Reading Bigen｜I was wrong, the cold wallet does not contain money, but...

After two years of exposure to the currency circle, there has always been a deep misunderstanding of "cold wallets".

The appearance of the flash drive, coupled with the stereotype, always imagines that you want to "drag" the cryptocurrency into this storage device, just like moving files on the computer... Until a while ago, I started a CoolWallet Pro cold wallet. After playing with the experience, I realized that I was wrong, and I went back and reshaped my understanding of this cool thing.

It seems that " learning from childhood " is really important, so let this article take you to explore the related concepts of cold wallets, and take photos of the unboxing by the way (laughs).

■ Detailed from the beginning: private key, public key, address, mnemonic

First of all, you must understand where the wallet address (analog: bank account number) comes from?

Simplify the introduction of zombies: Initially, there is a set of private keys, which are random numbers without rules, and public keys that appear in pairs with them. The private key is subjected to "elliptic curve encryption" to generate the public key. This algorithm is irreversible, that is to say, the private key cannot be derived from the public key; the public key is converted several times... and finally the wallet address is generated.

⚠️ Private key → public key → public key hash ↔ wallet address.

The private key is a random binary number, which is just too verbose. So people convert it to decimal, and derive the " word list defined by the protocol " to make the private key simpler and easier to remember, which is the origin of the seed words .

⚠️ Private key (mnemonic) → public key → public key hash ↔ wallet address.

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Therefore, the "key" in the famous phrase " not your key, not your coin " refers to the private key (mnemonic), because through it, you can get all the values in the calculation process, so you must keep it well.

■ Enter the topic: private keys and cold wallets

"So much talking, what's the relationship with the cold wallet...?"

Just hold on for a while, let's continue to explore from " where is the private key ".

Generally, newbies who join the currency circle will most likely register an account on a “centralized” cryptocurrency exchange. At this time, the private key is not obtained , and the private key is kept by others , so the funds are actually "deposited" in the exchange (the wallet), which is the same concept as buying and selling securities in the traditional financial circle (the delivery account); You have to take a certain degree of risk, ranging from temporary freezing, or the platform goes bankrupt or the administrator's private key escapes, and your assets will disappear.

After a while, you may have heard of "hot wallets" like the Metamask little fox wallet . After installation, you can use it to interact with some "decentralized" exchanges. At this time, you have the private key, which is kept by you, and you may have copied it; this private key is stored in your device (software) natively , and the device (software) is exposed to " Dirty" environment refers to staying connected to the Internet, and there is no guarantee that one day there will be no accidents and mnemonic phrases will be hacked and stolen.

Therefore, as their encrypted assets become larger, more advanced players begin to think carefully about isolating the private key from the "hot" environment of the network connection and putting the private key into the "cold" palace. The reason why you should start a cold wallet. Cold wallets do not hold money, but private keys . Your cryptocurrency is still stored on the chain, but when you move these funds, the signing action is performed in a cold wallet (away from the network), and the resulting authorization is sent to the device (software) via Bluetooth transmission , complete the transaction.

⚠️ Where is the private key?
◍ Exchange wallet: The private key is kept by others.
◍ Hot wallet: keep the private key by yourself, and the private key is in the computer/mobile phone.
◍ Cold wallet: keep the private key by yourself, and the private key is in the "pen drive".

■ CoolWallet Pro cold wallet unboxing

It's time for the most anticipated unboxing!

After unpacking, the more eye-catching part should be the " card-shaped " cold wallet appearance. In this way, my wallet can really be stored in a wallet (in this case, a wallet)! Under the cover of other credit cards, get disguised.

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After the assembly is completed, connect the power cord to start charging. During this period, the CoolWallet application ( iOS / Android ) is also installed on the mobile phone.

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Turning the cold wallet to the back, I saw the product serial number in hot gold on the top left of the card, the electronic paper screen on the top right (the screen itself does not automatically emit light), and there is a physical button on the right side of the middle that tempts people to press and see. Due to the limitations, all English letters can only be expressed with "day" on the screen. It takes some time to get used to it. Can you guess what the English in the photo is expressing?

The answer is "PAIRED", and it has been successfully paired with the CoolWallet app on the phone.

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Since this is the first time I use this product, I created a new wallet. The system provides two ways to generate seeds (mnemonics): " generated by card" and " generated by app ". It is recommended to choose the former, which is more secure!

Of course, be sure to record the mnemonic during the process. CoolWallet kindly attaches a "RECOVERY SEED CARD" small paper card, allowing users to copy "every seed" on it.

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The operating experience of the CoolWallet app is similar to that of Crypto.com , with the feeling of a "currency market merchant" (rather than an exchange type with a pending order book), the only difference is that when signing, it is operated on a "card" to press the physical button. Is it a little more realistic to replace the click action on the LCD screen in the past?

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Saving and Staking can also be done in the app. Some USDT "fixed deposit" fixed income products have been seen, and the annualized rate of return can reach more than 8%.

After all, your cryptocurrency is still on-chain! Cold wallets do not contain money, but private keys . It is not stupid to have a clear concept, and it is finally clear!

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