Seed phrases vs Password

More from Mybucks.online

Do not ask wallet address!

In the world of cryptocurrency, transferring digital assets is often a cumbersome process, mainly due to the requirement of wallet addresses. Mybucks.online offers a solution to simplify this process significantly, eliminating the need to ask for a wallet address when making transfers. With Mybucks.online, you can create a random wallet in seconds and deposit cryptocurrency into it. You then share the wallet with your friends by providing a password and passcode, or even as a URL. This may so...

Seed phrases have traditionally been used for cryptocurrency wallet recovery, offering strong security by allowing users to access their funds across devices. However, they can be cumbersome because users must record and securely store lengthy sequences of words.

Given the widespread use of passwords for securing digital activities, Mybucks.online proposes generating a crypto wallet using a password and a one-way hash function. This approach allows users to generate a private key from a password instead of memorizing a long seed phrase.

The main threat to this system is from malicious attackers who may attempt brute-forcing or rainbow attacks. Consequently, significant attention was given to selecting an appropriate one-way hash function. The chosen Scrypt hash function is an industry standard, non-reversible, and consumes high computational resources, making brute-forcing impractical.

This method offers several advantages. It is user-friendly, as users only need to remember a password for frequent wallet access. The security is enhanced using the Scrypt Key Derivation Function, which protects against brute-force attacks. Privacy is maintained since everything operates locally in the browser without involving third-party data storage or APIs.

Furthermore, no information is stored during sessions; refreshing or closing the browser leaves no trace. Mybucks.online is particularly beneficial for those who frequently manage crypto assets and value quick, hassle-free access. It is ideal for users prioritizing privacy since all processes occur client-side, with no external data dependencies.

While both seed phrases and passwords have their strengths, Mybucks.online provides an appealing solution that combines convenience, security, and privacy for modern cryptocurrency users. This password-based approach offers a seamless and secure way to handle digital currencies and also introduces more interesting use cases.