For a poor-mans glacier protocol, looking for:
One private key – an alphanumeric string used to secure the funds The cold storage address – an alphanumeric string designating the virtual “location” of the funds The “redemption script” – an additional code needed to access funds, shared by all private keys.
but can I accomplish something similar with the Electrum wallet? Based on IRC discussions, I've been pointed to
libsecp256k1 for generating the keys.
Where I get stuck is with the what, precisely, to write down and what medium to use. Because writing down a private key in its entirety seems a questionable endeavor, at best. so, it's a matter of noting the "words" used to deterministically re-generate the private key?
In that context, how do I use
electrum to generate a wallet approaching the security provided by something like the
glacier protocol? Assuming all else is equal, particularly with regards to quarantined hardware et. al.
There are two types of digital wallets: hot wallets and cold wallets. Hot wallets are connected to the internet while cold wallets are not. Most digital wallet holders hold both a hot wallet and a cold wallet. Hot wallets are most often used to make quick payments, while a cold wallet is generally used for storing and holding your money, and has no connection to the internet. Another difference that is apparent when comparing the types of digital wallets, or e-Wallets, is the price. While most hot wallets are free, cold wallets can be expensive.