Here is a use case for NXT
There is a lot of talk of how to store private keys. I think this is a good way.
In this day and age, everything seems to have a 12 word passphrase or similar something to remember. This example uses a Electrum wallet but this method can save anything forever on the NXT Blockchain.
NXT (and Ardor) blockchains do not use physical wallets. Everything is on the blockchain and you only need a Private Key.
I like NXT because I want to be sure that if I download the blockchain and take it offline, my data will be there.
Ardor will work but in the future I am not sure what will be archived and not stored on my local machine (I worry to much).
Right now you can put a 'never deleted encrypted message' on NXT for less that $0.01.
NXT is not used much now, but if it fails in the future (it has been live for over 10 years) you can still have a downloaded copy of the blockchain with your data.
Use Electrum offline to create bitcoin wallet (from that, you can create a watch only online wallet).
Using two NXT wallets, send the bitcoin 12 word passphrase between them as a 'never deleted encrypted message'.
This should all be done with an air-gapped computer and only use online to broadcast transactions.
Download the NXT blockchain and move it offline to do this.
You can run NXT online and blockchain will download automatically in about 2 days.
My way for NXT Private Keys:
NXT suggests 12 words but it is not required. Bitcoin private key or Secret Exponent will work fine.
I see two possible sha256 hash calculator types to use.
- Download the zip file from https://brainwalletx.github.io (or similar product) that produce bitcoin private keys and use it offline. The results look like bitcoin keys and can be used with QR codes for transport and disguise.
- Use the hash calculator that is built into the NXT (and Ardor) wallet that results in the Secret Exponent. With this, you will not need to get any other software, so it is easier.
THEN
You have to remember about 3 words (like your name). Hash that and then 'salt' the resulting hash (like adding xx to the end) and re-hash. 'Salt' the second hash with an incrementing addition (like adding x1x or x2x etc. to the end) and re-hash. Create a NXT wallet using the final hash.
Obviously come up with your own words and salts and that is all you have to remember.
You can save the following if you want - but you can also recreate it with just an internet connection anywhere in the world.
Total now is about 2.5 Gigs (fits on a small thumb drive).
Electrum portable (open source bitcoin wallet).
NXT install program - or- NXT Universal Zip Package and a Java installer (works with Linux).
NXT blockchain after your data is added.
If you see any value in this, please pass it on.