What to Do If You've Lost Your Eidoo Non-Custodial Wallet Key?
Updated: Sep 15, 2021
Non-custodial wallets are great for storing crypto tokens as they provide you, the user, total independence in fund storage and management. You genuinely get to be your own bank and be the sole owner of your non-custodial wallet's private keys. There is no involvement of third-party "asset managers" and privacy-compromising KYC processes. Also, there is a lower risk of data breaches and hacks.
At Eidoo, we have gone a step further by combining the best features of non-custodial and custodial wallets with a smooth, seamless UI and a built-in ERC-20 decentralized swap. Our sole purpose is to uphold the principles of a financial system that is democratic and free for all. But as with everything else, the probability of human error cannot be ruled out. What should you do if you lose access to your Eidoo wallet's private keys?
You need not worry as we have put in place several backup mechanisms to recover your lost account and funds.
How To Recover Your Private Keys?
Your wallet's private keys make it stand out from hundreds of other wallets. After you activate a particular transaction, the wallet software signs it with your personal private key (without revealing it). This, in turn, sends out a message to the entire network that you have the authority to transfer the funds from your address.
In the case of loss of the private key (for any cryptocurrency stored on your Eidoo wallet), you can retrieve it using the backup seed phrase. If you are still not sure what a seed phrase is, it is a recovery phase consisting of 12 words generated when you initially set up your Eidoo wallet. It stores all the information needed to recover your cryptocurrency funds from its native blockchain.
To recover your private keys using an external tool, all that you need to do is to follow the directions below:
Log on to https://iancoleman.io/bip39/ (for better security, we recommend disconnecting your computer from the internet)
Enter the 12 words of your Eidoo wallet seed phrase in the Mnemonic section of the BIP39 Mnemonic field and set the Coin field to the cryptocurrency whose private key you want to recover
Select the BIP__ tab (of the particular crypto token) and set the Derivation Path field value to the appropriate figure in the Derivation Path section
Ensure that all the above data you just entered is correct, double-check it, and move down in the Derived Addresses section
Your wallet private key will show up on the first line of the table, under the Private Key column
And In Case You Want To Recover Your Eidoo Wallet?
In some cases where you change your hardware device (smartphone or laptop), you may lose access to your Eidoo wallet as well. To recover the same, you need to have the backup of your seed phrase ready. Then proceed with the following steps:
Install the mobile app. During the configuration process, you will be asked to create a new wallet or restore an existing one.
Choose the Restore option, and then insert the 12 words of the seed phrase from your previous wallet.
Within a few moments, your entire Eidoo wallet portfolio with all your assets' balances will show up again.
As evident from the level of control afforded to you as the user, our wallet is the best non-custodial wallet that you can use.
Eidoo wallet doesn’t just help you store your crypto funds securely. You can also spend crypto tokens from your wallet in various stores and even convert them to fiat instantly through our fiat off-ramp service, and that's not all! You can also earn a passive income by staking and implementing yield farming strategies.