Security is probably the most innovative feature Blockchain technology brought, the feature to instantly transfer your funds from one mobile to another without any transaction cost is simply remarkable.
Like it or not, cryptocurrency is not all about the decentralized nature but far more and security is one of them.
So earlier today, a friend dmed me complaining they lost their password which simply means you are locked out from your account if this was mobile banking but this was no mobile banking but rather a mobile cryptocurrency wallet called TokenPocket.
TokenPocket is a multi-chain wallet that allows users to easily store (deposit and send) cryptocurrency across different chains while providing access to Dapps built on this supported blockchain.
TokenPocket while being a multichain wallet is also a non-custodial wallet this simply means users have sole control over their account and a private key is used.
A private key is like a bank signature, a bank account, a bank profile, well you get the gist but instead. Private keys are randomly generated in an alphanumerical word when you create a Blockchain account via a non-custodial wallet. This gives you access to your funds anywhere and anytime by simply importing it to another supported non-custodial wallet.
When importing a private key, in most wallets, users need to create a password as a secondary form of security. This password allows you to perform transactions via that wallet but you can override this anytime with a private key.
This simply means if a back up of the private key was made, that account can be easily restored to its previous state and all password removed with your assets still intact.
Glad to say the issue was easily resolved within seconds.
That said when creating a wallet always make a backup of your private key and store in a secure place for your eyes alone and no one else’s.
Till some other time, stay safe.
Cross posted from my Hive account @otemzi