Switching to on-device key storage: Step-by-step guide

Modified on Fri, 08 Dec 2023 at 01:03 PM

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. 

This article guides you through the steps required to switch your wallet to the on-device key storage system. 

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.

Learn more: Switching to on-device key storage: Migration process overview.

Please, follow these steps to switch your wallet to the on-device key storage:

1. LOBSTR Settings > Security in your account on the LOBSTR website lobstr.co.

Note: The migration process can only be completed on the website. 

2. Tap on 'Migrate' in the 'Switch to on-device key storage' section.

3. Select 'Start the migration process'. Before you start, we strongly recommend backing up your old Secret key in Settings > Wallet > Reveal secret key.4. Enter the password of your LOBSTR account and click on 'Confirm Password'.

Save your Recovery Phrase. This is the only time that the Recovery Phrase can be viewed. 

Write the 12 words down in the correct word order and store them securely. You are the only one who has access to the displayed Recovery Phrase.

6. Tap on 'Finalize' to complete the migration process.

A new account Secret key will be generated for your account linked to your Recovery Phrase. You can view it in Settings > Wallet > Reveal secret key after the migration process is completed.

The previously generated 10-word Recovery Code will no longer be valid.

The Stellar address of your account remains the same.

7. Now that the migration is completed, you can return to your LOBSTR account and continue using it as you normally would.

If you have any questions regarding the migration process, please submit a ticket or reach out via support@lobstr.co.

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