Why you should never see your private key: How Gridlock keeps keys safe

12 Jan 2022

When it comes to your crypto wallet, you should never see your private key. Private keys are essential for accessing your coins, and if they fall into the wrong hands, you could lose everything. That's why Gridlock is so important – it splits up your keys and keeps them safe. If you ever need to access your coins, Gridlock puts them back together for you. 

A private key is a unique code that allows you to access your cryptocurrency wallet. It is stored on your computer or mobile device and is used to sign transactions, providing proof that the transaction came from you. Unlike a public key, which is shared with others, a private key must be kept secret. If someone else learns your private key, they can access your wallet and spend your cryptocurrencies. For this reason, it is important to keep your private key safe and secure. One way to do this is to store it in a password-protected file or use a software program that encrypts private keys.

However, it is better for you to never see your private key at all.

Your private key is just that - private. That means only you should know what it is. If anyone else knows your private key, they can access your account and any funds associated with it. Even with just you being shown your private key, you are at risk.

It's much safer to keep it hidden.

Better yet, consider encrypted key splitting - a process made simple by Gridlock. With our distributed crypto wallet, your key is split into pieces that are held by you and your friends, or guardians. However, neither you or your guardians can ever see or access these pieces of your key. Better still, even if you could, a single piece of the key is useless alone! You need at least 3 parts of the key to sign a transaction, and this happens autonomously and exclusively through your account on your device.

The benefits of key splitting are undeniable. For example, the people you assign as guardians can be relied on for recovery. If you lose your device, ask your guardians to approve your re-entry. This is better than a seed phrase because you can trust your friends and you do not want to risk losing your recovery method. Read more.

Furthermore, the chances of a hacker stealing your funds are extremely low because they would need access to your device and your guardians' devices which are in different places across the planet.

It's becoming obvious now, private key splitting is the best way to protect your crypto wallet.

There are a lot of ways to lose your crypto coins. Private keys are just one way. If you're not careful, you could easily lose them. That's why it's so important to be aware of the risks and take steps to protect yourself. The best way to do this is to use Gridlock to help you keep your keys safe.

Keep your private key hidden and never show it to anyone, even yourself. With Gridlock, you can be sure that your keys are always safe. So why take the risk? Get Gridlock today and rest easy knowing your crypto isn't going anywhere.

Don't risk losing your crypto – get Gridlock today. Reach out to us on Discord if you have any questions!

- - -

Written by Reid Zedkongor

a6 (1).jpg

Reid Zedkongor is peeling away layers of confusion around blockchain and cybersecurity. With a computer engineering background, he can dive into the details of crypto complexities to make crypto adoption easy for everyone. In his free time, he often reads fiction or enjoys a good laugh over a beer.

Don't miss out on new features and special events