Wallet Tutorial - manage your keys with a single phrase

[Jared]

How to use the Incognito app wallet feature

A hierarchical-deterministic wallet makes managing your Incognito wallet simpler and more secure. With it, you are able to back up and restore multiple keychains with just one 12-word phrase.

Dictionary:

Key - In cryptography, a string of characters is used to identify/access balances on the blockchain.

Keychain - a collection of related keys (private key, public key, read-only key, etc).

Master Key - Used to create and manage multiple keychains (which each contain multiple keys).

Seed phrase - In this case, a 12-word phrase that allows access to your master key and all keychains under it.

Masterless keychains - Your “old keychains” - keychains created before the release of the HD wallet feature that are not governed under a master key.

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Setting up your wallet

Learn how to create and save your new master key phrase.

If you had funds in Incognito before this update, your funds will be safe even after you create a new master key. We’ll look at where to access masterless (old) keychains later in this tutorial.

1. Create your master key

If you’re downloading the app, you’ll arrive at this screen prompting you to create your master key.

If you’re updating your app, you’ll be asked to back up your private keys. Follow the instructions as outlined in the pictures below:

Tap “Copy all keys”. Paste your keys somewhere safe. It is best to keep an encrypted backup, although that is outside of the scope of this post.

2. Name your master key

If this is your first time setting up a wallet then decide on what you would like to name your master wallet. For this demonstration we will use the name Master.

Next, read the screen and accept the warning and prepare to write down your seed phrase. When you’re ready, tap “I’m ready”.

3. Copy your seed phrase

Copy the words that appear on screen in the order they appear. You can also copy the QR code for ease of use. When you’ve finished, tap “I’ve saved my phrase”.

It’s good practice to store this phrase in multiple secure places that only you have access to. If you lose it, you’ll lose your funds. If someone gains access to your seed phrase, they’ll have access to your funds.

4. Enter your seed phrase

Tap the words you just copied in the correct order to confirm creation of your master key. Tap “Create master key”.

You’ll see your new master key by default, which will be empty. Don’t worry – accessing your old keys (and funds) is just a toggle away.

Finding individual keys (validator key, private key, etc.)

Tap to see how to locate important keys within their keychains.

Finding your keys is simple: Master key > Keychains > Keys.

In the “Keychains” tab, tap the key icon next to the name of the keychain that holds the key you’re looking for.

You’ll be brought to a list of the keys under that keychain, where you can copy an individual key to back up or import, assign a node to, etc.

For keys under a masterless keychain, follow the steps below to back up your masterless keychain, and tap the key icon there instead.

All keychains generated under a master key, along with all their keys, can be recovered with a single phrase.

Backing up your master key

Tap to see how to back up a master key.

To back up your current master key, click on More and then on Keychain.

Next, click on the Action tab and then tap on “Reveal Master recovery phrase”.

This brings you to your master key list, make sure to save or write this down in a secure place.

Importing master keys

Click to see how to import a master key.

1. Open Keychain Menu

Tap More and then Keychain.

2. Open Seed Phrase Manager

In the top right corner, tap the button to open the Seed Phrase Manager.

3. Tap “Import master key”

4. Enter the name and recovery phrase, and tap “Import”. Note, you can use the square box to scan a QR code.

All keychains under that master key will now be imported to this device.

Security, convenience, and progress

The HD wallet update will make managing your keys much simpler and more efficient. It also sets the stage for hardware wallet integration, adding yet another powerful security feature to the Incognito arsenal.

What do you want to see next for the Incognito wallet? Reply to this topic and let us know! And don’t forget to share this topic on social media to let people know they have access to privacy and security for their crypto!

[cureau]

so, 2 options, back up with master key and don’t back up with master key (which backing up the keys separately needs to be done). When we want to recover an account already in backed up by master key, is it also an option to also provide the separate private key for extra security (so master + separate private key)?

