Cold Storage Options for MAID in 2017?


#1

Hey all, what’s the current options or securing MAID?

Hardware wallets?
Paper wallets?
Cold storage computer?

Please get me up to speed.

Thanks


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#2

lol this isn’t an area that has rapid updates or news :stuck_out_tongue: ever.

same old same old, make secure BTC addresses, keep private keys safe (offline), send MAID there for holding, until network launch.


#3

Anywhere I can find a guide for MAID cold storage?


#4

Depends on how much you know now.

If you have MAID and know how to send then one way is to

  • go to bitaddress.org
  • made a bitcoin address by following their instructions
  • record “on paper” the address and private key
  • send your MAID to the address
  • remember to send a few dollars worth of BTC as well since you need to pay fees when you finally import the private key to send your MAID elsewhere

#5

As far as I know, no hardware wallets support the Omni protocol yet. You could use the Bitcoin address in a hardware wallet to store MAID of course, but with having to gain access to the private key of the Bitcoin address to access the MAID, it is kind of pointless (normally the private key would stay hidden inside the hardware wallet…that’s the whole point). So IMO paper wallets are still the way to go for MAID.


#6

The only option I’m aware of is Armory on an offline computer (Tablet / laptop with 64-bit windows easiest, Linux / Raspberry pi if you’re an expert / want to spend hours messing around to get it working).

Clunky compared to a Trezor or similar, but a workable hardware wallet solution. Hopefully slicker options will develop in time, as I know the Omni team have been looking into it for a long time.


#7

Interesting. Sounds like a good option for sweeping the paper wallets.
I found this tutorial on using Armory for offline transaction signing, with the Omniwallet web wallet being used to broadcast the signed transaction.


#8

Anyone reading this, thinking of sending Maid to a hardware wallet address, don’t rely on this information. Check it yourself first please!

I was looking at hardware wallets recently, particularly the Leger Nano S (I think it’s called). I reckon you can send Maid to a hardware wallet address, and then leave it there for long-term storage. Because the hardware wallets I looked at use a seed during setup it is possible to access private keys when you need to do so. So long as you keep the seed safe I think this is a reasonable way to do it. If you already have a hardware wallet device this could be more convenient than using a paper wallet or Armory in certain situations. Paper and Armory are both very good though.

It’s becoming increasingly necessary to ensure you use some solution to get away from hot wallets for long-term storage. The more options the better?


#9

One irony with discussing this is that the more information an individual gives away about their approach, the less secure they become. But it can help others to become more secure…


#10

Fair enough. The key point, regardless of approach, is keeping the private keys offline and signing the transactions offline.

edit: should have also including ‘generate offline’, in addition to store and sign offline.


#11

Absolutely. By the way I like your choice of words here: [quote=“drehb, post:10, topic:13921”]
The key point
[/quote]

:laughing:


#12

Can I ask you to create a new address and see if you can generate its private key to “prove” the “when you need to do so”

I ask for myself & others and in particular for yourself so you don’t get caught later on. Obviously the address you generate is a throwaway address since the private key will exist outside of your hardware wallet when you do the test.


#13

Im not sure if this helps… I’m trying to follow your concern. The seed creates a master Key … in HD … the same master key always, and… Then that master key creates a tree of private keys… The same private keys .


#14

Ah yes, I want to ensure that there are no hiccups in that process. It would not be the first time that something that should work doesn’t because of some reason and if something were to go wrong its an expensive hiccup.


#15

That is exactly how Hierarchal Deterministic Deterministic wallets work.


#16

Only thing could go wrong is wrong seed used. But I totally get why your concerned. Smart.


#17

Yes its the results of a failure.

It could be as simple as the algorithm in the h/w wallet being different to the others/standard., or the h/w inverts the seed or a number of other mistakes and/or BUGS.

I thought it would be a simple thing to confirm all is good and well worth the test considering what is at stake.


#18

The reason I don’t advise using a hardware wallet like Ledger Nano S for MAID is because most people will probably store other cryptos on the hardware wallet as well. The key selling point of the hardware wallet is that it always keeps the private keys isolated inside. When you start messing about to retrieve your private keys, this sanctity is broken, and you are left with the same security as if you had used a paper wallet, provided that you did your paper wallet generation offline. If you are using the hardware wallet only for MAID, it is a valid option as it at least takes care of the offline generation and storage aspects for you. Just no offline signing without retrieving your private keys until there is Omni support.


#19

About a month ago, I purchased MAID on poloniex. I created and stored the MAID on Omniwallet.org. To test trial cold storage, because I’m new, I created a bitcoin address. And only sent a small amount of my MAID to cold storage while writing down my address and private keys on a piece of paper (also on another piece of paper in another safe location). The 10 MAID coins I sent to the bitcoin address are still there which is obviously good/expected, but now I’m a little nervous about sending the rest of my MAID coins that are still in my Omniwallet.org only because I’m nervous about the private key (that begins with a 6) not working when I eventually want to move them to a secure wallet. Like if Coinbase ever decides to implement Safecoin down the road (is that the plan?). Should I just test trial sending the 10 MAID coins that are in my bitcoin address now? If so, where should I send them and where would I enter my private key in order to send them?


#20

I agree with your sentiment. Unfortunately I’ve never used one before :astonished: BUT, I will soon have the opportunity to use one and I fully intend to check the functionality w.r.t. recovery of private keys. I will report back on this thread if nobody else get’s there first (unless you particularly trust my word, then I’ll chime in too! Ha ha).

@drehb - from my research I discovered that the Ledger Nano S is actually very flexible. Surprisingly, it overcomes your concerns mentioned in your post above! I don’t have time right now, but I intend to come back to this thread with an explanation. IIRC it involves BIP39, password salts and using different seed phrases for each device PIN. There’s even the ability to employ a plausible deniability use case.

Other hardware wallets are available! :laughing: