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Is it possible to change NXT passphrase ? singapore
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Author Topic: Is it possible to change NXT passphrase ?  (Read 4658 times)

usbitcoinservcs

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Is it possible to change NXT passphrase ?
« on: December 26, 2015, 03:34:19 am »

Is it possible to change the passphrase at nxt?  if so can someone tell where?

What is the advantage or difference between having an online wallet versus offline? Why someone would need to have an online wallet here:? wallet.mynxt.info
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crimi

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Re: Is it possible to change NXT passphrase ?
« Reply #1 on: December 26, 2015, 10:34:48 am »

Is it possible to change the passphrase at nxt?  if so can someone tell where?

no, every different passphrase you will enter results in a new account. you have to transfer your nxt to a new account if you want a more secure passphrase.

http://nxtwiki.org/wiki/How-To:CreateAccount

What is the advantage or difference between having an online wallet versus offline? Why someone would need to have an online wallet here:? wallet.mynxt.info

you dont have to install any client software on your system, no blockchain download etc...
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yassin54

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Re: Is it possible to change NXT passphrase ?
« Reply #2 on: December 26, 2015, 10:41:45 am »

Welcome to forum!!  :)
Crimi well explain your question  8)

shin

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Re: Is it possible to change NXT passphrase ?
« Reply #3 on: December 29, 2015, 09:56:17 am »

NXT doesn't really have an offline wallet. Once created, account data is stored in the blockchain and the account is accessible from virtually any wallet anywhere. I'd say there are local wallets and hosted ones. Local wallets run on personal computers while hosted wallets are in the cloud. e.g. wallet.mynxt.info

The closest thing to an offline wallet is a Jay's Vapor Wallet: jnxt.org/vapor
Not sure whether it is up-to-date or is still maintained by the author.

Below are the pros and cons I can think of between using a hosted wallet and local wallet listed in no particular order.

Hosted wallet
Pros
1. Instant access. No wait-time for blockchain download/sync.
2. Accessibility. Accessible from practically anywhere.
3. Some online wallets offer other type of authentication than just a long string of password. e.g. pin-based password, username-password pair, 2-factor auth, etc. It is likely that an account created by these services won't be accessible from any other wallets as they have their own database to store pin-password pairs.
4. User Experience. Some wallets have simple features and straightforward user interface.

Cons
1. Security and trust issue. It is difficult to verify the security and the integrity of the hosted wallet (or the host, for that matter).
2. Dependency of service. When the service is unavailable, it may lock users out from accessing their accounts. (See point 3 of local wallet's pro's)
3. Centralised. One host, one NXT server, may service multiple users and thus it promotes centralisation.

Local wallet (or default NRS client)
Pros
1. The integrity and authenticity of the software is verifiable via hashes.
2. Promotes decentralisation and contributes power to the NXT ecosystem by means of forging.
3. Users have more control over the environment it is run on. This may also be a disadvantage if user's environment are compromised.
4. Customisation. Users have total control over the wallet; which version is installed, which plugins to use, integration with other services, etc.

Cons
1. Complicated. For some cases, it may be a bit difficult to get started due to user's lack of technical computer skill/experience, software incompatibility, etc.
2. Vulnerabile. User's personal computer may be hostile or infected which may result in account theft. But this point applies to hosted wallets as well.
3. Too many features. The default NXT client has more than just a wallet which may not relevant to the average users. It has a messaging system, assets exchange, digital good marketplace, monetary system, voting, and more. Hence it is called a client.
4. Operating costs are on the users. Rising blockchain size, CPU and memory resource, internet bandwidth, electricity, etc.

I am sure there are many other points I did not mention for both types of wallet. It is all situational, but there you have it. I hope you get a bit of an idea which one is more suitable for you. :)

Shin
« Last Edit: December 29, 2015, 10:04:41 am by shin »
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TheCoinWizard

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Re: Is it possible to change NXT passphrase ?
« Reply #4 on: December 29, 2015, 12:43:11 pm »

I guess cryptocoins using public ledger tech like blockchains can't have offline wallets according to your definition of what an offline wallet is.

When your private key (aka passphrase for nxt) never touches an online computer you have an offline wallet...

You could indeed most easily use vapor for that.

And unlike in bitcoin armory, where you need to first create the transaction on an online watch-only-copy, to then insert a flash (and possibly infect) on the offline pc to sign the transaction. Whereafter you can then broadcast the signed transaction online, again with that usb drive...

Note that NRS also supports this way of working, creating unsigned transaction online, sign offline, broadcast online.

Vapor immediately allows you to create AND sign a transaction offline, and transfer it by QR code (to minimize risk of infection) to an online pc or smartphone for broadcasting.

So I would argue that no other crypto has a wallet as offline as nxt thanks to jones and vapor wallet...
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shin

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Re: Is it possible to change NXT passphrase ?
« Reply #5 on: December 29, 2015, 03:39:01 pm »

I guess cryptocoins using public ledger tech like blockchains can't have offline wallets according to your definition of what an offline wallet is.
.....message truncate......
So I would argue that no other crypto has a wallet as offline as nxt thanks to jones and vapor wallet...

I think by offline wallets he meant cold storage; an amount of crypto coins contained in a place disconnected from the blockchain.
NXT doesn't have such storage.
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v39453

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Re: Is it possible to change NXT passphrase ?
« Reply #6 on: December 29, 2015, 04:30:03 pm »

I guess cryptocoins using public ledger tech like blockchains can't have offline wallets according to your definition of what an offline wallet is.
.....message truncate......
So I would argue that no other crypto has a wallet as offline as nxt thanks to jones and vapor wallet...

I think by offline wallets he meant cold storage; an amount of crypto coins contained in a place disconnected from the blockchain.
NXT doesn't have such storage.

Normal use of the term "offline wallet" is the same as "cold storage".

Nxt has it like any other crypto. Creating your address on a computer that isn't connected to the Internet is usually what is meant by the term cold storage.
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Tosch110

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Re: Is it possible to change NXT passphrase ?
« Reply #7 on: December 30, 2015, 12:41:28 am »

Back to the original topic.

You cannot change the passphrase and get the same account. But you can transfer everything from one account to another and therefore "change" the passphrase of the account. Currently you would have to do it manually. It will be included into the core with 1.7 or 1.8 so you can do it quickly and with few transaction fees, I am not sure when it will be introduced and if it's going to be a single or multiple transactions.
 

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