Seed phrase is a set of randomly selected words, with the help of which you can restore access to today's cryptowallets. The number of words can be from 10 or more, so remembering these words and their order is quite problematic. Because of this, the seed phrase is usually duplicated on paper or a text document. This approach solves the problem of remembering complex seed phrases, but at the same time, the chance of losing control of your cryptocurrency savings under various external influences increases for reasons independent of you. To maximize the storage of seed phrases, MagicSeed is developing a device with the same name that will store your Seed phrases in encrypted form.
The idea of the Magic Seed device is very simple - it encrypts a phrase up to 24 words in one word (password), which the user can easily remember. Thus, you can access the seed phrase only by knowing the code word and having the device in your hands, which complicates the theft of cryptocurrency as much as possible. Another important difference from other crypto wallets is that Magicseed works without an Internet connection and, accordingly, remote hacking of such a wallet is completely excluded.
The image below explains how the seedphrase encryptor works
- Choose an initial seed phrase
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Choose your SecretKey (something you can easily remember)
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MagicSeed generates a QR code associated with your secret key
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Using the QR code plus SecretKey, you return to the original seed phrase
It will be possible to buy Magic seed only in the summer of 2020 at a price of 79 EUR, if the company fulfills its promises despite the fact that on the site indiegogo.com developers have collected a total of 7700EUR instead of 50.000EUR.
Magic seed can be a good alternative to recording on paper or other similar devices like CryptoSteel, CryptoTag and BillFodl , while offering an even higher level of information security.You can learn more about Magic stell on the website of magicseed.io
