Problem Faced:
Storing private keys insecurely can lead to wallet hacks, private key leaks, or loss of user funds.
Solution:
- Use Hierarchical Deterministic (HD) wallets (
BIP32, BIP39, BIP44) to generate private keys from a mnemonic phrase. - Store keys securely using Secure Enclave (iOS) or Android Keystore.
- Encrypt private keys before storing them using AES-256 encryption.
- Use Hardware Security Modules (HSM) or Multi-Party Computation (MPC) for enhanced security.
javascript
import { generateMnemonic, mnemonicToSeedSync } from 'bip39';
import { HDNode } from 'ethers';
// Generate a 12-word mnemonic
const mnemonic = generateMnemonic();
const seed = mnemonicToSeedSync(mnemonic);
const wallet = HDNode.fromSeed(seed);
console.log("Private Key:", wallet.privateKey);
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