The phone that installed the wallet is broken, are my assets gone?
When the phone that installed the wallet is broken or lost, how can I get my assets back?
I think this should be a common question for many people who are new to blockchain or don’t know much about blockchain wallets.
Today we’ll talk about this question.
First of all, let’s look at where your assets are stored.
The blockchain is essentially a distributed ledger, with independently distributed nodes all having an identical copy of the ledger in which all transactions and flows of assets are recorded.
The primary function of a wallet is to randomly generate private keys and wallet addresses and access the blockchain network to receive and send digital assets.
The balance in your wallet is what the wallet reads the balance of your address on the aforementioned blockchain and displays for you.
For example, if you want to know how much you have left after combining all your income and expenses for the month, you need to go through your records one by one. And a wallet is the tool that can help you quickly load up each of your records, calculate your balance, and display it for you.
In other words, in the world of blockchain, a wallet is a tool used to help you manage your assets on the chain and read data, and your digital assets are kept on the chain and not in the wallet.
Since the assets are on the blockchain, which is kept in the wallet?
The answer is putting keys.
The encrypted assets are on the blockchain, but the public and private keys are placed in the wallet. The assets shown on the wallet are still on the blockchain network address, and the wallet is just presenting the code of the relevant encrypted asset on the wallet by way of it.
So if your phone or computer with a blockchain wallet is broken or lost, don’t worry about it.
As long as you have backed up your wallet’s private key, please download the wallet on your new phone and computer, import your backed-up private key, and you can get your previous wallet back.
There is something more important that you need to know.
While using your wallet, please be sure to carefully back up your wallet’s private key.
If you don’t back up your private key properly, you lose control of the assets in your wallet and no one can help you get your assets back, including the wallet party.
This is because decentralized wallets, while giving us absolute control over our encrypted assets, also require us to bear the sole risk of losing or leaking our private keys.
So, please be sure to remember that the first thing you do after creating a wallet is to back up your private key, properly and securely.
If you have your wallet’s private key, then you have sole control over the assets in your wallet.
That’s all for today. If you have any questions, please leave a comment on our official Twitter account or contact us in the discord.
NeoLine encrypted wallet is a decentralized digital wallet for NEO / GAS / NEP5 asset management, developed by the NEXT team, the Neo domestic technology community, and currently supports the Chrome extension and mobile.
Twitter:https://twitter.com/NEOLine20
Discord:https://discord.com/channels/748375438467793036/759298625477410826