[Katoshicoins]

When the new version will be released, Do we need to do this procedure asap or we can skip and do it later keeping the private key we already have?

Otherwise, is it needed to switch directly to the new system and make a backup of the new seed?

And what about the amount we have on the liquidity pools?

if i understood well we should update the app and directly we are being asked to create the new seed but we can still use and import the privatekey so also if we loose the new seed we can always enter with the old key, true?

Sorry but i m a bit confused on the transition process.

[stixi]

Very cool! Installed it checked all the work! Low bow to the developers for the great work and sweat invested in the development!

[aaron]

Your current keychains will not be interrupted, and they will continue to function as they have, but you’ll also generate new keychains under a single master key. If you want to get rid of the keychains you have now that won’t be governed by the master key, you’ll
have to transfer funds from them to the new keychains first.

[aaron]

The private keys will be imported automatically with the master key phrase, but you can still use them individually if you need to.

[marko]

@aaron

Import - Import an individual keychain.

Masterless keychains will need to be backed up separately. Each is only recoverable using with its unique private key so please keep them safe.

This is the most important thing to note. I will probably send my coins to the new wallet address created by the HD wallet just to be safe.

[taind]

Great!

Is this available on SDK or anywhere for LSB to integrate? @binh @andrey

[binh]

Hi @taind @Katoshicoins
We had release SDK here to support HD wallet.

Release 1.2.0 · incognitochain/sdk-v2

[marko]

Just to clarify, a new user creating a seed phrase will not no longer need “anon, pDex, pDEXWithdraw, and validator” keys? Or it’s just that one seed phrase will contain all of these separate wallet addresses?

Also related, I think it’s @Ducky that says we should be using pDEX directly from the pDEX wallet address. Will the release of this HD wallet eliminate this by combining the wallet addresses into one?

[cusdt.eth]

For every new master key created, there will be an Anon keychain created inside as default. The pDex, and pDexWithdraw addresses will not appear until the user uses the “Add” function to add liquidity.

[marko]

Are the pDex & pDexWithdraw in the same derivation path backed up by the same seed?

[cusdt.eth]

Yes…

[Ducky]

Hey @marko,

Just to be clear:

• For new user (new install): @cusdt.eth said correctly that there will be Anon keychain auto created under every new master key. pDEX and pDEXWithdraw will only appear to new users when they start using the ‘Add’ function from the home screen.

• For old users (who have been using the app until HD wallet feature introduced): They already have 3 default keychains Anon, pDEX, and pDEXWithdraw. They all three are not gone when users upgrade to HD wallet, instead they’re listed in the ‘Masterless keychains’.

@marko

Are the pDex & pDexWithdraw in the same derivation path backed up by the same seed?

Yep.
For example: if you’re under the Charles master key, and you use the ‘Add’ function pDEX and pDEXWithdraw will be created under that Charles master key and can be recovered by importing its seed phrase.

[Adolt_Toland]

The update for ios is till not lived right?

[Ducky]

It’s estimated to be live on this Thursday or Friday. We will keep the community updated under this post.

[scooter]

Amazing! Looking forward to this app update…

[ninjit]

So I now have 7 keychains…

masterless:

1. Account 0
2. pDEX
3. pDEXwithdraw
4. pStake
5. node 1
6. node 2

Master:

7. Anon

This is getting a bit absurd.
I should only need 1 (maybe 3, if the nodes have to be separate)

[Mike_Wagner]

You could consolidate your funds from pStake and Account 0 to Anon, then delete those accounts. And if you aren’t providing 2-sided liquidity via Add, you could also consolidate any pDEX funds to Anon then remove both pDEX accounts (though you would lose some privacy).

[Ducky]

@Mike_Wagner

you could also consolidate any pDEX funds to Anon then remove both pDEX accounts

Just a clarification: for the time being, you can remove any keychain if you want, except pDEX and pDEXwithdraw keychains.