The private key for dummies. How to keep, how not to lose. Hold your Q DAO and USDQ safely. Platinum Follow Nov 4, 2019 · 4 min read

As a co-founder of Platinum Q DAO Engineering, Anton Dzyatkovskiy is directly involved in introducing cutting-edge technologies B2B, making the inner processes convenient and precise. The fate of crypto enthusiasts is to bring the most complex and trending solutions to life and make the world a more progressive place. Anton Dzyatkovskiy is that type of person. Reach a new level of crypto mind by reading this article.

Where do you store your private keys? On the exchange, in the notepad, in Cloud notes? We at Platinum Q DAO Engineering recommend the wallets for long-term savings. Because nothing can be long-term if you can’t keep your funds secure. But first, we have to understand our main point in security.

The explanation of a private key.

Do you know what a private key is? It’s a sequence of numbers and letters in hex code, that allows accessing a certain address on the blockchain. It’s pretty safe, as it’s impossible to crack a private key by brute-forcing — it’s protected by the magic of big numbers. There are so many addresses on blockchain, that even if we tried to check all addresses and kept checking one million in a second, still it would require more time than our Universe exists. A private key contains out of 32 to 64 characters, depending on the blockchain. It’s hard to break even a 15-character password, that’s why you can be sure that you’re protected from that side. But you still have another danger — to give out a private key to scammers who hunt for them. If you keep all crypto on some exchange, you don’t even own the private keys for your money, so if the exchange gets hacked, you lose everything. Hacking an exchange is definitely hard, but it’s easier than blockchain brute-forcing. Try not to keep money there. So, what can you use as a wallet to safely store your crypto, such as Q DAO and USDQ tokens?

The wallets for safe storage.

The first one is MyEtherWallet. It’s the most popular wallet with a web interface, which is pretty safe and can be used to store all ERC20 tokens. Beware of phishing sites that look like MEW, and always check the address for the green locker icon, which means it’s a legitimate site.

Another great wallet is Exodus. It’s a desktop wallet, and it can be used if you don’t trust web interfaces. Of course, you have to download it only from the official site. It’s totally free to use.

And the third option is to use a hardware wallet, such as Trezor or Ledger Nano S, which provide the greatest security, as your keys never leave the device. However, it’s expensive, you have to pay at least $100 for it, but if you have a lot of crypto, it’s worth the price. You can keep your Q DAO and USDQ there, as it supports ERC20.

Small tips for security.

Anyway, no matter which wallet you use, when you create a new address, you receive a private key. Never keep the private key in any of the online storages, such as Google Drive, iCloud, or Evernote since these storages get hacked. The best way to keep it is to write down the private key on a piece of paper (better to make multiple copies) and keep it in a safe place. Or save it in the document and store it in a flash memory stick, never using it for other purposes. Also, you can save a seed phrase, a combination of 12–24 words that can help restore your private key if you lose it. You can also care about the transfer of your funds to your heirs in case if something happens to you by making a will and placing a copy somewhere for those who may inherit you.

It may seem like a complex thing but remember: no one except yourself is responsible to keep your funds safe in crypto. And we at Platinum Q DAO Engineering want you to be protected and never lose even a small fraction of your Q DAO and USDQ funds (as well as all other tokens too).

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