How do we access our private keys for our wallets on tokenized ? Thank you in advance - user
Hello, you can backup your recovery phrase (24 seed words) by following the steps below (photos are shown below):
- Open your mobile authenticator app and click on the settings button at the top right.
- Click on your account
- Click on 24-word recovery phrase
- Please make sure to write these down and/or save them to password manager. We limit access to these words for your security once you’ve backed them up so someone can’t steal them from you if they get access to your phone. We will have to manually help you access them again once you’ve backed them up.
- You can also backup a decryption key for your 24-word recovery phrase to your GDrive or iCloud on the same screen as an option. We have an encrypted version of your keys on our servers for safety, but we don’t have the decryption key and never are able to access it. For maximum security we recommend you write down your 24-word recovery phrase and store it somewhere safely (e.g. safe, bank vault, password manager).
Thank you for your reply. The process you mentioned is for the recovery phrases that I have already done. I am speaking of the private key that can be linked to identity.
The recovery phrase (mnemonic, 24 seed words) is actually used to derive all of the private keys used for your wallet on Tokenized. We use a new set of private keys for every receive of bitcoin or tokens to ensure privacy. Unless you use raw bitcoin addresses, then they there are a limited number and might be reused). Each key is derived using BIP32 and our own custom derivation paths based on whether you are using your individual wallet or a wallet associated with a multi-sig or other entity in our system.
If you talking about the private key associated with your public key used in PKI (public key infrastructure) for paymail identity? We don’t really use that as we don’t have the user sign outgoing paymail requests. We are working on protocols to establish private identity within private relationships with other bitcoin users.
I know in the past with other mnemonics, I have had to know the derivation path. For example… lets pretend something happened to tokenized, and I wanted to restore on Simply.Cash or ElectrumSV. Is the derivation path available (publicly or privately)?
All the private keys are derived from a master private key correct? This master private key can give you access to your funds at any point if you have it. For example, I was a previous ElectrumSV wallet user and from the wallet you could export your private key and use that key in any wallet to retrieve your funds. This is the private key I am speaking of. Your help would be appreciated. Thank you
It is definitely public though if you access your coins from another wallet while it is still active on our platform we can’t guarantee that our platform will continue to work as we expect to control the wallet.
The derivation path is:
It is BIP32. The single quote represents a “hardened” index which is defined in BIP32. The profile, vault, and lock box all default to zero for your individual wallet and will increment based on other entities you join. The type is like “receiving” 0, “change” 1, which are fairly standard, except we also use 2 for “unmonitored receiving” which means only for p2p transactions because we don’t scan the blockchain for them, and we use 3 for “reserved” addresses that have static usage on chain for instance for being an administrator of a contract.
Yes, I call it a master extended private key because it has other values attached to the private key to allow it to better derive child keys. This key is a BIP32 key directly derived from the recovery phrase (mnemonic) using the algorithm defined in BIP39.
We don’t recommend you use that private key outside our platform as our platform relies on directly seeing all activity and does not scan the chain for everything. It also makes reservations for pending actions and if another wallet is spending those reservations then it will break your wallet on our platform.
Thank you Curtis,
Very nice and thorough explanation, which I was familiar with some. My reasoning is for backup security purposes ONLY. Similar to something James said in a recent inteview… that sort of “worst case” scenario in which Tokenized Servers / Business suffered some sort of massive, unexpected failure. NOT expecting that… NOT trying to fear monger, but absent having all private keys, it just makes sense to have an emergency fallback. I can’t see any reason to restore a wallet on another platform unless Tokenized simply stopped working - because it would actually be easier if it was working, to simply send the funds to the new wallet.
But thank you for the info! I will archive for my future personal security.
You are very welcome.
Yes, of course. I just wanted to make it clear you don’t want to run two wallets on the same keys.
We definitely want to make it clear that our users own their own keys and we don’t even have access to them, except in encrypted form for backup where we don’t have the encryption key.
And yes, we do also want to make sure people know how to access their wallets in the worst case. We think we have a better revenue model than most wallets so we plan on being around for a long time to keep your wallet working.