What is crucial to know about “transferring funds” to a new system?

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Before launching a specialized web interface for transferring funds to a new system, we decided to provide crucial and, at the same time, useful information.

Firstly, this information will help you quickly understand the process of transferring funds, and secondly, you will secure your funds.

The main thing is to study the material to avoid any problems in the future.

Introduction

Reference. To make it easier to understand, we immediately note the definitions:

1. Core 1.0. — the previous system you used.

2. Local wallet, WIF (keys.txt) — Old software and standards that will not use In the new system.

3. TkeyNet the new system, which is the transfer of funds.

4. Web interface — a page where you will receive a key pair to access the new system.

The storage location

Let’s start with the TKEY storage location. Let’s analyze the basics. During the development of the Core 1.0 system, it became possible to store TKEY in different sources. A “cold” storage method, a local wallet on a computer, a mobile application.

“Cold” storage method

The user group who do not use a mobile application or local wallet on their computer. But they do have a file: keys.txt, which they received when they transferred funds from their account to the Core 1.0 blockchain.

Text File keys.txt is contained two values: ADDRESS and WIF. WIF is a key that confirms ownership of the TKEY in the old system: Core 1.0.

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Local Wallet

Software (GUI, Core) that install on a computer, laptop, server, etc. Using a local wallet, the user automatically created a wallet.dat file that is responsible for funds.

Software (GUI, Core) that install on a computer, laptop, server, etc. Using a local wallet, the user automatically created a wallet.dat file that is responsible for funds.

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TkeySpace mobile app

Most importantly, TkeySpace is a multi-currency wallet that supports 50 digital currencies, including tkey. As the company moves to the new TkeyNet system in the TkeySpace mobile app, the TKEY asset — will not work.

Reserve phrase of 12 words-is intended not only for the storage of TKEY but also for other digital currencies, except for groups: Binance and EOS.

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What is worth noting is that there are several user groups.

The first group. Users who store only TKEY in TkeySpace and do not use other digital assets.

In this case — you can use the “backup phrase” as proof of ownership of the funds. And after you submit your application, delete your wallet in TkeySpace, and if you plan to use other digital currencies, create a new one to generate a new backup phrase.

The second group. Users who use not only TKEY but also other digital currencies in TkeySpace. For transferring funds, twelve words will not use in the web interface because they cover other wallets. The authentication method will be different, which does not affect other digital currencies.

The Private Key

Given that there are enough storage locations, you can get confused about the very definition of the private key, and not understand which one to use and what is a private key in general.

However, the private key is your access to assets. So it is crucial for the company that you understand the principle of the procedure for transferring funds to the new system. Well, as to know why you need a private key.

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In simple words: one key — single access. Firstly, it is convenient. Secondly, it is safe, and thirdly, you do not need to store dozens of types of electronic keys in which you can get confused.

Of course, for users who may be “obsessed” with security, more than one key pair may be required. The new system allows you to generate any number of keys that you need.

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However, for classic use, complex actions are not required. Once secure the private key that you will receive in the web interface and sleep peacefully.

For a better understanding, we will analyze the concept of a private key in the context of a new system.

For a better understanding, we will analyze the concept of a private key in the context of a new system.

Understanding the Key Pair

The TkeyNet system is protected by cryptographic methods, which makes its use as secure as possible. In cryptography, there is a concept: a key pair.

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An encryption key secret information (a set of numbers and letters) that is used by the algorithm to encrypt and decrypt confidential information. The public key is available to everyone. The private key is known only to the owner.

A key pair in the new system

The public key is your new tkey-account in TkeyNet, where the TKEY’s will transfer. Why is the tkey-account used? Since it is possible to send and receive tkey from it.

A classic example is when you transfer money to a friend. You use their phone number or bank card number so that the bank can identify the payment. In TkeyNet, a tkey account use for this purpose, and convenience, you can use TkeyID, this universal identifier looks like an email, only instead of@, & is used — name&domain.com. However, it will be relevant to talk about TkeyID after the entire system is launch.

The private key is confidential information and is available only to you. The private key can consider, in the literal sense of its action, for example, as the key to a safe deposit box. If you have disclosed your private key, secret information, you have opened the doors to the safe.

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Protection of the private key

No complex actions are required to protect the private key.

  1. Save the private key to a clean (new) USB drive: USB flash drive or USB disk.
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2. Print or write down the private key on paper. If you plan to print, then do it on your computer, and not in a computer club or a place where the key can be compromised.

