Wallet on Blockchain?

How to Navigate the Metaverse: A Guide to 7 Different Types of Crypto Wallets

Virtual asset transaction service KYC, AML demand increased! KryptoGO Compliance work with Gaia Information  pioneered regulatory investigation engine

Biweekly Dev Update: March 8th, 2023

DeFi and KYC: Conflict or Coexistence?

Biweekly Dev Update: February 22nd, 2023

KryptoGO Wallet Updates: Supports Ronin chain, Personal Profile, Wallet Connect 2.0

Biweekly Dev Update: February 8th, 2023

Biweekly Dev Update: January 18th, 2023

Coinbase, the most compliant exchange, has been fined $100 million by the government and given a deadline to fix it.

Biweekly Dev Update: January 4th, 2023

Biweekly Dev Update: December 21, 2022

Biweekly Dev Update: December 7th, 2022

Biweekly Dev Update: November 23rd, 2022

Why can't you get your crypto assets back when the FTX exchange collapses? – Not Your Key, Not Your Coin

Biweekly Dev Update: November 9th, 2022

Biweekly Dev Update: October 26th, 2022

Biweekly Dev Update: October 12th, 2022

Biweekly Dev Update: September 28th, 2022

Things you should know about financial security in the Web3 era: How does token, private key, and wallet (account) work?

Collaboration for Web3 Game Wallets: YGG Japan, KryptoGO, and IVC Join Forces

Biweekly Dev Update: September 14th, 2022

Wanting to issue NFT but is complained about the difficult procedure? —Find out what the marketing pain points are from the “distribution process”

Biweekly Dev Update: August 31th, 2022

Crypto Wallets: Custodial vs. Non-Custodial Wallets

All You Need to Know About VASP FATF

Biweekly Dev Update: August 17th, 2022

Taiwan-based KryptoGO Secures US$3M in Seed Funding

Biweekly Dev Update: August 3rd, 2022

How to regulate virtual assets? –about FATF Travel Rule recommendations

FATF Methodology with the Rapid Development of Virtual Assets 

Different transaction monitoring mechanism between Fiat and Crypto

Biweekly Dev Update: July 20th, 2022

The difference between KYC & AML?

Always being a concern in the bank? Get to know “KYC” in 5 minutes

Biweekly Dev Update: July 6th, 2022

test 123123

Biweekly Dev Update — 20220622

Biweekly Dev Update — 20220608

Biweekly Dev Update — 20220525

3 NFT Tools Help You Manage NFT Assets More Efficiently

Checking the Security of a Crypto Wallet - Taking KryptoGO Wallet as an example

How do I know what chain to create my wallet on when using KryptoGO Wallet? 

From Metaverse to Your Real Life: Let’s talk about NFT identity and ownership verification

Top 3 Challenges in Regulatory Implementation for the Travel Rule

Why did we choose to develop KryptoGO wallet?

Why is DeFi Eating Traditional Finance?

Mistracking undercounts revenue by 60%…  Why is it so hard to track DeFi's performance returns?

A Debate On The True Value Of Blockchain.

The key to bringing down the traditional application wall - Web3's Seed Phrase / Mnemonic

Recommend Articles

Hot Articles

Hot Tags