Understanding Cold Wallets
A cold wallet is an offline storage system for safeguarding private keys. Unlike hot wallets, cold wallets remain disconnected from the internet, isolating your private keys from online threats like hacking or unauthorized access.
Cold Wallet vs. Hot Wallet: Key Differences
- Hot wallets: Connected to the internet, enabling quick transactions but vulnerable to cyberattacks.
- Cold wallets: Offline storage provides superior security against hacking and unauthorized access.
Prerequisites for Setup
Before creating your cold wallet, ensure you have:
Two smartphones:
- Both should be unrooted and never used for suspicious activities.
- Install the latest version of imToken from the official website.
Network configuration:
- One phone will serve as the cold wallet device (must stay offline).
- The other will function as the observer wallet (stays online).
Step-by-Step Cold Wallet Creation
Step 1: Prepare the Cold Wallet Device
- Power off Wi-Fi and enable airplane mode on the designated cold wallet phone.
- Open imToken and select "Create Identity".
- Follow the prompts to set up a new ETH wallet.
Step 2: Generate Cold Wallet Address
- Navigate to the ETH wallet section and tap "Wallet Address".
- Note or screenshot the QR code displaying your cold wallet address.
Step 3: Set Up Observer Wallet
- On the online phone, open imToken and create a new identity.
- Go to "Manage Wallets" → "Add Wallet" → "ETH" → "Cold Wallet".
- Scan the QR code from the cold wallet device to link addresses.
Step 4: Authorization Process
- On the cold wallet phone, scan the authorization QR from the observer wallet.
- Enter your password and confirm the "Authorize Signature".
- The observer wallet will now display your cold wallet balance.
Using Observer Wallet for Transactions
Making Secure Transfers
- Initiate transfer: From the observer wallet, select ETH and tap "Transfer" → "Offline Signature".
- Generate QR code: Confirm transaction details to create an offline signature QR.
- Authorize offline: Scan this QR with the cold wallet device to sign the transaction.
- Broadcast transaction: Use the observer wallet to scan the signed QR and submit the transaction.
👉 Learn advanced cold wallet security tips
FAQs
Q1: Can I use imToken cold wallets for other cryptocurrencies?
A: Currently, imToken only supports ETH for cold wallet functionality. Other assets must use standard hot wallets.
Q2: What if my cold wallet phone gets damaged?
A: Always backup your recovery phrase securely. Without it, funds may be permanently inaccessible.
Q3: How often should I update my cold wallet setup?
A: Review security measures annually or after major imToken updates.
Q4: Is it safe to reuse the same cold wallet address?
A: Yes, but for enhanced privacy, consider generating new addresses for large transactions.
Key Security Reminders
- Never connect the cold wallet phone to the internet.
- Verify all QR codes manually to prevent tampering.
- Test small transfers before moving significant amounts.
👉 Explore imToken's latest security features
By following this guide, you’ve created a virtually unhackable storage solution for your ETH holdings. For optimal security, periodically check for imToken updates and industry best practices.