Ethermint implements the Ethereum program execution environment EVM (Ethereum Virtual Machine) on a Cosmos-based chain that aims to link multiple blockchain. It’s like an Ethereum emulator in a nutshell.
Aragon is a project that has withdrawn from Ethereum and moved to its own chain. The reason is that Ethereum is slow and the fees are high, and it is not known when Ethereum 2.0 will be solved, which will solve them. The goal is to be able to operate a complex company-level organization in a distributed manner.
A anon-system.live that can be used with a smartphone is a very convenient service, but there are some things that one must know about Ethereum/ETH.
1. be careful about storing passwords and private keys
The first caveat is being careful about storing passwords and private keys.
For example, cloud services such as online storage are being increasingly used by people to reduce the capacity of their computers. However, storing passwords in the cloud is risky because such places are always at risk of hacking.
You should also avoid saving it in a memo on your smartphone. Smartphones also have a non-zero risk of hacking, and if lost or stolen, there is a risk that the contents of the memo will be stolen.
A smartphone wallet is easy to carry and convenient because you can manage transactions and assets anytime, anywhere, but be sure to keep your password and private key strictly.
2. Adjust the amount of currency stored
The second is to adjust the amount of currency you store.
Hot wallets connected to the Internet are always at risk of hacking. When storing virtual currencies, avoiding managing a large number of currencies at once, and using multiple wallets according to the frequency and purpose may reduce the risk.
It is also essential to thoroughly check the security function of the wallet.
3. Download the application from the official website
Third, download the app from the official website or a trusted store such as the App Store or Google Play.
There are also malicious websites that disguise themselves as official websites. If a virus is installed in an app downloaded from a fake site, assets may be stolen.
Therefore, as a self-defense measure, only download apps from official websites that you trust.
Ethereum/ETH hardware wallet
One way to manage your private key offline is to use a hardware wallet. It is among the best bitcoin wallet which is used in bitcoin trading so that trader can easily make money online.
What is a hardware wallet?
A hardware wallet is an external device that stores private keys. As it becomes a cold wallet while it is not connected to the computer via USB.
Web wallets and software wallets that are hot wallets carry the risk of hacking, while hardware wallets do not.
If your hardware wallet fails
Here, being able to manage offline is safe for security, but you may be worried about what happens if your hardware wallet fails or is lost.
However, since the private key corresponds to the activation key that comes with the purchase of the hardware wallet, you can restore the contents of the previous private key by entering the key in the newly purchased main unit.
Disadvantages of hardware wallets
On the other hand, hardware wallets also have their disadvantages.
Depending on the product, it can be said that there are many disadvantages, such as the price being 10,000 yen or more. It may feel like a burden to those who do not have much money in virtual currency.
However, if you were to hesitate to spend 10,000 yen and lose all your assets, you wouldn’t have a child. When you start managing a certain amount of assets, you may consider decentralized storage of assets in a hardware wallet.
For example, famous hardware wallets include TREZOR and Ledger Nano S but are sure to purchase them from the official website or an authorized distributor when you purchase.
If you purchase from a location other than that, there are cases where the activation key is stolen and there is a risk that valuable assets will be stolen.