Your Quarry wallet is valuable. If you lose access to your wallet and do not have your paper key, there is no way to receover its contents, so be careful!
Luckily, securing your wallet in Quarry is pretty simple.
1. Set a password
From your wallet’s info page, select “Change password.” By default, the password is very short and displayed onscreen. As soon as possible, we recommend that you change it to something memorable and secure.
This password is used to safeguard your wallet’s funds against unwanted transfer and to control access to your seed words (i.e. your paper key).
2. Create a paper key
After you’ve set a password, tap on “Create paper key.” Input your password and select “view seed words.”
On the next screen, you will see 12 words in a sequence. DO NOT TAKE A SCREENSHOT OF THIS PAGE. These twelve words are used to recover your wallet if you purchase a new phone, or if your current phone is somehow lost or damaged. However, if someone else finds these words, they could to gain access to your wallet on their own phone. Your paper key should never be stored digitally, either as text or an image.
Instead, write down all twelve seed words on a piece of paper. On the next screen, confirm that you have written them down correctly. When you are satisfied, store that piece of paper in a secure, private location such as a safe or lockbox.
In the event that you need to restore your wallet, simply select the import tool from a fresh Quarry installation and input the twelve words. Your wallet will be rebuilt and access to funds will be restored.
That’s all there is to it.
But how does this work?
The seed words used in Quarry and other reputable software wallets are a way to humanize the advanced encryption used in cryptocurrency. It may seem strange, but twelve words can represent all the information necessary to generate a specific private key, which allows complete access to an account on the Ethereum blockchain.
There are trillions of twelve-word combinations in the English language, so trying to guess someone’s seed words is essentially useless. Creating a paper key (i.e., writing down the words on a physical piece of paper) creates a bit of unhackable analog data. These two factors make paper keys basically unhackable… As long as you don’t accidentally leave your paper key sitting on your desk.
Be careful. Keep your wallet safe!