When selecting the backup method of the wallet, the user can choose to backup one of the mnemonic, Keystore or plaintext private key, but ET Wallet strongly recommends that the user backup the mnemonic. Here are several reasons:
1. Keystore is an encrypted private key, but it is not convenient to copy. Under normal circumstances, it needs to be stored through network transmission, and Keystore often brings security illusion to users. There have been many use of WeChat collection Keystore or mail transmission. Keystore causes the token to be stolen.
2. The security level of the plaintext private key is the same as the mnemonic. It is an unencrypted private key, but the plaintext private key is very inconvenient for the user to copy and remember. If the private key has a transcription error, then the coin will be lost. The phenomenon, so we do not recommend backing up or transmitting the plaintext private key.
3. Mnemonics can manage multi-chain wallets, back up a mnemonic, and manage assets in multiple chains. Because the private keys are different on different chains, the Keystore is different, but the mnemonics can be consistent. Like ET Wallet 3.3.0, a set of mnemonics can be used to manage other public chain tokens such as EOS and ETH.
4. Mnemonics make it easy for users to copy backups. We recommend that users use physical media backup when backing up, that is, copy mnemonic backup. This backup method can be said to be the highest security factor, completely isolated network, and can effectively prevent professional attacks by hackers.