What is an encrypted mnemonic phrase backup?
Encrypted mnemonic phrase backup is the encryption of mnemonic phase. It includes a mnemonic phrase password and a ciphertext QR code. You must use both of them together to import your wallets. The mnemonic phrase password is a password of 8 to 32 characters set by yourselves, which is used for secondary encryption of the mnemonic phrase.
The ciphertext QR code is generated by encrypting the mnemonic phrase with the above password.
Is Encrypted mnemonic phrase backup safe?
Yes. Encrypted mnemonic phrase backup = ciphertext QR code + mnemonic phrase password.
When using an encrypted mnemonic phrase to import your wallet, besides a ciphertext QR code, ViaWallet will also require you to enter your mnemonic phrase password. If the hackers fail to obtain these two things in the meanwhile, that means they cannot get your wallet.
How can I properly encrypt my mnemonic phrase backup?
ViaWallet advises you to save your mnemonic phrase password and ciphertext QR code separately. The mnemonic password is a self-set password composed of 8 to 32 characters. For security reasons, it is recommended to set a complex password containing uppercase and lowercase letters, numbers, and special characters.
Since the mnemonic phrase password is closely associated with the mnemonic phrase, ViaWallet will not save your password, nor provide a password retrieval function. Therefore, please back up your mnemonic password and store it separately from the ciphertext QR code.
Do I still need to back up my mnemonic phrase after encrypting my mnemonic phrase backup?
ViaWallet recommends you to back up your mnemonic phrase and encrypt your mnemonic phrase backup at the same time. In real life scenarios, most users’ assets loss are caused by their own negligence rather than hacking.
Although encrypted mnemonic phrase backup is safe, however, once you lose your ciphertext QR code or mnemonic phrase password, your assets will also be lost forever. In this case, you’d better back up your mnemonic phrase while encrypting your mnemonic phrase backup.
The encrypted backup can be applied for daily use and the mnemonic phrase is stored on physical media for backup. If you do not have enough time or are impossible to back them up in the mean time, you can encrypt your mnemonic phrase backup first, and then back up your mnemonic phrase.