Switching to on-device key storage: Migration process overview

Our team cares about the security of our users and is committed to delivering the best possible experiences and protection for Stellar accounts when using the web and mobile versions of the LOBSTR wallet. 

For users who connected their wallets to LOBSTR before September 1, 2020, wallet keys are securely stored inside our platform in an encrypted form. However, some users may potentially have security concerns and would like their keys to be stored on their devices.

The old storage system is now deprecated in favor of the new more secure on-device key storage system. We recommend going through the migration process for users of all wallets using the old storage system. 

Why should I complete the migration process?

— As an extra security measure, we will generate a new secret key (signer) for your wallet locally on your device;

— After account migration, you will be able to use multiaccount feature, learn more from this guide;

— The new key will be used to sign transactions directly on your authorized device;

— By design, the new key can only be revealed by you and only on your authorized device;

— Migrated accounts provide full custody of your wallet and funds;

— Migrated accounts use the improved encryption logic, which minimizes potential security risks for wallet holders;

— You can continue using the same Stellar address with LOBSTR without compromising security or ease of use; 

The migration process does not change your Stellar address and balances, so there is no need to generate a new wallet. You can continue using your wallet for any actions inside of LOBSTR and LOBSTR Vault as you normally would. Sending payments, adding assets, swapping, and trading on SDEX all function as before the migration process.

However, if you are not interested in performing the migration process for your current wallet, you can sign up for a new account in LOBSTR and create a new wallet using the on-device key storage system. Once created, use your current wallet to transfer funds to the new one. 

Make sure to copy your current secret key on the 'Settings' page before starting the migration process in case you want to use your wallet outside of LOBSTR. Once you complete the migration process, your wallet will be considered a multisig-enabled wallet by other services on the Network. You may need to have both your old and new secret keys on hand to perform transactions outside of LOBSTR.

IMPORTANT:

— Switching to on-device key storage is an irreversible process and can't be undone;

— Migrated account will have an additional 0.5 XLM locked in the reserve of your account;

— During the migration process, you'll be provided with a new 12-word Recovery Phrase. The previously generated 10-word Recovery Code will no longer be valid;

— If you are using LOBSTR on your mobile device, you will be signed out to complete the migration process. Please update your app to the latest version and sign back in.

In case of any additional questions — feel free to submit a ticket or reach out via support@lobstr.co.