Before Talking About The Main Topic, Let’s Take A Look At The Meaning Of The Word Mnemonic. According To Wikipedia, A Mnemonic Device, Or Memory Device, Is Any Learning Method That Helps Preserve And Retrieve Information In Human Memory.

Mnemonic Phrase, Reminders use special tools such as precise coding, retrieval clues, and imaging to encode all the information provided in a way that allows them to be stored and retrieved correctly.

Reminders help relate essential information to something more accessible and meaningful, which leads to better retention of information. We usually encounter reminders in lists and audio form, such as short poems, headings, or memorable phrases. Still, reminders can also be used for other types of information, both visually and tactile.

Their application is based on the fact that the human mind remembers spatial (personal), personal, astonishing, physical, gendered, humorous, or conversely emotional information more quickly than abstract and impersonal communication.

As an example, a memorable phrase like NICER DRUMS can be used to remember the ten organ systems of the human body:

• Nervous (nervous system)
• Integumentary (cover device)
• Circulatory (circulatory system)
• Endocrine (endocrine system)
• Respiratory
• Digestive (gastrointestinal tract)
• Reproductive (reproductive system or reproductive system)
• Urinary (urinary tract)
• Muscular (muscular system)
• And Skeletal (skeletal system)

Reminder phrase

In the world of digital currency, a reminder phrase (mnemonic phrase, mnemonic recovery phrase, or mnemonic seed) is a list of words that have all the information needed to retrieve it. Bitcoin wallet Or store other digital currencies. Wallet software usually creates a backup reminder phrase and asks the user to write it down on paper. If the user’s computer crashes or the hard drive crashes, they can re-download the same wallet software and retrieve their bitcoins using the support phrase they wrote down.

Anyone who understands the term backup can steal bitcoins, so it should be kept safe, like gold or cash. For example, this phrase should not type on any website.

Reminder phrases are a great way to back up and save Bitcoin. That is why almost all popular wallets use this method.

Reminder phrase artistry

There is a straightforward explanation of how reminder phrases work. The wallet software lists words taken from the dictionary, and each number is assigned a number. The reminder phrase can change to a number used as a seed in the deterministic wallet and produces all pairs of keys used in the wallet.

The English vocabulary has 2048 words for the BIP39 standard, so if the reminder phrase contains only 12 random words, 2048 ^ 12 = 2.132 number of combinations is possible, and the phrase 132 bits will be secure. But some standard BIP39 data is not random, so the actual security of a BIP39 12-word reminder phrase is only 128 bits.

This level of security has almost the same power as all Bitcoin private keys, which is why most experts believe it is secure enough.

A reminder passphrase or a two-step reminder phrase

Reminders, like all backups, can store large amounts of bitcoins. Since the value of your wallet can be very high, in many wallets, you can set a password for your reminder phrase.

It means more security for the keys.

This code can create a two-step reminder phrase in which “something you have” and “something you know” is both necessary to open a bitcoin.

Creating a two-step passphrase is that the wallet first makes a reminder phrase and asks the user for a password. And then, both the reminder phrase and the extra word are needed to recover the wallet. Electrum Wallet and other wallets call this passphrase “seed extension,” “mnemonic extension,” or “25th / 13th word”.

The BIP39 standard provides a way to express the protective passage of a reminder. A similar design is used in the Electrom standard. If a passphrase does not exist, we use an empty string instead.

Electrum uses Seyed; Seyed is a random expression in construction Private you are employed.

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The wallet can fully recover from its side. To do this, select the “restore wallet” option at the beginning of the wallet application.

Unable to recover password. But you can return your wallet using the seed phrase and then choose a password. If you forget both your password and your password, you have no way to get your money back. It is why Electrom asks you to write down your phrase on a piece of paper.

To return the wallet using the phrase Sayed, create a new wallet, select “Type,” then select “I already have a seed,” and enter the operation by entering the phrase, Sayed. Keep going. Simply!

Concerns about reminder phrases

Paul Puey, CEO and founder of Edge, believes that showing keys on a mobile screen or typing them on a mobile phone indicates a significant security problem, the reason for which is explained below.

Powell, with John McAfee, An experienced hacker and founder of the popular McAfee anti-virus software, held a meeting to discuss the security of Bitcoin.

 John, who has long been in the hacker community, makes two of the biggest threats to our devices, and Powell agrees:

• Keyloggers
• Screen capture malware

Today, both the Android and iOS operating systems can customize the keyboard, and there is a good chance that one of them will spy on your keys and send it to a malicious group. With a 12 to 24 word sponsor, we guarantee that you have offered your private key to the attackers in a silver container.

Show the words on the screen, and it will get all the screen image viruses. And if the user is asked to enter the terms to confirm the backup (many wallets do this), a keylogger will fail you (get all that information).

Some wallets claim to be very secure because they use a Secure Element chip to store keys on the phone’s hardware. But if the keys are displayed on the screen or typed on the mobile phone, all that hardware security will question.

So what is the solution?

Powell believes we need a more familiar yet secure way to protect against the two forms of malware mentioned above. The solution never shows the users their keys. It should never be displayed on the screen. And users should never be asked to type it on their mobile.

Instead, it can be encrypted with a separate set of credentials, such as a strong password, and then backed up using a 2FA authentication method to protect it. If a keylogger or screen grabber sees your encrypted password, it still does not have the encrypted information to decrypt it.

For decrypting it, a completely new attack vector is needed to access the data itself.

The last word for Mnemonic Phrase

Keeping your wallet safe is one of the most important things you can do to enter the digital currency market. Doing so is just your job, and there are many ways to increase protection and security.
No security method is perfect and is not a linear scale from minimum security to maximum security. What matters is which attack vector worries you the most.

Great solutions like hardware wallets are available in the market, but they also require an initial investment. When it comes to capital security, the amount at risk becomes very significant.