URGENT: HOW TO CREATE A NEW ANCHOR WALLET (GREYMASS ACCOUNT)-TO SECURE YOUR XPR TOKENS (+OWNER CERT)

Summary

This video provides an urgent update regarding the Anchor wallet situation for securing Proton (XPR) tokens. The previous method of anchoring a web or wallet is deemed insufficient. Instead, users must create a new paid Anchor wallet account to be the true sovereign owner with a deed certificate. The video meticulously guides viewers through the process of downloading the Anchor wallet, creating a new Proton account with a unique '.GM' address, backing it up with an owner certificate, and transferring tokens from the web or wallet to the new Anchor wallet. Emphasizing the importance of ownership and security, the video aims to help users safeguard their digital assets amidst potential blockchain forks or attacks.

Takeaways

• 🔑 The anchor wallet provides better security than just linking/importing your web or wallet, as it separates the owner key from the active key.
• 💰 To create a new proton account on the Anchor wallet, you need to pay a small fee (e.g., 99 cents).
• 🖨️ The Anchor wallet generates an owner certificate (similar to a deed) that proves your ownership of the account.
• ✍️ You need to write down an encryption key provided during the account setup process to secure your account.
• 💼 It's advisable to move your XPR tokens and other assets from your web or wallet to the newly created Anchor wallet account.
• 🔍 The Anchor wallet may not display the value of your tokens, but you can verify your holdings on the XPR Explorer.
• 🌐 UniCov is the web wallet interface that integrates with the Anchor wallet for sending, receiving, and signing transactions.
• 🔄 The previous method of just linking/importing your web or wallet keys is insufficient for securing your assets.
• 📢 The video emphasizes the importance of sharing this information to ensure others properly secure their accounts.
• 🕵️ The research by Twitter user EX ARB brought attention to the security issues with just linking web or wallets.

Q & A

What is the main purpose of this video?

The main purpose of this video is to provide an urgent update on how to properly secure XPR tokens by creating a brand new Anchor wallet account, as simply anchoring a web or wallet is not sufficient.

Why is it not enough to just anchor a web or wallet?

According to the video, anchoring a web or wallet by importing private keys is not enough because with a web or account, the active and owner keys are fused together, making it less secure. With an Anchor wallet, the active and owner keys are separate, providing more security.

What is the difference between a web or account and an Anchor wallet account?

With a web or account, the user is not the complete owner, as the active and owner keys are fused. With an Anchor wallet account, the user is the complete sovereign owner with an owner certificate, separating the active and owner keys.

Why does creating a new Anchor wallet account cost money?

The video suggests that the pay wall for creating a new Anchor wallet account is something to prevent people from "stumbling into it," implying there may be a reason for this cost beyond just a fee.

What is the process of creating a new Anchor wallet account?

The process involves downloading the Anchor wallet app, creating a new account (choosing Proton and paying the fee), creating a backup and printing the owner certificate with the account name and encryption key, and then moving funds from the old wallet to the new Anchor wallet account.

What is the significance of the owner certificate?

The owner certificate is a unique function of Anchor wallet that serves as the deed to the account, proving the user's complete ownership. It includes the account name, network, and a 28-word seed phrase, plus an encryption key.

Why doesn't the Anchor wallet show the value of tokens sent to it?

The video suggests that the Anchor wallet may not show the value of tokens sent to it to avoid substantiating that those tokens are compatible on that blockchain. The actual balance can be checked on the XPR Explorer.

What is the role of UniCov in the Anchor wallet ecosystem?

UniCov is the natural extension of the Anchor wallet, serving as the user interface web wallet version, where users can send, receive, and sign transactions directly from their Anchor wallet account.

Why does the video emphasize creating a new Anchor wallet account over anchoring a web or wallet?

The video emphasizes creating a new Anchor wallet account because it provides complete ownership and separates the active and owner keys, which is a more secure method compared to anchoring a web or wallet.

What is the overall message or conclusion of the video?

The overall message is that to properly secure XPR tokens, it is strongly advisable to create a brand new Proton account on an Anchor wallet instead of simply anchoring a web or wallet, as the latter method is insufficient for complete security and ownership.