One of the questions that we receive the most: “Are my funds safe if you ask for a private key?”
The quick answer: yes, your funds are safe. They never leave your wallet. There is a big difference between a generally used “private key” and a “masternode private key”.
During the setup process, you will have to generate a “masternode private key” (Infinity node)
It’s important to understand what this masternode private key is used for. It does not give access to any funds and it is not a ‘normal’ private key. The masternode private key allows the external wallet (on a VPS) that runs the masternode software to be connected to the local wallet (often on your PC). The local wallet can then control the masternode: send start/stop commands to it.
This is why I like to refer to the masternode private key as “masternode genkey”. The naming of the key is quite confusing, as a “private key” generally refers to a long hash of characters that gives access to funds of a public key (an “address”) in a cryptocurrency wallet.
I hope this short post clarifies what the difference is between a wallet private key and a masternode private key, and that in the model of external masternode hosting, your funds remain safe.
SetUP will provide “masternode genkey” for you, but better use in wallet setUP tab.
Monday, July 15, 2019