Why is it important for you to back up your MPC wallet to iCloud or Google Drive?

Published on 4 Apr 2023Updated on 21 Sept 20242 min read27,224

An MPC wallet is a type of cryptocurrency wallet that uses three secret codes called private key shares to secure your assets. When you create an MPC wallet, the wallet generates one secret code called Share 1, while your device generates two more called Share 2 and Share 3. Share 2 is stored on your device, while Share 3 is encrypted and backed up to iCloud or Google Drive.

backup_importance

If you don't back up Share 3 and your device is lost, you'll lose both Share 2 and Share 3. Only Share 1 will remain on the wallet's server, and you won't be able to access your assets. That's why it's crucial to back up Share 3 to iCloud or Google Drive.

To back up Share 3, open iCloud or Google Drive and set a password for encryption. Then, Share 3 will be uploaded to iCloud or Google Drive, where it is encrypted twice, ensuring its security.

If you need to restore your wallet, you can use Share 1 from the wallet's server and Share 3 from the iCloud or Google Drive backup. This is known as restoring the wallet through cloud backup. During this process, all three secret codes will be refreshed, providing better asset protection and preventing the risk of Share 2 being leaked, which could result in stolen assets.

Backing up your MPC wallet to iCloud or Google Drive is a crucial step in protecting your assets. It's a simple process that can save you from losing your assets if your device is lost. It won't affect your wallet address or your assets in any way.

Disclaimer
This content is provided for informational purposes only and may cover products that are not available in your region. It is not intended to provide (i) investment advice or an investment recommendation; (ii) an offer or solicitation to buy, sell, or hold digital assets, or (iii) financial, accounting, legal, or tax advice. Digital asset holdings, including stablecoins and NFTs, involve a high degree of risk and can fluctuate greatly. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/tax/investment professional for questions about your specific circumstances. Information (including market data and statistical information, if any) appearing in this post is for general information purposes only. While all reasonable care has been taken in preparing this data and graphs, no responsibility or liability is accepted for any errors of fact or omission expressed herein. Both OKX Web3 Wallet and OKX NFT Marketplace are subject to separate terms of service at www.okx.com.

© 2024 OKX. This article may be reproduced or distributed in its entirety, or excerpts of 100 words or less of this article may be used, provided such use is non-commercial. Any reproduction or distribution of the entire article must also prominently state: “This article is © 2024 OKX and is used with permission.” Permitted excerpts must cite to the name of the article and include attribution, for example “Article Name, [author name if applicable], © 2024 OKX.” No derivative works or other uses of this article are permitted.