MAGNET Paper Wallet Guide
September 18, 2018
September 18, 2018
We have now released a paper wallet for MAGNET users to allow offline address generation and MAG storage. For those of you not familiar with paper wallets here is a short guide along with important security notes.
What is a Paper Wallet?
A paper wallet is a document that contains a private and a public key. MAG coins can be sent to the public address any time. The private key can then be used (we will explain how below) to access the coins later on.
Typically, people create paper wallet to hold any amount of coins offline, keeping them out of reach of malware, hacking and other cyber exploits.
Security It is important to know that anyone that gains access to your Private Key, either from the QR code or directly from the encoded string, can spend all the MAG sent to the associated Public Key. The Private Key should never be shared and should be kept secret at all time.
Caution If you lose the private key, you cannot recover the coins sent to your public key.
Creating Your Paper Wallet.
As customary with anything involving cryptographic primitives and for security purposes, the MAGNET paper wallet is fully open-source (MIT License). The source code can be downloaded and verified by anyone here https://github.com/FredericRezeau/magnet-paper-wallet
We also maintain a ready-to-use version here (right click to download locally): https://magnetwork.io/Wallets/paperwallet.html
For convenience, the page is self-contained with no external dependencies. We recommend that you download it on your local hard drive and open it from a disconnected PC to prevent any interference.
As soon as you open the page your key pair will be generated, simply refresh the page to generate a new pair.
After printing the page, we recommend that you store it securely and treat it with as much care and secrecy as you would with any cash money.
Sending Funds to Your Paper Wallet.
To send funds to your MAG paper wallet, you indicate the Public Address as recipient for the transaction. The funds will be sent and available to that address under the standard confirmation time on MAG network.
Caution We recommend that you send a small amount initially to ensure no human mistake was made (e.g. while copying or scanning the public address).
Using Funds from Your Paper Wallet.
To access and spend any fund sent to your paper wallet you can import the Private Key to a MAG software wallet. Here is the procedure:
- Open your Magnet wallet.
- Go to Help -> Debug Window -> Console Tab
- Type importprivkey yourprivatekey
- After a short while the public address will be available along with your other wallet public addresses and funds will also be listed in the wallet. Ready to use like any other funds.
- Note that the import process can take some time as the wallet will scan for every transaction you made on that address.
PRO TIP 1 You may also setup a brand new wallet installation to import your funds so the addresses and funds do not mix up with your existing wallet.
PRO TIP 2 To safely check the amount sent to your paper wallet Public address you can import it as watch-only to any of your wallet (importaddress command).
That’s it! Any question feel free to join us on Discord.