BitShares Forum
Main => Technical Support => Topic started by: Permie on June 19, 2017, 05:41:57 pm
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Hello,
When backing up an account, you are given the option of backing up with a .bin file OR a brainkey.
There are 3 variables in account creation: a password, a .bin backup file, and a brain key.
Is a brainkey ALL you need to "reinstall" your wallet info?
If you use a brain key (12 words written down on paper) do you ALSO need a password and a .bin file?
Is an account that is backed up with JUST a brainkey safe?
Thanks
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You need to get a clear understanding how brain keys, wallets and accounts are related.
A brain key is a kind of seed for generating private keys.
A wallet contains private keys. These keys could have been constructed from a brain key, or they could have been imported from somewhere else.
An account is controlled by one or more private keys. The GUI considers an account as your own if the private key for the account is in your wallet.
If you backup the wallet, the backup will contain all keys that are in the wallet. The backup is protected by a password, otherwise someone who manages to steal your back would be able to steal your accounts as well.
You can construct a new wallet with your old brainkey. From that, the new wallet can reconstruct all private keys that were originally constructed from it. That way it can also access all accounts controlled by those keys. However, the new wallet cannot reconstruct any keys that you imported manually.
Advice: create a new wallet with your brainkey and check if you manage to control all the accounts you're interested in. For extra safety use a different browser and/or different computer, if you own one. Do not use someone else's computer for this!
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Thanks so much for your reply :)
Hyptothetical scenario:
1)Someone creates an account with OpenLedger and then backs it up with ONLY the brainkey.
2) Someone then imports a cold storage private key to the account.
This account now houses (Brain_key seed private keys) + (new unrelated private key)
3) Someone then sends ALL FUNDS to themselves
Does this account now house ONLY (brain_key seed private keys)
In this situation, is a brainkey backup sufficient?
Is a new backup required after every transaction?
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Your account does not house keys, nor can you import a key to an account.
Accounts are controlled through keys. Wallets contain keys.
If you import a key into a wallet, the wallet will keep the key no matter where you send your funds.
The brain key "backup" does not contain any additional unrelated private keys you may have imported into the wallet.
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Thanks so much for your reply :)
Hyptothetical scenario:
1)Someone creates an account with OpenLedger and then backs it up with ONLY the brainkey.
2) Someone then imports a cold storage private key to the account.
This account now houses (Brain_key seed private keys) + (new unrelated private key)
PCs explanations are perfect, but I'll add some clarifications.
At this point your WALLET contains the keys generated for your account from the brain key, as well as the imported key.
3) Someone then sends ALL FUNDS to themselves
Does this account now house ONLY (brain_key seed private keys)
In this situation, is a brainkey backup sufficient?
Is a new backup required after every transaction?
In this case your brain key would indeed be sufficient since the unrelated private key contains no funds anymore. If that private key contained unvested balances however you would need to reimport the key in a future wallet restored from the brain key in order to claim those balances.
A new backup is only really needed after importing unrelated keys, transactions don't matter.
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Thank you very much :)
So to summarize;
When importing a new private key from cold storage:
Use Openledger.io or bitshares.org/wallet to create a new account "Example-Account-Name444"
Under this account, a WALLET is created (you have the option to add more wallets to the same account if you like).
BACK UP this account. Settings > Backup > Backup from brain key.
Write down the 12 brain key words on pen and paper, write 2 copies and store them in 2 separate secure locations. (If your house burns down, you'll be glad of another copy somewhere else)
Go to 'Import Private Key'. The funds from the private key should now show up in this WALLET.
Send ALL FUNDS to yourself. Send funds to "Example-Account-Name444'
Your private key funds, and any future funds that you send to 'Example-Account-Name444' are now secured entirely by your 12 word brain key.
ITS NEVER ADVISABLE to throw away any previously used private keys, but THEORETICALLY you could throw away your now-old cold storage private key because all of the funds are now secured by the brainkey.