Hi. I am still relatively new to all of this, and I want to hang onto my iotex for a while and I’ve staked it already.
I’m still trying to understand the difference between a private key and a seed phrase. When I made this wallet, I think I have a private key?
And what if that key gets compromised? Since my tokens are staked, I don’t really have access to them anymore, but if the key is compromised during the stake, then can I still regain control (like moving them to a new wallet while they are still staked)? Like do I make a new Iopay wallet?
I’m looking to get a Ledger but in reading about them, I get confused over seed phrases (which I think are for the Ledger wallet access?) but is a Ledger wallet just a wallet for your other wallets? Like do I put my iopay wallet into my ledger wallet?
if that key gets compromised?
Your private key is everything I’m crypto world so if you loss it then. No one can’t help and there is way to move your stacking bucket to another address by doing reassign…
Essentially, the seed phrase is the same as your private key, but in a different representation. The private key is generated from your seed phrase, so if you know the seed phrase, you can find out the private key (if you know the derivation path). Not the other way around. You cannot find the seed phrase from the private key. Either way, it is your responsibility to keep both seed phrases and private keys secure, otherwise you do not have full control over your crypto assets .
Thanks for the reply. I guess I’m just wondering, what if I staked my tokens for a year, but six months into it, I realize I did something dumb with my private key and someone got a copy of it. The stake won’t expire for another 6 months, but at that time, we would both have a claim on the tokens. So during the wait time, could either of us lock the other person out? Or are staked tokens irrevocably tied to the iopay wallet from which they originated? I guess that’s the real question. From what I understand, adding a ledger wouldn’t do anything to stop the other party because they have the private key and they could just open iopay pretending to be me?