Questions about nanowallet, different types of wallets, and security

Tech Support
#1

Hi

I’m starting to use the nanowallet and have some questions, have read the guide a couple times and watched some videos but some things are still not clear yet. Could you please help?

  1. There is a red trash can symbol in the bottom right corner of the nanowallet ( when using the Mac desktop version). What does this do?

  2. Is there any way to purge on Mac desktop app? If not, is it safer to use the browser app so that I can purge?

  3. I want to create a multig setup and security is my biggest priority. Should I use a simple wallet, brain wallet, private key wallet, or some combination of these? Which is most secure?

3A) I see the guide says "A Private key wallet can only be created if you already have a private key for a previously created NEM address”. So I cannot make a private key wallet unless I already have a NEM wallet created already, so that means that I need to make a Simple or Brain wallet first, right?

If so, should I consider using private key wallets as cosignatories on a multisig wallet (after I make a simple or brain wallet first)? Or is it better to just use completely separate simple/brain wallets as cosignatories?

3B) I see the brain wallet in the guide but not anywhere in the nanowallet and have heard people recommend to use the simple wallet instead of the brain wallet, but not totally sure why. Does the brain wallet still exist? If so, should I consider using it?

3C) I can make a Simple wallet, but NanoWallet says:

“Please read about dangers that client side generated keys pose; we are not responsible for any loss that could be due to the entropy of key generation. Even if it is unlikely to happen, it is recommended to use a private key generated from a strong source of entropy.”

I’m confused about what this means and not sure what to do. I clicked on the link to learn more about the dangers, but it takes me to a technical paper that I’m not sure is talking about client side generated keys and doesn’t allow any search functionality to search for the term. I see it recommends using different methods to generate entropy in the private key and make it more secure, but the simple wallet only gives me the option to move my mouse around to create entropy. Can anyone please advise about this? Should I just use the simple wallet and create the entropy with the mouse and ignore the warning about the dangers of client side generated keys or is there some better, more secure way to do it?

4D) If i use a nanowallet on the trezor as a cosignatory account, then i don’t need to create a simple wallet, brain wallet, or private key wallet for that cosignatory account. Is this correct?

Thanks

#2

You answered question 1 with question 2 :slight_smile: The trash icon will purge your wallet, and make it no longer stored in the app. To remove the wlt file from your computer, you will need to search for the “.wlt” file, and delete it manually.

Use the simple wallet. Brainwallet is no longer an option in newest version. Brainwallet can be insecure if a secure password is not used. To prevent lost XEM, brainwallet is no longer an option. It is hard to advise multisig setups, as the multisig is only as secure as the storage method of the private keys.

Yes that is correct. There will be no private key to backup, you will rely on your Trezor backup as the backup.

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#3

Thanks Saul, that helps alot!

Still wondering, Should i be concerned about the warning on the nanowallet about entropy when creating a simple wallet? Are there any methods/steps that i should take or things that i should be aware of when creating the simple wallet to generate the private key with enough entropy? Or is it completely sufficient and safe to just move the mouse around when it says to?

It says:
“Please read about dangers that client side generated keys pose; we are not responsible for any loss that could be due to the entropy of key generation. Even if it is unlikely to happen, it is recommended to use a private key generated from a strong source of entropy.”

#4

New nanowallet 2.0.14 has additional source of entropy (mouse movement). In my opinion is totally secure (also for versions before 2.0.x) it’s only warning that nanowallet uses browser cryptography library and entropy is slice weaker than when using hardware entropy source like in old NCC. Still all online btc wallet generators also using browser so should be no problems with lack of security.

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