Prepare for the new HD wallet feature - Back up your private keys!

[aaron]

Next Monday, November 16th [Delayed till December. More info here], you’ll be able to visit your app store and download the latest version of the Incognito app. In doing so, you’ll gain access to the new HD wallet feature.

We will release a walkthrough of the feature so you can have a preview of what’s coming.

What is an HD wallet?

A hierarchical deterministic (HD) wallet is a crypto wallet that automatically creates a hierarchical (tree-like) structure under which to govern your private keys, and generates all addresses from a single master seed phrase.

You’ll be able to back up and recover all your keys with one mnemonic phrase. If you’ve used a wallet like Trust Wallet, for example, then you’ve used this feature.

The HD wallet feature will mean better key management, and pushes us further in the right direction for hardware wallet integration.

Back up your private keys!

In preparation for all big updates, and really, for everything that you do, you should back up your private keys. If you don’t, you run the risk losing access to your funds.

To back up your keys, simply click the “Keychain” tab from your Incognito app, and then click “back up”.

For more detailed instructions, see how to back up your private keys.

You’ll want to store them in a safe place that you have guaranteed access to should you lose your phone or computer.

What do you think?

Are you excited for the HD wallet? Share your thoughts in reply to this topic!

[JoyRaptor]

need and ui-ux help?

A single numonic phrase very nice.

[marko]

This is a GREAT improvement. Thanks to the team for this!

Would you recommend someone create a new wallet and then send funds to the new HD wallet? I’d MUCH rather back up a seed than what we have now.

If there are risk of users losing funds, a lot more needs to be done to warn people. Only a fraction of incognito users will see this post.

[ning]

Sure, up to you!

Quick note to everyone re existing keychains - if you’ve only ever created keys on 1 device (no deleting/re-importing/importing from another device etc.), you’ll be ok to generate a single seed for them. Any imported keys prior or subsequent to the update will be ‘unlinked’ - and will only be recoverable via the old way (private key).

EDIT: this is no longer accurate. keychains created prior to the update will only be recoverable with their private keys. you will of course be able to transfer funds from old keychains to new ones. more details on this soon.

[Matt6412]

Great work should be interesting to see it deployed!

[Stradimarius]

It is going in the right direction! We will need to be able to check if indeed all the previous private key are regenerated with a single seed. Great feature!

[Iksolon]

We are waiting for… tks a bunch!

[walkonwayvs]

Amazing this is an excellent move forward!! Definitely will be easier for users to understand instead of having to deal with the like 4 different wallet addresses and keys lol

[Brakley]

Awesome news! I really look forward to being able to store my keys on my ledger or trezor. How much closer are we to hardware wallet integration?

[Mike_Wagner]

@Brakley

How much closer are we to hardware wallet integration?

@ning

the general plan is for basic offline storage first (NFC) while we work in parallel on privacy v.2 (needed to complete Ledger integration).

@andrey

Objective: Privacy for applications and tools	Date	Status
Privacy v.2 on the application layer	May 2021

@ning notes that:

@ning

this accomplishes 2 things - it’s a test to see if there’s a sizeable demand for it (so we can confirm it’s a direction we want to prioritize for the future), and it’s an option for those who want/need it earlier.

So we need to keep specifically Ledger (and/or Trezor) hardware wallet support a hot topic for the team to understand there is “a sizeable demand for it”. A homegrown hardware wallet solution is not what we are asking for. It is support for existing hardware wallet(s), namely Ledger, Trezor, KeepKey, etc.

[Iksolon]

Please do it!

[ning]

Yup, Ledger asap! Privacy v2 probably goes on the testnet in dec, so we’ll start then. As with all integrations, some things are out of our control, so it’s difficult to commit exact dates. This one is for certain tho, unless someone/thing literally stops us.

Example - Trezor states that they will not support any coin/project (with its own blockchain) that’s not top something on cmc…

What I said about assessing demand etc more refers to our own options down the line.

[yapivo3175]

sound very promising, thanks to the team

[Kamiguya]

I’m here for a long time, so it means we have to back up all the keys before the big update launch? do we have to uninstall and redownload the app?

[Ducky]

Yes, please backup all your private keys and keep them in a safe place.
A detailed instruction about how to get HD wallet will be published for the whole community soon.

[Totto]

I looking forward. The best team ever.

[Will]

Integration or ability to use Incognito with a Cold storage Vault such as Ellipal Titan or Cobo Vault would be awesome!! Neither of those have any connectivity to the net( nor wifi or bluetooth, or NFC…completely cold), and require QR code signing to transfer from your cold wallet. Any ideas???