3. Make multiple copies: multiple printed versions, multiple USB drives.

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4. Distribute copies, for example: put one flash drive and a hard copy in a safe, and other copies in some other safe place/storage.

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Important. These are backups that will help you restore your funds at any time. For example, to log in to email, you use a password. Here you use a key, so pay due attention to it once, and then you can easily use the system.

Previously, a token, a flash drive for entering and confirming transactions in the Internet-banking consider a classic. You can think of a private key in this comparison too. The main thing is that you need to protect it from unauthorized persons and make several copies of it.

Note. Only the owner of the key has access to the funds — this means that no one but you will be able to send funds, block them, or make any other transactions with assets without having a private key.

Social engineering — “advisors”

Social engineering has long been the norm. In the context of information security, this is manipulation in dialogue with a person to obtain confidential information.

Important. Therefore, all third parties who want to help with the transfer of funds should be considered by you as a potential threat. Just don’t accept such offers to keep your funds safe.

Note. Our team will issue available instructions that will help you step — by-step-transfer funds to the new system. Also, note that support agents are always ready to help. They do not need confidential information to help you.

If someone on the social network Facebook or Telegram messenger asks you for wallet.dat or a backup phrase, or WIF — immediately refuse such an offer and complain about the message as “Spam.” Or inform the official support agents about such cases — we will take appropriate measures.

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Next, we will look at what actions need during the transfer of funds, and after, this will help you focus on the main thing.

Actions during the transfer of funds

The transfer procedure consists of four simple steps.

Step 1Generate and get new keys

In the first step, you will receive the public and private keys that we discussed above. As soon as the key is received, immediately save it to a USB drive “flash drive,” or better for two, you can additionally write the key on paper (notepad, notebook). In general, you need to do one action that will guarantee you access to funds for a long, period or a lifetime.

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Step 2 — Selecting a storage location

This step is much easier than the first one. Just choose where you store the TKEY at the moment: WIF (keys.txt), local wallet (wallet.dat), mobile app. We chose the method and moved on to the third step.

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Step 3 — Loading Data

In the third step, you upload a file to confirm ownership of the funds. For example, if you use a local wallet, then — wallet.dat, if you only have keys.txt — then specify only WIF or upload a file keys.txt entirely.

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Step 4 — Checking the information and sending the application

In this step, you specify the tkey-account (public key) that you received in the first step.

Important. It is the tkey-account, not the private key. We have already described this in detail above.

Next, you send a request. The system will check all the information and, based on the data, made a transfer to the new system TkeyNet to the tkey-account specified by you.

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What if you have multiple storage locations?

You will need to fill out the form several times, but when you re-apply. You can skip the first step if you do not want to generate a new key pair. Just specify the tkey-account (public key) that you have already received.

Thus, all funds from different storage locations will transfer to one tkey- account in the new system.

Actions after transferring funds

As soon as TKEY Online is released — you open TKEY Online — specify the private key in a particular field — the system checks the data — loads TKEY, all these actions done in seconds.

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All, as you made sure that from the old system (Core 1.0), all TKEY’s transfer to the new one — you can safely delete wallet.dat, WIF, and the local wallet on the computer.

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Now the private key that you received earlier in the web interface is responsible for all your funds.

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Theses

  • In the new system, TkeyNet — a single keys standard. There is no need for wallet.dat and WIF.
  • The private key is responsible for the funds. The private key should store in a safe place, preferably in several sources.
  • The private key is confidential information.
  • If you use several digital currencies in TkeySpace, the backup phrase also remains an important security element.

What do we recommend to do before transferring funds?

  1. Add bookmark the following sites: tkeycoin.com and tkey.org — this way you will always know that you are going to the official website, so you will protect yourself from fraudulent actions. In addition, the site added to the “bookmarks” is always marked with a “star” ⭐, which will serve as a kind of “beacon” for you.
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2. Add support addresses to the “Contacts” section of your email. This is usually done in the “Contacts” or “Address Book” section. Below are links to instructions on how to do this. Official support contacts: support@tkeycoin.com, support@tkey.org

Pros — you always know that you have received a letter from an official source. anyway, always check the support addresses: support@tkeycoin.com and support@tkey.org to avoid phishing.

3. Buy a few new USB drives (flash drives) so that they are on hand on the day the web interface for transferring funds is published.

The material turned out to be quite large, however, we expect that you have read it and understood the main meanings. If you have any questions, please feel free to ask them by our support agents at support@tkey.org.

Written by

Official TKEY blog in Medium. Infrastructure for the financial ecosystem

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